Vice President Kamala Harris, the Democratic candidate for the 2024 presidential race, has made a clear commitment to advancing artificial intelligence and cryptocurrency sectors. During a speech to donors in New York City, Harris outlined her plan to foster tech growth while ensuring consumer protection. This marks her first significant endorsement of cryptocurrencies in her campaign.
Harris emphasized the importance of investing in Americaâs competitiveness, stating, âWe will encourage innovative technologies like AI and digital assets while protecting our consumers and investors.â This pledge has attracted support from key figures in the crypto community, including Chris Larsen, co-founder of Ripple, who praised her focus on tech innovation. Larsenâs endorsement reflects his confidence in Harrisâ ability to lead on issues related to technology, finance, and economic development.
Meanwhile, Ripple CEO Brad Garlinghouse pointed out that while Republicans have traditionally been more supportive of the crypto sector, prominent Democrats like Harris are also recognizing the role of digital assets in maintaining the USâs tech leadership. Harrisâ support has positioned her as a strong contender in an election increasingly influenced by the crypto industry.
Donald Trump, the Republican candidate, has also engaged with the crypto community. He has vowed to replace SEC Chair Gary Gensler with pro-crypto regulators and create a stablecoin framework. Trump recently made headlines by using Bitcoin to make a purchase at a crypto-themed event, further demonstrating his interest in digital assets.
However, despite his efforts, prediction markets show Harris with a slight edge over Trump, holding 52% to his 47%. Some attribute Trumpâs dip in support to his failure to mention cryptocurrencies during their September 10 debate, a move that disappointed parts of the industry.
The crypto industryâs influence on the election continues to grow, with companies like Coinbase and Ripple investing over $119 million to support pro-crypto candidates and push for clearer regulations. Since 2010, crypto companies have contributed $129 million to political campaigns, making them a significant force in US politics. Their political donations now rival those of the fossil fuel industry, second only in terms of election-related spending.
Crypto-funded super PACs have played a crucial role in 42 primary races, winning 36 of them, underscoring the growing political power of the sector. With both major candidates competing for support from the crypto industry, the 2024 election could mark a turning point for the future of blockchain and digital assets in American policy.
