Democratic presidential nominee Vice President Kamala Harris has committed to enhancing developments in the fields of artificial intelligence and cryptocurrency.
While speaking to donors in New York City, she outlined her economic strategy, which seeks to strengthen the American tech sector while protecting consumers and investors. This declaration from Harris represents her initial explicit support for cryptocurrencies during her presidential campaign.
Kamala Harris Aims to Promote Crypto Innovations
At a fundraiser in Manhattan, Harris shared her intentions to collaborate across various industries.
“We will work together to invest in America’s competitiveness and future. We will support innovative technologies such as AI and digital assets while ensuring the protection of our consumers and investors,” Harris stated.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Moreover, earlier this month, Harris garnered significant endorsements from the crypto community. Chris Larsen, co-founder of Ripple, has thrown his support behind her, joining other business leaders rallying for her candidacy.
Larsen is recognized for his advocacy of effective blockchain regulations and innovation, highlighting his confidence in Harris’s ability to address technology, finance, and economic growth issues.
Brad Garlinghouse, CEO of Ripple, also noted the increasing backing for cryptocurrency from Republican circles. Nonetheless, he pointed out that several prominent Democrats, including Harris, recognize the essential role these technologies play in maintaining U.S. leadership in the tech industry.
Crypto Emerges as a Key Focus in the 2024 Presidential Election
At the same time, former President Donald Trump, the Republican candidate, has been actively involved with the crypto sector. He has pledged to remove SEC Chair Gary Gensler and appoint pro-crypto regulators.
Read more: Who Is Gary Gensler? Everything To Know About the SEC Chairman
Additionally, he has suggested establishing a framework for stablecoins. Last week, Trump showcased his support for digital assets by using Bitcoin to purchase burgers at a crypto-themed restaurant in New York.
Despite these actions, Trump currently trails Harris in prediction markets. According to Polymarket, Harris has a 52% likelihood of winning, while Trump stands at 47%. This margin widened after their debate on September 10, during which Trump failed to mention cryptocurrencies, disappointing many industry watchers.
The crypto industry’s political power is clearly a significant aspect of the 2024 elections. Companies like Coinbase and Ripple have funneled over $119 million into supporting candidates who favor crypto and advocating for clear regulations.
Since 2010, crypto companies have emerged as major political contributors, donating $129 million, which constitutes about 15% of all known corporate political expenditures totaling $884 million. Their financial clout is second only to that of the fossil fuel sector in election-related spending.
Super PACs aligned with crypto interests have influenced 42 primary races, with their selected candidates winning 36 times. This success rate is substantially shaping political dynamics and illustrates the increasing influence of the crypto industry in American politics.
Disclaimer
In compliance with the Trust Project guidelines, BeInCrypto upholds a commitment to unbiased and transparent reporting. This news article seeks to deliver accurate and timely information. However, readers are encouraged to independently verify facts and seek professional advice before making any decisions based on this content. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been recently updated.
