The Digital Chamber has called on Vice President Kamala Harris to take a forward-looking approach to digital assets and blockchain technology, emphasizing their enormous potential for innovation, economic growth and financial inclusion.
The House highlighted the transformative benefits of these technologies in a letter sent to Harris on July 22, amid her preparations to become the Democratic presidential nominee after President Joe Biden withdrew from the race on July 21.
Changing the perspective
The letter highlighted that the Biden/Harris administration’s cautious approach to digital assets has resulted in the public perception that the Democratic Party is anti-crypto. It noted that the position has gained momentum despite support for the industry among key Democratic leaders, including Senate Majority Leader Chuck Schumer and Speaker Emerita Nancy Pelosi.
The House argued that this position does not align with the progressive and inclusive values of the Democratic Party and urged Harris to take steps to change public perception. The letter highlighted that more than 50 million Americans have embraced digital assets and see them as a means to democratize finance, drive innovation and create new economic opportunities.
It further stated that these technologies are revolutionizing opportunities for the Democratic Party’s key constituencies – highlighting the higher adoption rates of digital assets among Black and Latino Americans and immigrant communities compared to traditional financial products.
Revolutionary tools
The Chamber claimed that digital assets and blockchain technology are revolutionary tools that can increase transparency, reduce fraud and create a more inclusive financial system. It argued that the Democratic Party should champion these innovations to reassert U.S. leadership in the global digital economy.
The trade body emphasized the importance of the party’s platform reflecting the potential benefits of digital assets and blockchain technology, and urged Harris to advocate for the inclusion of pro-digital asset language in the Democratic Party’s platform.
The letter also recommends that Harris select a vice presidential candidate with expertise in digital asset policy, suggesting candidates such as Colorado Governor Jared Polis, who has a proven track record of dealing with digital asset technology and proposing pro-innovation policies.
The Chamber called on Harris to engage in dialogue with leaders in the digital assets and blockchain industries. In doing so, she could discuss policies that support and nurture these technologies, provide valuable insights, and help develop policies that stimulate growth while ensuring consumer protection and financial stability.