Kamala Harris is reportedly considering Michigan Senator Gary Peters as her Vice President for the 2024 election. This decision sparked controversy, especially within the crypto community, as Peters is known for his anti-cryptocurrency stance. Peters had been a vocal supporter of the Money Laundering Act of 2023, which targets the use of cryptocurrency in illicit financing activities.
Kamala Harris' Inconsistency
Senator Peters' support for the Money Laundering Act is a move in line with his broader concerns about national security and the potential misuse of cryptocurrencies in financing terrorism. Peters' hardline stance on this issue underscores a significant divide within the Democratic Party regarding the regulation and future of cryptocurrencies.
Meanwhile, Kamala Harris' stance on crypto remains unclear. Since becoming the Democratic candidate in the presidential race, he has yet to express a clear position on how he plans to navigate the complex landscape of cryptocurrency regulation.
Industry veterans, including Galaxy Digital's Mike Novogratz, have advised Harris to be wary of influential anti-crypto voices within her party, such as Senator Elizabeth Warren. Warren has been a persistent critic of the crypto industry, pushing for strict regulations that many in the industry see as hurting innovation and growth.
Cryptocurrency Community Reacts
The crypto community is also closely monitoring the actions of SEC Chairman Gary Gensler, who some, such as XRP lawyer John Deaton, believe should be removed from office for his heavy-handed regulatory approach. This internal debate within the Democratic Party comes at a time when the Biden administration is feeling the heat of Donald Trump's pro-crypto campaign promises. Trump has won the support of many investors and industry leaders by promising significant support for the crypto industry.
In response to these dynamics, Democrats are considering a strategic shift to regain favor with crypto supporters. There are indications that Harris may address these issues more directly at upcoming events.
Donors and party strategists are urging Harris to speak at the Blockworks crypto conference, a major event set for Oct. 9-11 focusing on U.S. politics and the future of the crypto industry. Harris' appearance and statements at this conference will likely be scrutinized as an indicator of the Democratic Party's future approach to crypto regulation. However, the cryptocurrency community has of course taken note of Harris's latest move. That's why I can say that Harris may have some credibility problems.
