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Kamala Harris is set to endorse pro-crypto legislation, responding to heavy backlash after the DNC's platform excluded cryptocurrencies.
Harris to Back Pro-Crypto Policy
An assistant to Kamala Harris's campaign made the observation that the senator will support crypto-friendly legislation in order to expand the market and the new tech sector.
There has been much pushback due to the Biden administration's hard stance on the market and the DNC's rejection of the Bitcoin Platform. Just before the US presidential elections, crypto keeps getting mainstream attention.
Clear Regulations Needed for Crypto Innovation, Harris Says
The crypto business and new technology stand to benefit from Kamala Harris's support for pro-crypto policy. In response to initiatives to engage the crypto community, Harris would back developing technology, according to remarks made by Brian Nelson, a senior campaign advisor, during the Democratic National Convention (Bloomberg).
“Obviously, they’ve expressed that one of the things that they need are stable rules, rules of the road.”
A shift in rule-making and the elimination of legislation that act as bottlenecks are two important goals of crypto policymakers who are hoping to attract investment from countries with more transparent regulations.
SEC Regulation Hindering Innovation, Analysts Say
Many cases filed by regulators and the Securities and Exchange Commission (SEC) have allegedly made the current situation far more difficult for innovation, according to market analysts.
Coingape shares that, on the other hand, Harris's backers cling to his optimistic remarks that hinted at cutting red tape and encouraging new technology. "…focus on cutting needless bureaucracy and unnecessary regulatory red tape… innovative technologies while protecting consumers and creating a stable business environment with consistent and transparent rules of the road."
This follows criticism that the DNC's platform does not include cryptocurrency, in contrast to that of its main opponent, Donald Trump, and a contentious tax proposal.
Candidates have embraced a pro-market stance in their efforts to win over crypto voters, offering different promises in the run-up to the elections.
Trump and Harris Offer Divergent Crypto Strategies
In contrast to Kamala Harris's cautious stance, Donald Trump has pledged to support the sector by being pro-regulation in order to encourage innovation. Even though Harris's supporters are trying to rouse the market, most business executives have sided with the former president.
Legislation pertaining to digital assets also made considerable headway in Congress this year, with different degrees of bipartisan support. Also, prominent figures in the industry have sent large sums to super PACs that will be supporting crypto-friendly candidates in the next elections.
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