Stand With Crypto Downgrades Kamala Harris’ Rating
Stand With Crypto, a bipartisan advocacy group, has recently made the decision to lower Democratic nominee Kamala Harris’ rating from a ‘B’ to ‘NA’. This downgrade comes as a surprise to many, as Harris had initially received praise for her statements regarding investing in America’s future and supporting innovative technologies like AI and digital assets while ensuring consumer and investor protection. However, the absence of a comprehensive crypto policy within the Democratic campaign has led Stand With Crypto to reevaluate Harris’ stance on the matter.
The Lack of a Comprehensive Crypto Policy
It’s evident that the Democratic party, represented by Kamala Harris, lacks a comprehensive crypto policy when compared to their Republican counterparts. The absence of a clear stance on digital assets and blockchain technology has raised concerns within the crypto community and has ultimately led to Harris’ rating being downgraded by Stand With Crypto. While Harris did mention her support for innovative technologies in a recent speech, the lack of a detailed plan specifically addressing the crypto industry has left many questioning the Democratic nominee’s commitment to this rapidly growing sector.
In contrast, the Republican campaign has taken a more proactive approach to crypto policy. Their stance includes opposing the creation of a Central Bank Digital Currency, defending the right to mine Bitcoin, and ensuring every American has the right to self-custody of their digital assets. This clear and specific policy has resonated with many within the crypto community, highlighting the disparity between the two major parties in their approach to regulating digital assets.
Campaign Strategies and Engagement with Crypto Insiders
Despite the lack of a detailed crypto policy, Harris’ campaign has engaged in high-level discussions with crypto insiders, including executives from Ripple Labs and Coinbase. According to sources cited by CoinDesk, Harris’ campaign is keeping its digital assets policy broad and high-level, with crypto being just one of several economic innovations that she plans to address. This approach has left some in the industry optimistic about Harris’ growing understanding of the crypto industry’s needs.
Coinbase’s Chief Legal Officer, Grewal, expressed his optimism about the progress in both Harris and Republican candidate Donald Trump’s positions on crypto. He emphasized the importance of sensible regulations that the industry can adhere to, highlighting the desire for a non-partisan approach to digital asset policy. This sentiment was echoed by Circle’s Jeremy Allaire, who referred to crypto as a “purple” issue, emphasizing the need for bipartisan support in addressing the challenges and opportunities presented by blockchain technology.
The Betting Odds and Future Prospects
Despite the lack of a comprehensive crypto policy from Kamala Harris, bettors on PolyMarket are giving her a slight edge over Republican candidate Trump, assigning her a 50-48% chance of success in the upcoming election. This suggests that while Harris may not have a clear stance on crypto, her overall campaign strategy and platform are resonating with voters. However, the absence of a detailed plan for regulating digital assets could potentially impact her standing within the crypto community and influence voter decisions as the election approaches.
In conclusion, the lack of a comprehensive crypto policy within the Democratic campaign, particularly from nominee Kamala Harris, has raised concerns within the crypto community and led to a downgrade in her rating by Stand With Crypto. While engagement with crypto insiders and high-level discussions show promise in understanding the industry’s needs, the absence of a clear stance on digital assets remains a significant issue. As the election nears, it will be crucial for Harris and the Democratic party to address these concerns and provide a detailed plan for regulating the growing crypto industry.
