Democrats have formed a new advocacy group called “Crypto for Harris” to counter former President Donald Trump’s growing influence within the industry, Fox Business reported on August 7.
As the 2024 presidential race heats up, the initiative highlights the high stakes in securing crypto voters, many of whom believe they have the potential to shape the outcome of the race in swing states.
Digital assets have become an increasingly important topic for politicians, with the industry exerting enormous influence in recent months to ensure friendlier oversight under the next administration and avoid stifling financial innovation in the US.
Virtual town hall
Crypto for Harris plans to host a virtual town hall meeting next week with prominent figures such as billionaire entrepreneur and crypto attorney Mark Cuban, SkyBridge Capital founder Anthony Scaramucci and several Democratic members of the House of Representatives.
The event aims to showcase Vice President Kamala Harris as a champion of the crypto community, despite recent regulatory tensions and growing negative public perception of the current administration.
According to the report, top Democratic Senate leaders received invitations to speak at the event, which will discuss strategies to support Harris’ campaign and advance fundraising initiatives.
Jonathan Padilla, CEO of Web3 marketing company Snickerdoodle and one of the organizers of Crypto for Harris, told the news outlet:
“The United States must remain a leader in blockchain and crypto. Groups like Crypto for Harris are working hard to ensure the right policies and conversations are happening to ensure that outcome.”
The virtual town hall is part of a broader strategy to demonstrate the Democratic Party’s commitment to advancing innovation in the crypto space. Congressman Ro Khanna will also host a private virtual meeting for industry leaders, further highlighting the party’s efforts.
Countering Trump
Trump has made significant progress with crypto supporters, promising to roll back regulations imposed during the Biden administration. He recently headlined the annual Bitcoin conference in Nashville, where he raised substantial funds from industry leaders and pledged to establish a strategic government reserve of Bitcoin.
Trump went on to make several more pro-Bitcoin statements in subsequent interviews, cementing the public view that he intends to support the industry. He has argued that the US must take a leading role in the sector or risk losing that place to a rival country like China.
In response, Harris has beefed up her campaign by adding former crypto advisors David Plouffe and Gene Sperling. This move signals a commitment to understanding and supporting the crypto industry through informed advice.
Some industry insiders blame the Biden-Harris administration for the partisan divide over crypto, pointing to figures like Senator Elizabeth Warren as contributing to a more hostile attitude toward the industry.
However, others within the Democratic Party emphasize the transformative potential of web3 and advocate for furthering its development.