This move comes amid growing concerns within the cryptocurrency community about the current regulatory landscape.
Crypto industry leaders and advocacy organizations are mobilizing to raise $100,000 for US Vice President Kamala Harris, aiming to influence her stance on cryptocurrency regulations if she becomes president. Scheduled for September 13 in Washington, D.C., the fundraiser is being organized by the Blockchain Foundation, a prominent industry advocacy group. Tickets for the event range from $500 to $5,000, according to a report from Reuters.
Harris vs. Trump: A Strategic Industry Bet
This fundraising effort reflects a strategic move by some crypto insiders to support Harris over her rival Donald Trump. Despite Harris’s relatively muted public position on cryptocurrency compared to Trump, some in the industry believe her potential presidency could be more favorable to their interests.
Recent polling data from September 1 shows Harris leading Trump by 3.2%, a lead she has maintained since President Joe Biden endorsed her after withdrawing from the race, as reported by FiveThirtyEight.
Industry Concerns and Political Actions
Cleve Mesidor, the Executive Director of the Blockchain Foundation, explained that the fundraiser is intended to highlight the crypto industry’s significance to Democrats and to explore how a potential Harris administration could better support the sector. Mesidor also hopes the event will encourage discussions on increasing capital access for underrepresented communities within the industry.
This move comes amid growing concerns within the cryptocurrency community about the current regulatory landscape. Under the Biden administration, the US Securities and Exchange Commission (SEC) has taken enforcement actions against major crypto firms such as Coinbase and Ripple, accusing them of violating securities laws.
In response, significant players in the crypto space have invested over $120 million in 2024 through political action committees like Fairshake, which has been critical of Harris’s Democratic Party.
Campaign Engagement and Future Prospects
The Harris campaign has actively engaged with the crypto industry in recent months. Following a roundtable discussion in July, the campaign met with crypto executives again in August to discuss industry concerns and regulatory challenges. Brian Nelson, a senior adviser to Harris, has indicated that if elected, Harris would support policies aimed at fostering the growth of emerging technologies, including cryptocurrency.
The upcoming fundraiser is part of a broader initiative by groups such as Crypto4Harris, which has also supported Harris’s campaign. Crypto4Harris organized a virtual town hall in August featuring Democratic lawmakers, further promoting Harris’s candidacy and addressing crypto-related issues.
While these efforts are seen as steps toward a potentially more supportive regulatory environment for cryptocurrencies, some industry insiders remain cautious. The effectiveness of these initiatives in shaping Harris’s future policies remains uncertain. As the election approaches, the industry will be closely watching to see whether Harris’s potential presidency could result in more favorable regulations or if ongoing challenges will persist.
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