Kamala Harris Is Courting Crypto Investors. Here's How She's Taking A Friendlier Approach Than Biden (CORRECTED)

Kamala Harris is taking a different approach to cryptocurrency than President Joe Biden and she's making moves. Harris isn't just talking about being more crypto-friendly. 

As reported by Joseph Zeballos-Roig from Semafor, she's already sending her aides out to build relationships with crypto investors and Democrats in Congress who support digital assets.

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Her team includes Brian Nelson and Louisa Terrell, two people familiar with crypto. They've met with crypto executives and pro-crypto Democrats like Rep. Wiley Nickel, who said, "You're going to see a much more balanced approach from President Harris on this issue." Harris is positioning herself as more open to crypto than Biden.

Recently, she discussed blockchain at a Wall Street donor event, signaling her intent to include crypto in her platform. "We will encourage innovative technologies like AI and digital assets while protecting consumers and investors," she said, outlining a vision that balances support for tech with caution.

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Harris' campaign hasn't commented publicly, but crypto investors are paying attention. She's seen as a more favorable candidate to the sector than Biden, who has ramped up crypto crackdowns. Crypto backers hope she might reverse some of the aggressive policies by SEC Chair Gary Gensler. Last year, the SEC brought 46 crypto-related enforcement actions, including a big case against Coinbase. The crypto community has felt under siege and Harris' approach could be a sign of relief.

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In Semafor's report, it seems her team is also building alliances with pro-crypto figures like billionaire investor Mark Cuban, who's expected to personally lobby lawmakers on upcoming crypto bills. Cuban's involvement shows how serious Harris is about courting the industry, especially when contrasted with Donald Trump's recent endorsement of a crypto platform run by his sons.

Crypto companies are also throwing big money into the 2024 election. Semafor's report noted cited from Public Citizen that they've spent at least $119 million supporting candidates who back the industry. Harris' stance could help her win their favor, though she's still not seen as a full ally to the extent Trump is. "They're trying to figure out what the right place for her to be is," said Blockchain Association CEO Kristin Smith, who has been in touch with Harris' team.

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In Congress, the battle over crypto regulation is heating up. Some Democrats like Sen. Jon Tester, once critical of crypto, is softening their stance. He told Semafor last week, "I always said we got to put side rails on it." But others, like Sen. Elizabeth Warren, remain skeptical. Warren emphasized the need for rules to keep crypto from being used for illegal activities.

Harris is navigating a fine line. Her friendlier tone on crypto is a marked shift from Biden, but it's still unclear how far she'll go in supporting the industry if she wins the presidency. For now, though, crypto investors are watching closely, hoping Harris is the change they've been waiting for.

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