According to a report from Bloomberg, Brian Nelson, a senior policy adviser to Kamala Harris’ campaign, revealed the vice president’s alleged intention to support the growth of the crypto industry.

Harris’ Alleged Crypto-Friendly Stance

Nelson, a senior policy adviser to Harris’ campaign, mentioned that the vice president “will support policies that ensure that emerging technologies and those types of industries can continue to grow.”

With this, the Biden administration is distancing itself from its skeptical stance towards the crypto space, which was marked by stricter regulations, numerous lawsuits against major players and the demise of numerous prominent companies.

The crypto industry has long advocated for clearer regulatory environment and new laws to properly regulate the industry. Harris’s stance appears to be an attempt to win over the industry in the event that the presidential candidate secures a term in the White House.

Nelson acknowledged the industry’s desire for “stable rules, rules of the road,” a sentiment echoed at Harris’ recent campaign event in North Carolina, where she pledged to “focus on cutting unnecessary bureaucracy and unnecessary regulatory burdens.”

It is said that the vice president wants to “encourage innovative technologies while protecting consumers and creating a stable business environment with consistent and transparent traffic rules.”

However, this move contrasts with the position of former President Donald Trump, who claimed to be the first “crypto president” and supported the use of Bitcoin (BTC) to pay off the country’s $35 trillion debt, as well as fire the chairman of the US Securities and Exchange Commission (SEC) on the first day.

Regulatory tug of war

Harris’ shift in stance comes at a time when the industry is gaining political clout, including significant political donations to former President Trump. Trump has consistently championed the industry’s growth and innovation.

Industry frustration with the regulatory environment under the Biden administration has led to Winklevoss twinsfounders of the US stock exchange Gemini, to throw their weight behind Trump’s campaign, which has promised to scale back regulatory enforcement and create a more favourable climate.

Still, Rohini Kosoglu, Harris’ former domestic policy adviser, highlighted the contrast between the vice president’s approach and the “chaos of a second Trump administration,” with businesses reportedly facing uncertainty about the “rules of the road” and their ability to grow and thrive.

While Harris has not explicitly mentioned digital assets in recent campaign speeches, nor has she included them in Democratic Party speeches, policy agendaThe report notes that its economic policy framework prioritises streamlining bureaucracy, reducing regulatory barriers and promoting a business-friendly environment conducive to innovation and consumer protection.

It remains to be seen whether the vice president will address the issue of digital assets in her next speeches and what her thoughts are on the matter, despite what advisers have said. For now, the sentiment in the community is that Harris wants to continue the current regulations through enforcement.

Main image of DALL-E, chart from TradingView.com