Amid criticism from crypto advocates and Republicans accusing the Biden administration of being anti-crypto, the crypto world was shaken by the first public statement by Democratic presidential candidate Kamala Harris on crypto during her U.S. presidential campaign. She pledged to promote investment in artificial intelligence (AI) and digital assets. Speaking at a Wall Street fundraiser, Harris outlined her vision for a future driven by technological innovation and economic growth.

“We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors,” Harris said during the Manhattan event, as reported by Bloomberg on Sept. 22.

Focus on Innovation and Transparency

Harris emphasized the need for clear and consistent regulations, promising a safe business environment that fosters innovation. “We will create a safe business environment with consistent and transparent rules of the road,” she said. Along with AI and digital assets, Harris highlighted other key sectors like semiconductors and clean energy, aiming to reduce bureaucracy and enhance American competitiveness in these industries.

This marks the first time Harris has publicly addressed the topic of cryptocurrency since becoming the Democratic Party’s frontrunner for the 2024 presidential election. Her stance on digital assets has drawn interest, particularly as her Republican rival, Donald Trump, has also sought to appeal to the crypto industry.

Crypto Industry Eager for Change

Harris’ remarks have been highly anticipated by the crypto sector, which has been watching closely to see how her views might differ from current President Joe Biden, whose administration has been seen as less supportive of the crypto industry.

Last month, Brian Nelson, a senior campaign advisor for Harris, suggested that there would be support from Kamala Harris on crypto policies if elected, but also stressed the importance of establishing clear “rules of the road” to prevent future collapses in the industry.

The crypto community reacted positively to the statement from Kamala Harris on cryptocurrency, with Coinbase policy chief Faryar Shirzad calling it “an important and constructive statement” in a post on social media platform X. While not as bold as Trump’s pro-crypto stance, Shirzad noted that Harris recognized the significance of digital asset innovation alongside AI.

Reaction from the Crypto Community

Alexander Grive, vice president of government affairs at venture firm Paradigm, expressed optimism, calling Harris’ comments “encouraging.” He added that regardless of the election’s outcome, he hoped this would be the last “anti-crypto administration.”

Jake Chervinsky, legal chief at crypto venture firm Variant, also welcomed remarks from Kamala Harris on crypto but cautioned that the emphasis on consumer protection could be used as a guise for anti-crypto measures. “I, for one, want to see policy details,” Chervinsky wrote on X.

Crypto has emerged as a significant issue in the 2024 campaign, with major U.S. crypto companies like Coinbase, Ripple, and Gemini spending plenty to influence the outcome of the elections. According to the advocacy group Public Citizen they have spent over $120 million for that purpose.

In his bid to position himself as a pro-crypto candidate, Donald Trump has actively supported the crypto sector, launching multiple lines of non-fungible tokens (NFTs) and backing his family’s crypto platform. He has promised to be a “crypto president” and promised to fire SEC Chair Gary Gensler, who has taken a hardline stance against major players in the crypto space.

Close Race Between Harris and Trump

As the 2024 election approaches, Harris and Trump remain close in national polls. According to data from FiveThirtyEight on Sept. 22, Harris leads Trump by just 2.9 percentage points, underscoring the competitiveness of the race. The outcome could have a significant impact on the future of AI, digital assets, and U.S. technology policy.

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