Something in me wants to bet that with Kamala Harris set to be the presumptive Democratic nominee in the 2024 presidential election, it could mean a new epoch in crypto. Now at the forefront of the campaign after Biden's surprising exit, Harris is potentially leading with a very different policy toward the complex issue of cryptocurrencies than her former running mate.
I believe that Harris' groundedness in California, a well-known technological state, predisposes her to an emerging crypto industry more favorably. In my view, the experience of dwelling in a home state generally prone to accepting new technologies could probably make her more open to communication processes with the crypto community and understanding their point of view.
Even more exciting is the realization that she ends up choosing a pro-business running mate: somebody like Governor Josh Shapiro, Governor Roy Cooper, Senator Mark Kelly, or even Transportation Secretary Pete Buttigieg. It brings a new, business-friendly perspective into the campaign that stands to benefit the crypto industry.
I guess it was somewhat telling that as of many hours ago, industry groups and individuals had begun to draft open letters to the Democratic Party and Harris' campaign, urging at least input from crypto experts. This bespeaks industry interest in engaging with the new administration proactively to craft policy designed to support growth yet be mindful of consumer protection.
But what interests me most is the sudden rush of donations into the Harris campaign and the Democratic Party. The reported $160 million in inflows for ActBlue since Biden's announcement and $81 million being received by Harris' campaign highlight potential power shifts from this kind of financial backing. This kind of backing works its way into influencing priorities for campaigns and its readiness to adopt new technologies, and crypto is moderately one of them.
It's very early in the game, and what Harris actually thinks about crypto has yet to be laid bare. Nonetheless, I felt that the narrative shaping around her nomination this week added an inexorable vibe. The crypto industry has a proper chance to reset its approach, possibly to find a more constructive dialogue with the Democratic Party and its new leader.