- Leading democrats recently joined a ‘Crypto4Harris’ town hall to support Harris and the crypto sector.
- Although Harris has not publicly expressed her blockchain opinions, more democratic leaders are turning pro-crypto.
- Their advocacy likely follows concerns of Donald Trump’s strong crypto endorsement swaying electoral votes.
Discussions on crypto politics continue. On Wednesday, leading Democrats joined a ‘Crypto4Harris’ town hall, supporting Kamala Harris’ US presidential campaign and cryptocurrencies.
During the town hall, Senate Majority Leader Chuck Schumer announced that the Senate would likely pass a crypto regulation bill by the end of this year.
It’s possible Democrats are changing their blockchain viewpoints over 2024 US presidential election ballot concerns following Trump’s’ unwavering crypto advocacy. Let’s explore the situation.
Senate Majority Leader Implies Harris is Pro-Crypto
Although Harris did not attend the online meeting, Schumer implied she would back new US crypto regulations if winning the presidential race against Trump.
Schumer suggests this by discussing his goal to create sensible crypto legislation by this year’s end if Harris wins.
BREAKING: U.S. MAJORITY LEADER OF THE SENATE @SenSchumer COMMITS TO PASSING SENSIBLE CRYPTO LEGISLATION BY THE END OF THE YEAR
— DEGEN NEWS (@DegenerateNews) August 15, 2024
However, Harris has yet to voice any opinions on blockchain technology publicly.
Trump vs Harris in Pro-Crypto Political Race
The Crypto4Harris call comes as her Republican opponent, Donald Trump, continues to be a strong crypto advocate.
Despite initially opposing cryptocurrencies and expressing concerns about their legitimacy, Trump’s viewpoint has flipped 180°.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Since then, he has promised never to sell $BTC, threatened to sack the SEC’s chairman for aggressively pursuing crypto, and said he’ll use $BTC to pay off US debt.
Trump’s son also recently launched a Telegram channel dubbed ‘The Defiant Ones.’ And despite launching just yesterday, it already has over 19K subscribers.
There has been tremendous outreach and speculation around our crypto project – for all news and updates, join our Telegram channel. This will be the ONLY source for real-time announcements. https://t.co/8za7bc0W3Y
— Eric Trump (@EricTrump) August 15, 2024
Democrats’ Change of Crypto Heart
However, Trump is not the only one to have pivoted on their crypto views. The Democrats have begun rebranding their party as pro-crypto.
This change of heart is likely in response to the topic’s increasing importance and the extent to which it could sway public opinion.
14 Democratic representatives sent a letter to Harris and the Democratic National Committee urging them to take a forward-looking approach to blockchain technology.
The letter emphasized blockchain tech’s potential for American innovation, economic growth, and financial inclusion. It even claimed the current monetary system marginalizes Americans.
Our Verdict – Increased Crypto Acceptance Over Voting Fears
The current stance of US crypto politics suggests an increase in mainstream blockchain acceptance and the need for legislative clarity.
Democrats’ changing crypto stance shows their willingness to adjust to blockchain advancements, likely spurred by concern that their past skepticism could influence election-day ballots.
Promises are often made during election time. Only time will tell if they will be kept.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
