Vice President Kamala Harris plans to support measures to help the digital asset industry grow, according to Brian Nelson, a senior campaign adviser for Harris. Nelson also serves as undersecretary for terrorism and financial intelligence at the U.S. Treasury Department. He said that Harris would support policies aimed at the development of new technologies and the field of cryptocurrencies. He said this in an interview with Bloomberg News on Wednesday at the Democratic National Convention.
Nelson also stressed that the industry has also insisted on the need to have ‘stable rules,’ to support the growth of the sector. Since the emergence of the coronavirus pandemic and its impact on the global economy, the issue of the cryptocurrency industry has become relevant during the current election.
Crypto Industry Spends Big, Supports Trump Over Biden’s Policies
Crypto firms have disclosed $119 million in political activity for the year 2024, with most of the money being donated to super PACs such as the Fairshake PAC, as outlined by Public Citizen. This spending is second only to campaigning expenses among all the expenses incurred in an election.
Some influential members of the crypto community, including the owners of Gemini exchange Tyler and Cameron Winklevoss, have endorsed former President Donald Trump. Before 2016, the Winklevoss twins gave $2m worth of Bitcoins to Trump, and they supported him on social networks due to his positive attitude towards cryptocurrencies. Trump has vowed to repeal what he terms an unlawful crackdown on the sector and has recommended the appointment of crypto-friendly regulators and the establishment of a stablecoin framework.
On the other hand, the current White House administration under Joe Biden is being accused of hostility by the Bitcoin industry due to its policies. Tom Harris, an adviser on the Harris’ campaign, highlights more likely unrest and unpredictable measures such as tariffs that may adversely affect trade and commerce during Trump’s second term in office.
Nelson noted that companies require predictable rules and stable legal requirements to operate. In his view, the unpredictable regulatory situation in the United States under Trump could adversely affect the businesses’ decision-making processes.