Kamala Harris, the current Vice President of the United States and a Democratic presidential hopeful, has expressed her intentions of advancing the digital asset and artificial intelligence (AI) industries if she secures victory in the upcoming November elections, as reported by Bloomberg.
Harris’s Vision for Economic Innovation
At a recent fundraising event in New York City, Harris outlined her economic strategy, emphasizing the importance of technological advancement. She pledged to work closely with small businesses, labor organizations, and major corporations to enhance the development of AI and digital assets.
Commitment to Collaboration
“To build that opportunity economy, I will bring together labor, small business, founders and innovators and major companies. We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting consumers and investors.”
Additionally, Harris highlighted her intention to establish clear regulations for these fast-paced sectors, stating, “We will create a safe business environment with clear and consistent rules.” This marks her initial public stance on digital assets since her nomination as the Democratic candidate, a shift that comes after a period of relative silence on the issue.
Industry Concerns and Comparisons
Her previous reticence on digital asset policy had raised apprehensions within the crypto community, particularly regarding potential deviations from the existing policies of the Biden administration. Many in the industry were concerned that her lack of engagement could steer supporters towards her Republican counterpart, former President Donald Trump.
Implications for Bitcoin Under a Harris Presidency
An analysis by VanEck suggests that a presidency led by Harris could be more advantageous for Bitcoin than a return to Trump. In their recent report, they noted that Harris’s leadership may enhance Bitcoin adoption amid ongoing structural challenges. With the introduction of clearer regulations, Bitcoin could potentially outpace other digital currencies.
Optimism Among Analysts
“On Bitcoin alone, however, we would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would, in our view, accelerate many of the structural issues that drive Bitcoin adoption in the first place.”
Potential Challenges
However, not all developments may prove favorable. Should Harris align herself with crypto skeptics like Senator Elizabeth Warren or retain Gary Gensler as the head of the SEC, the industry might encounter significant challenges.
Trump’s Pro-Crypto Stance
Conversely, Trump’s administration is often seen as supportive of Bitcoin due to his prior pro-crypto initiatives, such as advocating for U.S. Bitcoin mining and launching decentralized finance (DeFi) projects. A Trump presidency would likely emphasize deregulation and promote business-friendly policies, resulting in a lighter regulatory load for the emerging crypto industry.