Kamala Harris Vows to Improve Democratic Party’s Relationship with Crypto Industry
The election season in the United States is gaining momentum as a power struggle between political parties continues. The US VP Kamala Harris serving under the Biden administration consolidated her nomination as the official Democratic Party candidate.
Meetings Between Harris’s Advisors and Top Crypto Advisors
On this account, members from VP Harris’s advisers have opened communication with top executives in the crypto industry. A Financial Times article reported that advisors from Harris’s team have reached out to major crypto representatives.
These efforts are directed towards addressing the constrained relationships between the Democratic and wider crypto community. On this account, Harris has reached out to firms such as Coinbase, Circle, and Ripple Labs.
The goal of the firm is to start a dialogue on a constructive note with leaders from the digital asset sector and collect feedback about regulatory concerns among crypto stakeholders. The outreach program is a result of increasing support for Republican Party frontrunner and former President Donald Trump.
This initiative has resulted in the accumulation of criticism for stringent crypto policies by the Biden administration. However, under the reign of VP Harris a change of stance has seemed to stem from the Democratic Party in regulatory approach for the digital asset sector.
A letter addressed to the US House of Representatives was drafted by Democratic members. The subject matter of the letter asked the political entity to incorporate a more lenient approach towards the digital currency industry.
Crypto Regulatory Approach
Harris’s advisers have been nudging the Vice President in favor of the regulatory approach. The advisers have maintained that the main objective of the initiative does not stem from desire to secure electoral contributions but directed towards cultivating sensible regulatory infrastructure for the sector.
Harris campaign’s dialogue with crypto firms also indicates the strategic move to repair the perception regarding Democratic among crypto voters.
At present, Democrats are viewed as anti-business among US voters. This perception has given weight to the idea that the Biden administration has been undertaking anti-trust policies that undermine tech firms.
Harris’s campaign is sending a message of pro-business and responsible business approach as a way to consolidate the commitment of the Democratic Party to foster healthy business practices in the region.
Former president Trump was not always a crypto advocate. However, during his latest campaign efforts, he has emerged as a strong supporter. His speech at the Bitcoin 2024 conference in Nashville, Tennessee also highlighted his support for the sector.
Following the crypto endorsement Donald Trump harbored a massive followership from the crypto community. Additionally, the Trump campaign also received funding from crypto proponents and voters.
US Government Holds $12 Billion in Bitcoin
The United States government has a reserve of $12 billion or 183 thousand Bitcoins. The data is sourced from crypto data analytics firm Arkham Intelligence.
The platform also reported that the US government holds 50 thousand Ethereum, 121 million USDT, 40 thousand BNB, and 10 million USDC. The latest transaction from the US government wallet address moved 28 thousand Bitcoins on 29th July.
At the conclusion of the Bitcoin 2024 conference in Nashville, Tennessee Senator Cynthia Lummis introduced a new regulatory framework for crypto. This policy will convert Bitcoin into a strategic reserve for the United States government.
The lawmaker hailing from Wyoming shared a plan to purchase 5% of Bitcoin’s total supply and place it as a treasury asset. Former President Donald Trump has also mentioned the Bitcoin strategic reserve.
Furthermore, the Presidential representative for the Republican Party also vouched to not sell Bitcoin holdings of the US government. Along the same lines, Independent presidential candidate Robert F.Kennedy Jr. recently signed an executive order to purchase 500 Bitcoins per day until 4 million are added to US Treasury holdings.
However, Ari Paul CIO at BlockTower Capital has projected that the odds of Bitcoin becoming a strategic reserve are 10:1 by 2028. The executive maintained that feedback from the Federal Reserve and legislators could play an important role in paving the way for Bitcoin’s ascent to a US treasury reserve asset.
