Crypto At the Centre of Presidential Race as Kamala Harris Says US Should Be "Dominant in Blockchain"

Kamala Harris has spoken. Again. After biting her tongue on the topic of crypto since the announcement of her presidential run, Harris has finally revealed her crypto stance. Kind of.

During Harris's silence, Donald Trump established himself as a crypto aficionado and has used this industry to lure political donors.

What was unknown was his opponent's stand on the digital assets industry.

While campaigning in New York City on Sunday to raise money for her 2020 presidential campaign, Vice President Harris promised to increase funding for AI and cryptocurrency if elected.

Her economic platform will prioritise consumer and investor protections while encouraging innovation.

Harris said at a fundraiser, "I will bring together labour, small business founders and innovators and major companies."

She added, "We will partner together to invest in America's competitiveness and future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors."

While cryptocurrency investors and fans were waiting to hear how Democratic presidential candidate Harris would handle the issue, this was her first public statement on the topic.

Ghost of Biden

During his time in office (and yes we know he's still there), Joe Biden had taken a more hands-off approach than Harris.

Executives and investors in the cryptocurrency business, who resented what they perceived as overly restrictive policies under Biden, are now making large political contributions to exert their influence in the 2024 presidential race.

One of Harris's campaign policy advisors stated during an August Bloomberg News roundtable at the Democratic National Convention that the senator wants to see digital assets grow and grow but is interested in protecting an industry that has lost several players due to the failure of several large companies.

The Republican challenger to Harris, former president Trump, has publicly courted the sector by promising to select pro-business regulators, establish a stablecoin framework, and remove Securities and Exchange Commission (SEC) Chair Gary Gensler, whose tenure does not expire until 2026.

Last week, Trump visited a crypto-themed pub in New York City and paid for burgers with Bitcoin, reaching out to the digital asset sector.

The arrival of Trump was a once-in-a-lifetime event for the crowd inside a Greenwich Village tavern with a Bitcoin theme.

Trump stopped by PubKey with a single purpose: to purchase a dozen smash burgers and pay with the original cryptocurrency.

What ought to have been a simple transaction became an almost minute-long hassle. Fox News footage shows Trump having trouble scanning the bar's QR code for payment, but a bystander eventually takes his phone and finishes the purchase.

Bitcoin transactions in New York are still uncommon.

Even if cryptocurrency exchanges like Coinbase are trying to encourage more merchants to use Bitcoin, the process may still be painful.

According to critics within the Bitcoin community, these transactions are expensive and time-consuming compared to more conventional payment methods.

Bitcoin and other cryptocurrencies have, in fact, become the payment of choice in some contexts; hackers, in particular, are fond of them.

However, Bitcoin's proponents continue arguing whether the cryptocurrency should be used for less scandalous transactions.

Despite Bitcoin's humble beginnings as a decentralised electronic payment system, many today see it more as "digital gold"—a way to protect one's wealth against potential economic downturns.

Bitcoin is another asset in the high-risk, high-reward category for certain people, especially speculators.

Nonetheless, Trump's Bitcoin transaction was cause for celebration for Bitcoin aficionados at PubKey and worldwide.

Drew Armstrong, co-founder of PubKey, claims that Trump spent $998.70 on a handful of burgers.

The Republican candidate used Strike, a Lightning Network-based payments software, to pay for the meal.

The bar accepted Bitcoin using the Zaprite app; Bitcoin is the largest and oldest cryptocurrency, but it has yet to fulfil its potential as a widely utilised means of commerce. There was no cost for the Diet Cokes.

"Bitcoin is really happening," Trump stated.

The visit on the route to a Long Island rally is Trump's most recent attempt to rally cryptocurrency holders, whose support has grown this year despite the industry's checkered past.

During his July keynote address at the Bitcoin 2024 conference in Nashville, Trump promised to establish a national strategic stockpile of Bitcoin and select crypto-friendly authorities.

He took the stage on Monday night's X social media app live streamto introduce World Liberty Financial, a decentralised financial cryptocurrency initiative that aims to compete with national banks.

Harris' Take on Cryptos

On the other side, Harris sought to calm fears about her corporate policies on Sunday by discussing her plans for regulation as part of her "opportunity economy" strategy.

With pledges to push a plethora of tax cuts, benefits, and programs to alleviate the strain on low-income and middle-class American households, Harris' economic proposals have been firmly directed towards voters concerned about high prices, which have been a persistent political liability for the Biden administration.

The Democratic presidential contender took a rare break from campaigning for Sunday's luncheon as she seeks to increase her financial lead over Trump.

According to a campaign spokesperson, the event raised $27 million, the highest single-event amount since Harris became the top Democrat.

Prices for tickets varied from $500 to almost $1 million.

The top tier of donors received two extra events—a "Liberty luncheon" and a reception for top contributors—in addition to a place in the picture queue with Harris.

Padma Lakshmi, singer Audra McDonald, and actors Anne Hathaway, Whoopi Goldberg, and Billy Porter were among the famous guests. Several important Democrats from the state, including Governor Kathy Hochul and Senate Majority Leader Charles Schumer, were also present.

According to organizers, there will be one more opportunity to see the vice president in New York before the November election.

According to the campaign, Harris will spend time campaigning in crucial states and will not attend the month's Al Smith charity dinner in the city that benefits Catholic organisations.

Presidential hopefuls from the main parties often make the meal a stop.

With $361 million raised in August by the vice president, the Democratic National Committee, and state parties, she had $404 million in the bank when September began.

In August, Trump and the Republican National Committee raised $130 million, but both totals were surpassed.

At the beginning of September, Trump and the Republicans had a war fund of $295 million, while Harris and the Democrats had $109 million.

Financial backers from Wall Street, IT companies, and Hollywood have fuelled the Democratic candidate's fundraising explosion.

Speaking at The Economic Club of Pittsburgh yesterday, Harris said that under her leadership, the US will "recommit" to maintaining global leadership in sectors that will shape the future, emphasizing the country's aim to "remain dominant in AI and quantum computing, blockchain, and other emerging technologies."