Kamala Harris takes first step in supporting cryptocurrency shift

Vice President Kamala Harris is attempting to reset her stance on cryptocurrency, marking a strategic but controversial shift.

This week, California Congressman Ro Khanna will host a significant meeting in Washington, bringing together crypto industry leaders and political figures.

Political Participation

The roundtable will feature Democratic politicians, with representatives from the Harris campaign also in attendance.

This move represents a renewed effort from pro-crypto Democrats to establish better relations with the industry.

Mixed Reactions and Criticisms

Kamala Harris's new approach to cryptocurrency has faced criticism.

Tennessee Senator Bill Hagerty expressed skepticism, stating:

“It’s no surprise that after witnessing the monumental success of President Donald Trump at the Bitcoin conference in Nashville, Kamala Harris is, as she has on many other issues, making a desperate last-minute 180-degree flip to appear pro-crypto.”

Hagerty criticised the Biden-Harris administration's past policies, describing them as “egregiously anti-crypto and anti-innovation.”

He pointed out the contradiction between Harris's new stance and the administration's previous actions.

Hagerty believes the crypto community, which he sees as aligning with Republican values of freedom and innovation, is unlikely to be convinced by Harris's change in position.

He noted the positive reception of former President Trump at the recent Bitcoin Nashville 2024 event as evidence of the GOP's stronger standing with crypto enthusiasts.

“The Republican Party is the party of crypto and no last-ditch effort from Kamala will change that,” Hagerty concluded.

Shift in Political Odds

Despite Hagerty's criticism, Harris's odds of winning have surged in the political trading market Polymarket.

Over the past ten days, her odds have increased by over 16%, while Donald Trump's odds have decreased by the same amount.

Currently, Harris's odds of winning stand at 44%, compared to Trump's 54%, indicating a tightening race.

Khanna's Crypto Regulatory Push

Earlier in July, Congressman Ro Khanna organised a roundtable discussion on crypto regulations, inviting notable figures like Ripple CEO Brad Garlinghouse and entrepreneur Mark Cuban.

Khanna expressed optimism about the potential outcomes, aiming to set the stage for a robust crypto regulatory framework in the United States.

Although details from the meeting have been limited, Garlinghouse praised Khanna on social media, describing him as an ‘exceptional’ leader who has taken time to engage with the crypto industry.

Industry Leaders' Reactions

The Harris campaign’s pro-crypto shift has attracted mixed reactions from industry leaders.

Tyler Winklevoss, co-founder of Gemini, expressed scepticism, urging Kamala Harris to fire Gary Gensler and withdraw SEC enforcement actions against good actors.

He said, “Talk is cheap. She would need to start by immediately firing Gary Gensler, withdrawing all SEC enforcement actions against good actors, and ending Operation Chokepoint 2.0.”

Despite past anti-crypto policies, Harris's recent moves have led to increased political odds, though scepticism remains within the crypto community.