According to a report (by George Hammond, James Fontanella-Khan, and James Politi) published on July 27 by the Financial Times (FT), Vice President Kamala Harris’s campaign team has made significant moves to engage with the cryptocurrency industry. This outreach comes at a crucial time, as the sector has emerged as a notable supporter of Donald Trump in the upcoming U.S. presidential race.
The FT reports that members of Harris’s team have recently reached out to individuals close to major crypto companies, including industry giants Coinbase, Circle, and Ripple Labs. This initiative, as described by the FT, appears to be an attempt to “reset” relations between the Democratic party and the crypto sector.
Interestingly, the FT notes that this outreach occurs against the backdrop of strong support for Trump from the crypto industry. The former president, once known for his skepticism towards cryptocurrencies, has now embraced the sector and is scheduled to deliver a keynote speech at the Bitcoin 2-24 conference in Nashville later today.
The financial implications of this political-crypto dance are substantial. The FT highlights that crypto groups are likely to be a significant source of campaign funding in the upcoming election. They point to the pro-crypto super PAC Fairshake, which has already raised over $200 million from backers including Coinbase, Ripple, and Andreessen Horowitz.
However, the FT emphasizes that Harris’s campaign advisers insist this outreach is not primarily about attracting new electoral contributions. Instead, the objective appears to be to build a constructive relationship that could lead to a smart regulatory framework supporting the growth of the entire asset class.
The FT article suggests that this move is part of a broader strategy by Harris to change the perception that Democrats are anti-business. According to the FT’s sources, the Harris campaign sees the change in Democratic leadership as an opportunity to reset relations with the tech industry, which has felt targeted by the Biden administration, particularly on antitrust matters.
The underlying message is that Harris wants to position the Democrats as “pro-business, responsible business.” This approach, the FT notes, is aimed at winning back support from the tech community, many of whom are based in Harris’s home state of California.
The FT article provides context for this outreach by mentioning recent developments in the tech world. It cites the announcement by venture capitalists Marc Andreessen and Ben Horowitz to back Trump in the election, despite their previous support for Democratic candidates.
Finally, the FT article suggests that some crypto companies are hopeful about Harris’s potential approach. The FT quotes an unnamed crypto company executive who states, “The fact that she’s willing to listen is a big deal. With Biden you couldn’t even get a meeting . . . It has left people with such a bad view of the Biden administration.”
Featured Image via YouTube