- Kamala Harris’ team has reportedly contacted Coinbase, Circle and Ripple Labs.
- Democratic politicians urged the DNC to elect a pro-crypto SEC chairman and VP candidate.
US Vice President Kamala Harris is reportedly trying to make amends with the crypto sector.
The move comes after she… Bitcoin Invitation to the 2024 conference and continued industry criticism of the Biden administration.
According to the Financial Times (FT) reportthe Harris advisors contacted Coinbase, Circle and Ripple Labs to “reset” the relationships.
“Kamala Harris’ advisers have approached top crypto firms to ‘reset’ relations between her Democratic party and the industry.”
Harris: Real reset or campaign finance search?
Harris’ overtures and reported improvements come amid growing industry support for her rival, Donald Trump.
During Saturday’s Bitcoin 2024 conference speech, Trump reinforced his pro-crypto stance and promised to make BTC a US National Reserves.
However, a section of the crypto community was skeptical about her turnaround, claiming she may be looking for funding.
The crypto sector has become a crucial source of campaigning as it moves to elect pro-crypto candidates.
To that end, according to the recent Federal Election Commission factsFairshake, a pro-crypto super PAC, has raised more than $200 million, slightly more than most traditional funders. Coinbase and a16z are among Fairshake’s largest donors.
Interestingly, a16z, founded by venture capitalists Marc Andreessen and Ben Horowitz, has backed some Democratic candidates in the past, the FT report said. The company is also among the largest investors in the crypto industry.
The Democratic party’s crypto position is under pressure
However, the VCs recently criticized the Biden administration and SEC enforcement actions in the crypto space.
“They just fought us every step of the way, using very nefarious means.”
They added that the administration was “destroying the industry” and expressed support for Trump.
Despite the perception, Harris was not after campaign finance, according to the FT report, which quotes the VP advisers. Instead, the consultants claimed that,
“It’s an opportunity to reset relations with the tech industry, which has felt targeted by the Biden administration, especially on antitrust issues.”
The campaign team added that they want to send the message that Democrats are pro-business.
The message was even amplified last Friday after Democratic politicians wrote a letter to the Democratic National Committee (DNC).
Based on polling data, the group insisted the DNC should appoint a pro-crypto VP and SEC chairman and change its policies towards the sector.
Data shows that digital assets are being adopted at a higher rate than traditional financial products among Generation Z, Black and Latino Americans, and immigrant communities – key Democratic party constituencies.”
However, at the time of writing, the top contenders for the Democratic VP candidate are as of PolymarktJosh Shapiro and Mark Kelly do not have a strong crypto stance.
Source: Polymarkt
A likely change in the Democratic party’s position could indicate that crypto could become a bipartisan issue worth addressing regardless of who wins the November election.