Kamala Harris Seeks Crypto Reset for Democrats After Trump Goes All-In On Crypto In Watershed Bitcoin 2024 Speech

Updated: 29 July 2024

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Following former US President Donald Trump’s landmark pro-crypto Bitcoin 2024 speech at the wekend, advisers to Vice President Kamala Harris have started reaching out to leading crypto companies in an effort to reset the strained relationship between the digital asset industry and the Democratic Party.

That’s according to a report by the Financial Times that says members of Harris’s team recently began contacting individuals tied to major crypto companies, including Coinbase, stablecoin issuer Circle, and Ripple Labs.

Kamala Harris Tries To Rectify The Biden Administration’s Mistakes

Current US President Joe Biden and his administration have been lambasted by crypto industry leaders for their anti-crypto stance.

Under Biden’s presidency, the Securities and Exchange Commission (SEC) has opted for a regulation by enforcement approach to regulating the burgeoning digital asset sector. Many argue that this is forcing crypto companies to establish their headquarters outside of the US.

The move by Harris’s team is reportedly part of an effort to foster a more constructive dialogue as well as establish a clear regulatory framework that will enable the growth of the Web3 industry in the US.

This is after a letter signed by Democratic members of the US House of Representatives called for the party to reconsider its stance on crypto.

Trump Promises To Make America The Global Crypto Capital If Elected

The crypto community has increased their support for Trump, who is Harris’s political rival and the Republican nominee for president.

Speaking at Bitcoin 2024 on July 27, Trump said that he would launch a strategic Bitcoin reserve, and make America the “crypto capital of the planet” if elected.

"Never sell your #Bitcoin." – Donald J. Trumppic.twitter.com/Cusnkib64h

— Michael Saylor⚡️ (@saylor) July 28, 2024

Trump also promised to end the war on crypto, which will include firing SEC Chair Gary Gensler “on day one,” and appoint a “Bitcoin and crypto presidential advisory council.”

He told attendees the US Government will not sell any of the BTC it currently holds or any of the Bitcoin it seizes in the future if he regains the White House.