It is not hidden that the crypto community has recently started to oppose the United States’ Democratic Party due to President Joe Biden’s tough stance towards the industry. However, the Vice President Kamala Harris team is reaching out to big names in the crypto industry to bridge this gap.
A recent Financial Times story claims that this outreach initiative entails interaction with important companies including Coinbase, Circle, and Ripple Labs. Harris apparently wants to promote a more positive conversation and create regulations that help the crypto industry to flourish.
Not an Election Propaganda
According to Harris’s advisers, this program does not mainly seek election donations. The team emphasizes on establishing a positive relationship between the two sides therefore opening the path for reasonable laws.
Furthermore, the Harris campaign aims to dispel the belief that Democrats are anti-business, a view that has developed after the antitrust policies taken by the Biden government against tech firms. Harris assures the sector of the party’s dedication to create a good business environment, promoting a message of being “pro-business, responsible business.”
Notably, the renowned billionaire investor Mark Cuban stated that Harris could become a surprising supporter for the crypto industry.
Joe Biden’s Poor Image
The push from Harris’s team comes in response to growing criticism of President Joe Biden’s administration’s stance on crypto. The industry has voiced its concerns, and Democratic members of the US House of Representatives, along with 2024 candidates, have signed a letter urging the party to rethink its approach. They argue that moving away from a perceived negative stance toward crypto is important to gain support from the young citizens.
Massive Support to Trump
Harris’ move follows increased support for her rival, Republican nominee and former President Donald Trump, who has lately started supporting crypto. He has delivered a keynote speech at the Bitcoin 2024 conference As a result, Trump has gained major backing from and has secured big donations from the crypto community.
Trump’s pro-crypto stance has made the sector an important source of funding for his campaign. Pro-crypto super PAC Fairshake has raised over $200 million from prominent backers, including Coinbase, Ripple, and venture capital firm Andreessen Horowitz.
Since announcing the acceptance of crypto donations, Trump’s reelection campaign has received roughly $3 million in cryptocurrency donations. This emerging role of crypto in US politics underscores the sector’s growing influence and the strategic moves by political figures to garner support from this vibrant community.
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