Bloomberg: Harris will support policies related to the crypto industry

Author: Hadriana Lowenkron, Bloomberg; Compiler: Tao Zhu, Golden Finance

Harris' campaign policy advisers said she would support measures to help develop digital assets and highlighted efforts to enlist the emerging cryptocurrency industry to expand its political influence.

"She will support policies that ensure emerging technologies and such industries can continue to develop," Brian Nelson, senior campaign policy adviser, said when asked about the vice president's efforts to engage with the cryptocurrency community at a Bloomberg News roundtable at the Democratic National Convention on Wednesday.

Some cryptocurrency investors supported former President Donald Trump's campaign after the Republican candidate said he favored reducing government regulation of the industry. The Republican — who previously called cryptocurrency a scam — now holds at least $1 million in digital currencies and has said the U.S. should embrace the industry to prevent China from getting ahead.

Harris’ team said it remains interested in enforcing protections for the industry, which has seen a number of high-profile companies fail.

“Obviously, they’ve said one of the things they need is stable rules,” Nielsen said, noting that Harris laid out the initial pillars of her economic policy in a speech last week.

Last week, during a campaign stop in the swing state of North Carolina, Harris did not specifically mention digital assets in her speech but vowed that if elected president, she would be "focused on cutting unnecessary bureaucracy and unnecessary regulatory red tape" and encourage "innovative technology while protecting consumers and creating a stable business environment with consistent and transparent rules."

Chasing Cryptocurrencies

The cryptocurrency industry, angered by President Biden's onerous regulatory regime, is seeking to flex its influence this year, including through large political donations.

Trump said he would fire SEC Chairman Gary Gensler (whose term ends in 2026), choose regulators friendly to the industry, form a presidential advisory council for the crypto industry and create a stablecoin framework.

This approach to reducing regulatory enforcement of virtual currencies has won Trump support from prominent cryptocurrency enthusiasts, including billionaire twins Cameron and Tyler Winklevoss, who run Winklevoss Capital Management and are big investors in Bitcoin. Both have donated to pro-Trump organizations.

Rohini Kosoglu, who served as Harris' domestic policy adviser, said at Wednesday's roundtable that the candidate's economic policies would provide more certainty for businesses than a second Trump administration.

"Businesses are worried about the chaos that a second Trump administration would bring and what that would mean for not knowing the rules and making sure they have a chance to grow and prosper in the economy," she said.

Trump has noted that if he wins office again, he would extend expiring tax breaks and impose sweeping tariffs on U.S. allies and adversaries. Critics warn that such moves could exacerbate high prices and upend global trade.

Nielsen expressed uncertainty about the scope of Trump's tariffs on businesses. "If I were a businessman, I don't know how I would run my business in that environment," he said.

POLICY ROLLOUT

Harris has had to launch her campaign in a short space of time after Biden dropped out of the race, with less than three months until Election Day. The Democratic nominee began rolling out her policy agenda last week, focusing on the economy — which voters see as a central issue in November's election and threatening to become one of her biggest political liabilities.

High inflation among American households has fueled widespread dissatisfaction with the government's handling of the economy, undermining Harris' campaign and overshadowing her and the president's efforts to tout investments in infrastructure and domestic manufacturing.

Harris has said that building the middle class would be a priority of her presidency if she is elected, and has touted proposals such as $25,000 in down payment assistance for first-time homebuyers, an expanded tax credit and programs aimed at curbing rising rent and food costs.

Harris has said that building the middle class would be a priority of her presidency if she is elected, and has touted proposals such as $25,000 in down payment assistance for first-time homebuyers, an expansion of the tax credit and a program aimed at curbing rising rent and food costs.

Harris has said that building the middle class would be a priority of her presidency if she is elected. Harris' campaign said the costs of the new proposal would be offset by higher taxes on businesses and high earners. Harris supports raising the U.S. corporate tax rate to 28% from 21%, in line with Biden's recent budget proposal. Trump cut the corporate tax rate to 21% from 35% after taking office and has proposed further cuts. Nielsen defended the 28% rate, calling it "reasonable" and said Harris' goal is to "make sure businesses pay their fair share."