[NEWS] Vice President Harris Receives Meeting Invite on Web 3.0 and DeFi Innovation

Vice President Kamala Harris and running mate Tim Walz’s campaign team received a letter from Web 3.0 and DeFi leaders requesting a meeting to discuss measures to support innovation in the blockchain and cryptocurrency markets.

The letter, sent to Harris’ campaign on the 1st, was signed by more than 20 figures from the Web 3.0 industry, including Cleve Mesidor of the national policy network Women of Color Blockchain, Olayinka Odeniran of the Black Women Blockchain Council, and Keiko Yoshino, co-founder and executive director of the Puerto Rico Blockchain Trade Association.

The group called for Harris’ participation in discussions on a regulatory environment that will enable innovation in Web 3.0 and DeFi.

At the same time, they also call for the creation of regulations that promote investor protection, financial access, and capital accumulation.

In the letter, the group said to Harris, "We will discuss the importance of Web 3.0 and DeFi policy and regulatory frameworks that foster innovation in the United States. Transformative emerging technologies such as blockchain and crypto assets can drive economic and job growth. Innovations in stablecoins and cross-border payment infrastructure can reduce the high costs of doing business for entrepreneurs, startups, and merchants and enable global competition."

On the other hand, "To ensure an economy with a level playing field, governments must balance consumer protection measures with policies that promote financial inclusion and capital formation."

In December 2020, an open letter was sent to Biden and the Harris camp, calling for comprehensive policy development. In January 2021, the group invited three senators to hold a blockchain inaugural forum. In addition, in September 2021, the group responded to a request from Pat Toomey, the ranking member of the U.S. Senate Banking Committee, for feedback on clarifying the law regarding crypto assets and blockchain technology.

This invitation to participate in the Web 3.0 and DeFi conference is public and follows up on the group's previous outreach.

Mesidor et al. argue that "Black, Latino, Asian American, and Native American communities were the earliest and currently largest adopters of crypto assets."

They further emphasized that "to balance consumer protection strategies and proposals that promote economic opportunity as a $2 trillion market expands, we strongly recommend focusing on risk mitigation and guardrails for all market participants, rather than traditional paternalistic approaches rooted in racial profiling. Wealth creation is the goal of households, consumers, and non-traditional individual investors across the country."

They expressed concern that crypto assets are currently not included in the traditional financial system and called for a change in direction. They also called for various Web 3.0 startups and entrepreneurs to have access to more capital, including through the creation of a new "Small Business Administration (SBA) Emerging Technology and Digital Equity Loan Program."

They also called for strengthening financial education about digital assets and asking the Consumer Financial Protection Bureau to provide funding for this.

Crypto assets cannot be ignored in the election campaign

Crypto assets have now become a point of contention in the US presidential election and cannot be ignored. Last week, Harris said in her 80-page economic plan that her administration will encourage innovative technologies such as AI and digital assets while protecting consumers and investors.

Republican candidate and former president Donald Trump has also pledged to put an end to the "illegal and un-American crackdown" on crypto assets in the US, demonstrating a supportive stance towards the industry.

Nevertheless, the Harris camp has not made it clear whether it will reverse President Biden's negative stance on crypto assets. By participating in this meeting, it is possible that she will show some kind of stance on Web 3.0.

Reference: Letter
Image: Shutterstock

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