Coinji.com News Report:
Not everyone in the cryptocurrency industry was impressed by Vice President Kamala Harris’s political score this weekend, as the Democratic candidate was rated a “B” by the cryptocurrency advocacy group Stand with Crypto. Harris expressed doubt on Twitter, sharing the post that emphasized her new position within the advocacy organization. Prominent anonymous NFT collector Cosimo de’ Medici said, “Delete this.” Other popular comments included “Come on lmao” and “Liars,” as well as many lengthy responses and quoted tweets.
The Democratic candidate discussed cryptocurrency for the first time in a campaign event this weekend. At a fundraising event in New York City, Harris promised to “encourage innovative technologies such as artificial intelligence and digital assets, while protecting our consumers and investors.”
The non-profit organization Stand With Crypto, initially launched by Coinbase, expressed agreement with this statement. The organization updated Harris’s page, stating that the Democratic candidate now “partially supports cryptocurrency.”
With 41 days left in the presidential campaign, Harris may have gained more support among some cryptocurrency advocates, although Stand with Crypto’s endorsement gave her opponent, former President Donald Trump, a higher rating.
The Republican candidate has positioned himself as a supporter of digital assets throughout his campaign for several months, earning an “A” rating from Stand with Crypto. Trump’s running mate, J.D. Vance, also received an “A” rating, while Democratic vice presidential candidate Tim Walz did not receive a rating due to a lack of public statements on cryptocurrency.
According to leaders of Stand with Crypto, while some skeptics believe Harris’s statements lack substance, this mention represents a milestone moment in politics. “The presidential candidates are listening,” said Logan Dobson, Executive Director of Stand with Crypto, in a statement. “It is encouraging to hear Vice President Harris acknowledge the crucial role that digital assets and cryptocurrency play in driving economic growth in the United States.”
Under President Joe Biden’s leadership, some industry advocates believe that cryptocurrency is facing threats. They argue that the Securities and Exchange Commission’s (SEC) high-profile enforcement actions against cryptocurrency companies like Coinbase should be reflected in Harris’s secondary score as the Vice Commander.
Matthew Sigel, Director of Digital Asset Research at VanEck, told The Wall Street Journal, “It’s hard to take her comments on digital assets seriously when the government she is a part of has been cracking down on digital assets at every turn.” Sigel added, “Actions matter.”
Sigel further stated that the current administration cannot compensate for the damage caused to the cryptocurrency industry with “vague platitudes.” He suggested that if Harris truly wants to show support for digital assets, she could start by exercising her power to remove industry adversary Gary Gensler, the Chairman of the SEC.
Ryan Selkis expressed a similar sentiment in a controversial tweet with former President Trump, speaking as the CEO of crypto data company Messari, which he co-founded. It seems reasonable, he told Decrypt in a statement, that Stand with Crypto’s new rating was driven by political motives. He said, “Ratings have been destroyed by attempts to appease incumbents and wishful thinking.” He added that supporters of the organization “don’t want to antagonize the Harris team in a 50-50 election.”
With the influx of cryptocurrency companies like Coinbase and Ripple pouring millions of dollars into this election season, Democratic leaders are trying to change the status quo through political action committees that support cryptocurrency. Last month, Senate Majority Leader and New York Democratic Senator Chuck Schumer pledged to pass crypto regulation soon at the Crypto4Harris town hall event.
With Harris and Trump in a neck-and-neck race in several states, Harris’s statements may have an impact on some voters at the ballot box in November. To convey this message, Dobson emphasized Stand with Crypto’s efforts in several battleground states. “Over the past few weeks, we’ve mobilized thousands of voters in key battleground states like Arizona, Nevada, Michigan, Wisconsin, and Pennsylvania,” he said. “Razor-thin margins will make a difference on the ballot.”
Editor: Andrew Hayward