Paul Grewal, the chief legal officer at cryptocurrency exchange Coinbase, said that despite the different approaches that major party candidates are taking in the United States 2024 presidential election, he was encouraged by the Democratic ticket.
In a Sept. 3 interview with Bloomberg, Grewal said Coinbase had been in touch with representatives from Democratic candidate Kamala Harris’ and Republican Donald Trump’s campaigns regarding their attempts to engage with the industry before the November election. The Coinbase CLO said Trump’s campaign had been “explicit” in its claims about embracing pro-crypto policies but hinted Harris officials also seemed to have an open-minded approach to digital assets.
“[W]e’ve been encouraged, even as the current administration under [Securities and Exchange Commission (SEC) Chair] Gary Gensler continues with its campaign of regulation by enforcement, the Harris campaign [...] has reached out, has expressed an interest, and has begun discussions about what a new approach to crypto and digital assets could look like,” said Grewal.
Pro-crypto Congress in 2025?
With 63 days until the US presidential election, Congress has a limited window to enact legislation under its current leadership. Depending on the election results, majority control of the House of Representatives and the Senate could shift in January 2025.
According to Grewal, leadership at the SEC was “top of mind” for many crypto companies, as was legislation potentially affecting the industry, including the Financial Innovation and Technology for the 21st Century (FIT21) Act. The House passed the bill in May, and it is awaiting the Senate’s consideration before US President Joe Biden can sign the legislation into law or issue a veto.
“We expect even as the presidential campaign roars ahead, we’re going to see progress in the fall on that legislation and hopefully an embrace by both parties of the structure and certainty it would provide,” said the Coinbase CLO, adding:
“[W]e are going to see a pro-crypto Congress emerge, regardless of the particular outcome in individual races and, of course, the outcome in the presidential race.”
An August poll by Fairleigh Dickinson University suggested that Trump may have more support among crypto holders than Harris. Though the Republican candidate previously referred to Bitcoin (BTC) as a “scam” and “based on thin air,” followers of his 2024 campaign have seen him claiming to support policies favoring the industry.
Vice President Harris, in contrast, has been largely silent on digital assets and blockchain since launching her campaign on July 21. In August, one of her senior advisers, Brian Nelson, said that the Democratic candidate would “support policies” for the crypto industry’s growth.
Democratic lawmakers and candidates backing Harris have also begun a dialogue with crypto industry advocates, suggesting how her administration might adopt friendly policies if elected.
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