3 months ago
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US Vice President and Democratic presidential nominee Kamala Harris announced Minnesota Governor Tim Walz as her running mate for the November elections. With Walz’s choice, VP Harris and her campaign have not shown clear evidence of supporting the industry.
However, a group of “crypto advocates” announced they had come together to support the Democratic nominee and “push” for a friendly stance on the sector.
Crypto “Movement” To Support Harris’ Campaign
After the announcement of Tim Walz as US Vice President’s running mate, a group of “industry leaders, policy experts, and everyday crypto enthusiasts” announced the creation of an advocacy group for Harris.
The “Crypto Advocates For Harris” group joined together to back the Democratic nominee’s presidential campaign, claiming that it will push “for a nuanced policy stance that positions America as a leader in digital assets.”
As reported by Fox Business journalist Eleanor Terrett, the group was seemingly created by a “collection of Democrats in the crypto space who don’t want to see Donald Trump run away with this issue.”
It’s worth noting that Republican candidate Donald Trump has made his industry-friendly stance a pivotal point of his presidential campaign, promising to become the first “crypto president” in the US.
As a result, the former US president received massive support from the industry. His pro-innovation and pro-industry stance have awarded him donations from key industry figures like the Winklevoss twins, Ripple’s CLO, and Kraken’s founder.
Meanwhile, Biden’s administration has been heavily criticized for its overreaching regulations and hostile stance toward the sector, despite its recent efforts to appear more welcoming.
Democratic Nominee Advocacy Group Faces Backlash
The newly created advocacy group will hold a virtual Town Hall next Wednesday, August 14, to discuss their plans to support Harris’ campaign and ways community members can get involved. Per the announcement, “elected officials, policy leaders, and industry heavyweights” will participate in the virtual meeting.
As of this writing, the group has only confirmed Billionaire Mark Cuban as a speaker at the meeting. However, Terret revealed some of the alleged participants that will be featured next week.
Per the list, pro-crypto Democratic representatives Ritchie Torres, Wiley Nickel, Don Davis, and Yadira Caraveo will join Cuban. Additionally, American entrepreneur Anthony Scaramucci will also be featured in the meeting.
The news received mixed comments from the crypto community, with many members inquiring about the “movement” and its purpose. One X user questioned if the group was an “outside-in or inside-out initiative,” wondering whether the advocacy group is “outsiders trying to influence the campaign’s platform” or “campaign affiliates actively creating the platform and coalition building.”
Many users expressed skepticism about the “last-minute efforts” from Democratic politicians to show support for the industry, with some expressing their criticisms of Harris’ unclear “change of heart” toward cryptocurrencies.
As Terrett later reported, the main organizers are a “mix of industry participants and policy experts,” including Sheila Warren, CEO of Crypto Council for Innovation.
Alongside Warren, Amanda Wick, former US prosecutor and founder of the Association for Women in Cryptocurrency (AWIC), Jonathan Padilla, and four others are reportedly organizing the initiative.
Ultimately, part of the community seems to consider that the ongoing efforts won’t be sufficient to win crypto voters if figures like Senator Elizabeth Warren and the Securities and Exchange Commission (SEC)’s chairman continue to have the power to threaten the industry.
Featured Image from Unsplash.com, Chart from TradingView.com
