[NEWS] Harris supports measures to expand cryptocurrency industry, adviser says

Vice President Kamala Harris supports measures to promote digital assets, a political adviser to Harris' campaign said. 

He emphasized her favorable outreach to the fast-growing cryptocurrency industry, which is expanding its political influence. Bloomberg reported.

According to the newspaper, when asked about the vice president's efforts to engage with the cryptocurrency community at a Bloomberg roundtable at the Democratic National Convention held on the 21st, Brian Nelson, a senior political adviser to Harris' campaign, said,

"Harris will support policies that ensure new technologies and this type of industry continue to grow."

After former President Donald Trump, the Republican candidate, stated his support for relaxing government regulations on the cryptocurrency industry, some cryptocurrency investors are focusing their efforts on Trump's election campaign.

Trump, who previously called crypto a fraud, now has at least $1 million in crypto assets.

He has argued that the U.S. should support the crypto industry to prevent China from gaining an advantage in the crypto space.

Campaign team interested in crypto industry

Harris' campaign team has already signaled an interest in implementing safeguards in the crypto industry.

"She's clearly expressed a desire for stable regulation," Nelson said, referring to a speech Harris gave last week outlining the pillars of her economic policy.

While campaigning in the battleground state of North Carolina last week, Harris did not specifically mention digital assets, she vowed that if elected president, she would focus on "reducing unnecessary bureaucracy and red tape" and "protecting consumers and promoting innovative technology while creating a stable business environment with consistent and transparent rules."

The crypto industry, angry at what it sees as excessive regulation by President Joe Biden's administration, has been trying to exert its influence through large political donations this year. 

Trump has announced that he will fire Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), whose popular term expires in 2026. He plans to select a cryptocurrency industry-friendly regulator as Chairman, set up a presidential advisory council for the cryptocurrency industry, and create a legal framework for stablecoins.

Rohini Kosoglu, a former domestic policy adviser to Harris, said at the roundtable that Harris' economic policies will provide greater certainty for businesses than the second Trump administration.

Reference: Bloomberg
Image: Shutterstock

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