As the 2024 election approaches, each party tries to score a point using the crypto sector.
Vice President Kamala Harris’s advisers, in a bid to improve relations with the cryptocurrency sector, contacted leading crypto companies to repair the strained ties between the Democratic Party and the industry.
The ties were severed due to their stance when it comes to crypto and also with the employment of Gary Gensler as Chair of the SEC, who is anti-crypto. However, with the recent development of Joe Biden withdrawing from the race, the party decided to retrace their stance on crypto.
Retraces Stance on Digital Assets
Last week, leading exchanges that include Coinbase, stablecoin company Circle and blockchain payments firm Ripple Labs were contacted by Kamala Harris’ key advisors.
The objective is to promote constructive dialogue and create a regulatory framework that supports industry growth. This outreach coincides with rising support for her rival, Republican nominee and former President Donald Trump. This is as a result of the
increasing criticism of President Joe Biden’s administration’s approach to digital assets.
Harris’ campaign advisers have however emphasized that this step is not about securing electoral contribution rather to reconnect with the crypto sector. The campaign is also to restructure the perception of the Democratic Party among business leaders.
The growing influence of crypto in US politics.
Trump had been skeptical and never a fan of the blockchain industry even made several public statements to back it up as recently as 2021. But recently, he has developed a strong, positive agenda for the industry.
At the Bitcoin 2024 conference held at Nashville, Tennessee, on July 27, Trump delivered a speech stating his support for the industry. This new advocacy has delivered to him a lot of support and financial funding from the crypto community.
Pro-crypto super PAC Fairshake has secured over $200 million from notable supporters like Coinbase, Ripple, and Andreessen Horowitz. In contrast, Trump’s reelection campaign has received approximately $3 million in cryptocurrency donations since announcing its acceptance of digital assets.
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