On July 21, US President Joseph Biden unexpectedly announced that he would give up his candidacy for the Democratic presidential nomination and support Vice President Kamala Harris as the new leader of the party. This change has caused the cryptocurrency industry to pay close attention to the changes that Harris and other potential Democratic candidates may bring to the industry.
Although Harris is currently seen as the favorite for the party's nomination, her final status is still unclear, especially as some Democrats have reservations about whether she can defeat Donald Trump in the presidential election. The Democratic Party will formally decide on its presidential candidate at the party convention in Chicago from August 19 to 22.
Below, we take a look at what the most likely Democratic candidates have to say about cryptocurrencies:
Vice President Harris
Harris did not vote on key cryptocurrency policy issues during her time in Congress, and as vice president she has kept a low profile on the technology. Given her background as a senator and state attorney general in California, some speculate that she has close ties to Silicon Valley and may be friendly to the cryptocurrency industry. However, if she is elected president and continues the Biden administration's cautious attitude toward cryptocurrencies and the SEC's regulatory stance, the status quo may not change much.
California Governor Gavin Newsom
Newsom has been a key supporter of the Biden campaign and is seen as a potential presidential candidate. He has taken action on cryptocurrency regulation, including signing an executive order to establish a licensing framework for cryptocurrency companies in California and eventually passing the Digital Financial Assets Act. Newsom may be the most knowledgeable about cryptocurrency among these candidates, which means he may make more informed policy decisions and be willing to work with the industry.
Michigan Governor Gretchen Whitmer
Whitmer has attracted attention as a potential candidate for her ability to help win support in key states. However, she has made few statements on cryptocurrencies and has not promoted major policies in Michigan, suggesting that if she becomes president, she may be on the sidelines or have little interest in cryptocurrency policy.
Illinois Governor JB Pritzker
Pritzker, who is worth $3.5 billion, is one of the candidates who can fund his own campaign. He has expressed support for cryptocurrencies on social media and welcomed the expansion of crypto ATM companies in Illinois. Although his attitude may have changed following the FTX incident, Pritzker is still seen as a potential supporter of the cryptocurrency industry.
Pennsylvania Governor Josh Shapiro
Shapiro is also in the spotlight for representing a key state. During his tenure, Pennsylvania's attitude toward cryptocurrencies has shifted, but he has generally refrained from speaking negatively about the industry. He may be willing to explore the possibility of establishing a regulatory framework for cryptocurrencies at the state level.
Other potential candidates
In addition to the governor, there are two senators and a cabinet official whose cryptocurrency stances are also worth noting, but given the governor’s greater likelihood of receiving the presidential nomination, we will not go into detail here.
The cryptocurrency industry is closely following this change within the Democratic Party, hoping to find more opportunities for cooperation and development in the future policy environment.
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