Vice President Kamala Harris has recently been making efforts to connect with the crypto industry, but analysts at Bernstein believe that her actions may not be enough to sway voters in the upcoming US presidential election. While Harris has been reaching out to major firms in the crypto sector, these efforts are seen as reactive rather than proactive, lacking the significant policy changes needed to truly win over the industry.
The Democratic Party’s regulatory stance on crypto has alienated many in the sector, with some viewing former President Donald J. Trump more favorably due to his clear pro-crypto policies. Trump has shown vocal support for innovation, deregulation, and has engaged directly with key figures in the crypto community. His pro-crypto stance has helped him build a strong base of support within the industry and raise significant funds for his campaign.
The rise of crypto-focused political action committees like Fairshake, which has raised over $200 million to support pro-crypto candidates, demonstrates the financial influence of the industry in politics. Politicians are increasingly recognizing the importance of securing financial backing from the crypto sector.
Despite Harris’ efforts to engage with the crypto industry, Bernstein remains cautious about her strategy. They believe that without more concrete policy shifts and actions that address past grievances, her campaign’s overtures may fall short. Others, like Gemini founder Tyler Winklevoss, also express skepticism about Harris’ pivot, emphasizing the need for tangible actions rather than just dialogue.
In conclusion, while Harris’ recent pivot towards the crypto industry is a positive step, it may not be enough to sway voters in the upcoming election. The financial influence of the crypto sector and the pro-crypto stance of figures like Trump highlight the importance of concrete policy changes and actions to win over the industry and secure support from voters.