Key Points
- US Vice President Kamala Harris’s team reportedly contacted Coinbase, Circle, and Ripple Labs to improve relations with the crypto sector.
- Democratic politicians urge the Democratic National Committee to select a pro-crypto SEC chair and VP nominee.
US Vice President Kamala Harris is reportedly making efforts to mend ties with the cryptocurrency sector.
This development follows her decision to decline an invitation to the Bitcoin 2024 conference and criticism of the Biden administration from the industry.
Harris Team’s Outreach to Crypto Companies
According to a Financial Times report, advisors to Harris have reached out to Coinbase, Circle, and Ripple Labs in an attempt to ‘reset’ relations.
This outreach comes at a time when support from the sector is growing for her competitor, Donald Trump, who has expressed a pro-crypto stance.
However, some in the crypto community are skeptical of Harris’s sudden change of heart, suspecting it may be a ploy to secure campaign funding.
The Crypto Sector’s Political Influence
The crypto sector has become a significant source of campaign contributions, as it seeks to elect candidates who are pro-crypto.
Fairshake, a pro-crypto super PAC, has raised over $200 million, slightly outpacing most traditional backers. Coinbase and a16z are among the largest donors to Fairshake.
Nevertheless, some venture capitalists have recently criticized the Biden administration and SEC for their actions in the crypto space.
Despite these criticisms, Harris’s advisors claim that their outreach to crypto companies is not about campaign funding, but an opportunity to improve relations with the tech industry.
The Democratic party appears to be under pressure to adopt a more pro-crypto stance.
Last Friday, Democratic politicians wrote to the Democratic National Committee (DNC), urging it to nominate a pro-crypto VP and SEC chair.
However, as of now, the top Democratic VP nominee contenders, Josh Shapiro and Mark Kelly, do not have a strong stance on crypto.
A potential shift in the Democratic party’s stance could indicate that crypto might become a bipartisan issue worth addressing regardless of the outcome of the November election.
