Author: Sander Lutz, Decrypt
Compiled by Alex Liu, Foresight News
This article was first published on August 6, 2024 at 15:57 Beijing time. As of now, Kamala Harris has chosen Minnesota Governor Tim Walz as her running mate.
Overview
Kamala Harris’s choice of running mate may hint at how she plans to govern if elected, and the leading contenders for the office have shown varying degrees of support or caution toward cryptocurrencies.
Some contenders, like Josh Shapiro and Andy Beshear, have been actively involved in or supportive of cryptocurrency-related activities at the state level, while others, like Roy Cooper, have taken a more cautious approach.
Other leading candidates, such as Gretchen Whitmer and Mark Kelly, have less clear crypto stances but have political allies who support crypto legislation or have otherwise signaled a potential openness to the industry.
Kamala Harris’ unlikely rise to the Democratic presidential nomination has flipped the script on how the November election will affect cryptocurrency policy. For months, former President Donald Trump appeared to be the pro-crypto candidate, while President Joe Biden stubbornly refused to embrace a bipartisan push for industry-related legislation.
But now, all that has changed.
As billionaire and prominent Bitcoin advocate Mark Cuban told Decrypt, within 48 hours of launching his campaign, Harris’s camp contacted him with multiple questions about cryptocurrency policy. Industry lobbying groups, cautiously optimistic that change could be coming, implored Harris to clearly release a digital asset agenda for her presidency and to select a pro-crypto running mate.
How will Harris’ pick for vice president affect U.S. cryptocurrency policy? With her vice president position reportedly set to be announced this week, here’s a list of the top candidates for the position and how they rank with blockchain technology.
Josh Shapiro Josh Shapiro
Pennsylvania Governor Josh Shapiro is currently considered Harris’ top choice due to his popularity in one of the most critical swing states for 2024. While he has not spoken publicly about cryptocurrency, Pennsylvania has become one of the hottest markets for Bitcoin mining in the United States during his tenure.
To that end, Shapiro was even named as a co-defendant along with a publicly traded bitcoin mining company earlier this year — a nonprofit sued him over a tax on energy used by polluting crypto mining operations.
Tim Walz Tim Walz
Minnesota Governor Tim Walz, Harris’ dark horse pick for vice president, has seen his national profile soar in recent weeks, but he has never made any public statements on cryptocurrency. As a staunchly progressive governor, he could go both ways when it comes to blockchain technology.
On one hand, Walz has positioned himself as a pragmatist who wants to balance strong union ties with a desire to create jobs and promote innovation. On the other hand, however, the governor has pushed his state to pursue one of the most progressive energy policies in the country. Last year, he signed a bill requiring Minnesota to transition to 100% clean energy by 2040.
So, unlike some of the other governors on this list, Walz might not be a fan of energy-intensive cryptocurrency mining — depending on the source of the electricity used.
Roy Cooper Roy Cooper
North Carolina Gov. Roy Cooper has been considered another contender for Harris’ VP pick because he’s in a deep purple state that voted for Trump twice. However, his advancement to running mate now could be seen as an unnecessary risk given his rare popularity in the state and his anticipated run as a 2026 Democratic Senate candidate.
Regarding cryptocurrencies, Cooper made a clear statement earlier this month, vetoing a bill that would have banned North Carolina from promoting a central bank digital currency (CBDC). Banning CBDCs (or “digital dollars”) has recently become a major issue for Republicans, who see blockchain-like technologies in state hands as a privacy threat.
When Cooper vetoed the bill, he spoke of the potential utility of cryptocurrencies, expressing a somewhat cautious yet flexible “wait-and-see” approach.
“Efforts are ongoing at the federal level to ensure standards and safeguards are in place to protect consumers, investors, and businesses that may want to transact in digital asset currencies, and North Carolina should wait to see how they work before taking action,” Cooper said at the time.
Gretchen Whitmer Gretchen Whitmer
Although Michigan Gov. Gretchen Whitmer has publicly stated that she does not want to run for Harris' vice president, she is reportedly still being reviewed for the position.
Whitmer, known as a swing-state firebrand who has had great success unabashedly embracing progressive causes, has been less vocal about her stance on cryptocurrency.
But she is a product of Michigan politics, and Democrats in the Midwestern state have shown they are more willing than others to commit to a regulatory framework for cryptocurrencies.
For example, both Democratic senators in Michigan support crypto-friendly legislation. Senator Gary Peters broke with Biden in May to repeal SEC rules that prohibited banks from holding cryptocurrencies, while Senator Debbie Stabenow has expressed interest in developing a digital asset regulation bill.
Michigan’s two Democratic senators, for example, both support industry-friendly legislation. Sen. Gary Peters broke with Biden in May to repeal SEC rules that prohibited banks from holding cryptocurrencies, while Sen. Debbie Stabenow has expressed interest in developing digital asset regulation.
Rep. Elissa Slotkin, D-Calif., the leading Democratic candidate to replace Stabenow once she retires in January, currently has an “A” rating from pro-industry nonprofit Stand With Crypto.
Andy Beshear Andy Beshear
Kentucky Governor Andy Beshear fits the same mold as many of the other potential picks on this list: a popular Democratic governor from a red state.
He was also one of the most unabashedly pro-cryptocurrency politicians when he ran for Vice President Harris. In 2021, Beshear signed two bills that included tax breaks and other incentives to attract Bitcoin miners to the state. Since then, Kentucky has become a hotbed for cryptocurrency mining.
And back in 2020, Beshear signed a bill creating a working group to investigate potential use cases for blockchain technology at the state level.
Mark Kelly
Arizona Sen. Mark Kelly, a former astronaut, won a longtime Republican seat for the Democrats in a pivotal 2020 election, and since then he has established a voting record as one of the most right-leaning Democrats in the Senate.
He has also recently shown support for cryptocurrencies. In May, Kelly was one of a handful of Democratic senators who broke with Biden and voted to repeal SEC rules that prohibited banks from holding cryptocurrencies.
Pete Buttigieg
The resume of Harris’s 2020 primary rival, Pete Buttigieg, doesn’t suggest he knows much about cryptocurrency policy: First as mayor of South Bend, Indiana, and then as Biden’s transportation secretary, the ambitious political wunderkind rarely worked with digital assets, nor has he spoken much on the topic.
But Mayor Pete has shown during his brief stint in the national spotlight that he is no enemy of U.S. tech and business interests. The former McKinsey consultant was hotly pursued by billionaire donors and Silicon Valley elites during the 2020 Democratic presidential primary, despite his lack of a national political resume.
While his views on cryptocurrencies remain a question mark, it’s doubtful that Buttigieg is prepared to become an Elizabeth Warren-level foe of top U.S. crypto firms.
J.B.Pritzker J B Pritzker
Illinois Governor JB Pritzker, the billionaire heir to the Hyatt Hotels fortune, has been one of the most vocal Democrats in favor of cryptocurrency and is rumored to be joining Harris’s camp.
“The future of cryptocurrency is in Illinois,” Pritzker said in August 2021, long before many politicians took positions on the subject.
But since then, the Midwestern governor has largely backed away from cryptocurrency as a key component of his governing agenda while pushing Illinois to maintain a competitive, pro-business environment and become a hub for emerging technologies like quantum computing.
Vice President Harris has officially become the Democratic presidential candidate of the United States. Her VP choice is expected to be announced this week. How will the market react? Let's wait and see.