Kamala Harris Will Support Cryptocurrency, Galaxy CEO Predicts: 'She Wants To Be Pro-Innovation'

Vice President Kamala Harris may soon announce her support for the cryptocurrency industry, according to Galaxy CEO Mike Novogratz.

Harris, anticipated to be the Democratic nominee for the 2024 election, has remained relatively silent regarding digital currencies. But the former prosecutor’s recent outreach to leaders in the community signals a more favorable regulatory approach compared to President Joe Biden.

In contrast, Republican nominee Donald Trump has committed to backing the crypto sector, including plans to dismiss SEC Chair Gary Gensler and retain all Bitcoin held by the U.S. government.

The Importance of Bipartisan Backing

Blockworks reported that, during Galaxy’s recent earnings call, Novogratz emphasized the necessity of bipartisan support for the cryptocurrency industry.

He expressed optimism about Harris aligning herself with pro-crypto policies, pointing to her background in San Francisco, which is known for technological advancements.

“I am fairly certain, and hopeful, that nominee Harris … is going to soon make comments that show that she’s from San Francisco — the land of innovation — and that she wants to be a pro-innovation, pro-crypto president,” Novogratz said.

Traditionally, Republican politicians (i.e. Senator Cynthia Lummis) have been more vocal in their support for the crypto sector. However, a growing number of Democrats are advocating for cryptocurrency, with several supporting efforts to overturn restrictive SEC regulations.

Economic Climate Favors Cryptocurrency

The macroeconomic environment is also conducive to the growth of digital currencies. With a potential cut anticipated, the Federal Reserve’s decision to maintain interest rates strengthens the narrative for Bitcoin and other cryptocurrencies.

“Lowering rates adds to the narrative of crypto,” Novogratz noted, highlighting Bitcoin’s appeal as a store of value amid economic challenges.

Want To Learn More?

These political and economic developments coincide with Benzinga’s Future of Digital Assets event on November 19 in NYC. This event aims to connect digital asset companies with institutional investors and offers numerous networking opportunities, including over 1,000 capital markets leaders, 4,000 one-on-one meetings, and various interactive sessions.

As the political landscape continues to shift, the potential for increased bipartisan support could influence the future of the cryptocurrency industry. Harris’s forthcoming stance on digital currencies may impact the election and broader acceptance and regulation of cryptocurrencies in the U.S.

Image: Shutterstock