Harris recently mentioned at an event that after being elected, she will "encourage innovative technologies such as artificial intelligence and digital assets, while protecting consumers and investors." Although the friendly statement was recognized by many people in the industry, this general statement The statement also left the cryptocurrency industry confused about its specific policy direction.
According to CoinDesk, a person familiar with the conversations between Harris' campaign team and cryptocurrency industry insiders said that because the discussion of digital asset policy is still at a high-level stage, it is unlikely to produce a specific position before voters make a decision, which also means that Cryptocurrency is just one of the many economic innovations Harris mentioned on the campaign trail.
Senior Harris campaign officials have maintained conversations with a small group of industry executives and insiders, including top brass at Ripple Labs and Coinbase, according to multiple people familiar with the discussions.
Paul Grewal, Coinbase’s chief legal officer, said in a recent interview that the campaign’s progress “is real.” He believes that both Harris and her Republican opponent, former President Trump, have made significant progress on encryption policy in just a few weeks. Paul Grewal said:
"We just want reasonable rules and we will abide by them."
However, Paul Grewal also warned that the cryptocurrency industry should not place too high expectations on the election campaign, as the campaign team is unlikely to develop a complete policy framework in a short period of time. Paul Grewal said:
“It’s unrealistic and impractical to expect them to come up with a comprehensive crypto regulatory strategy so quickly.”
Although Harris' campaign has not yet responded to specific strategies for encryption policy, sources pointed out that her first public statement reflected the current administration's early position. President Biden mentioned in an executive order issued in 2022 that the United States should support technological advancement, especially to maintain the competitiveness of the United States, as long as these technologies do not harm consumers. However, since then, the collapse of well-known cryptocurrency companies such as FTX has led U.S. financial regulators to tighten regulations on cryptocurrencies.
According to people familiar with the matter, Harris' campaign hopes that her remarks will show cryptocurrency enthusiasts that their voices have been heard. However, due to political considerations, she cannot make more substantive promises because Harris is not yet sure who will lead the decision-making in Congress if elected, so she may need some space to formulate legislative strategies.
In addition to Harris, Trump’s campaign has also recently shown greater support for cryptocurrencies. Although Trump has been skeptical of cryptocurrencies in the past, one of his family's latest business ventures involves decentralized finance (DeFi), and he emphasized in his campaign policies that would support digital assets and said he would ensure that the United States becomes " Cryptocurrency Capital of the World".
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