Kamala Harris Changes Stance On Crypto Ahead Of Upcoming Election

Vice President Kamala Harris, who will compete against Donald Trump in the upcoming November election, expressed her support for emerging technologies like AI and cryptocurrency during a campaign fundraiser on September 22nd. Harris had previously been very much against promoting cryptocurrencies, but has apparently changed her mind since crypto has become such a prominent topic among US citizens.

A Change Of Heart

At an event held at Cipriani Wall Street in Manhattan, Harris emphasized that her administration would promote innovation while also ensuring the protection of investors and consumers. We will encourage innovative technologies such as AI and digital assets while safeguarding our consumers and investors, she stated.

With the cryptocurrency industry experiencing rapid growth in recent years, it has become a prominent issue as the election approaches, particularly as many executives and investors criticize the Biden administration and their strict regulatory stance. Some proponents of crypto viewed the statements made by Harris as a way to highlight her differing approach compared to President Biden, even if she personally does not support crypto.

A Stark Contrast

In contrast, her Republican opponent, Trump, has positioned himself as an avid supporter of the crypto sector, with him being the first ever former United States President to use BTC publicly. He has criticized current regulations and indicated plans to replace SEC Chair Gary Gensler if elected, aiming to create a more favorable environment for cryptocurrency. Recently, he even garnered attention by purchasing burgers with Bitcoin at a New York crypto-themed bar.

According to Bloomberg, the aforementioned fundraiser drew Wall Street donors, with contributions ranging between $500 to $1 million. The Vice President reportedly raised an additional $27 million for her campaign, following a strong fundraising month for the Democratic Party, which collected $361 million in August, compared to Trump who had $130 million.