- The Kamala Harris campaign has committed to supporting the cryptocurrency community despite the Democratic Party’s lack of a clear web3 policy
- Brian Nelson has emphasized Harris’s intention to advocate for policies fostering digital asset growth if elected
- This commitment has not fully convinced undecided crypto voters seeking more definitive policy structures
The Kamala Harris campaign has expressed a commitment to supporting the cryptocurrency community, despite the Democratic Party’s omission of a clear web3 policy platform in its recent announcements. During an August 21 panel hosted by Bloomberg News, Brian Nelson, a senior advisor to Democratic presidential nominee Kamala Harris, outlined her stance on digital assets, emphasizing that, if elected, Harris would advocate for policies that encourage the growth and development of the digital assets sector. However, this will do little to enthuse undecided voters in the crypto space who will want a definitive structure for such support.
Harris to Support “Rules of the Road”
Addressing concerns about the campaign’s position on cryptocurrencies, Nelson assured that a Harris administration would back web3 innovation, saying, “She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow.”
A key point of Nelson’s comments was the promise of regulatory clarity for the web3 industry, a stark contrast to the ambiguity that has characterized the sector under President Biden’s administration, especially with Gary Gensler at the helm of the US Securities and Exchange Commission (SEC). Nelson spoke about the industry’s calls for clearer regulatory guidelines, noting, “They’ve expressed that one of the things that they need are stable rules, rules of the road,”
Nelson currently serves as the US Department of the Treasury’s undersecretary for terrorism and financial intelligence, and his past comments have highlighted concerns about unregulated stablecoins and their potential threat to national security. Nelson also played a key role in overseeing the Treasury’s first risk report on non-fungible tokens (NFTs), indicating his cautious stance on aspects of the web3 space.
Harris Still Trails Trump in Crypto World
Despite these recent assurances from the Harris campaign, the absence of a formal web3 policy in the Democratic Party’s 2024 platform has left the crypto community in a state of uncertainty. Prominent figures like Mark Cuban and Anthony Scaramucci have done their best to portray Harris as more favorable to web3 than the current administration, but with Harris yet to explicitly cite the sector and her plans for it, such efforts may be falling on deaf ears.
In contrast, Donald Trump has garnered huge support from the crypto sector following his public claim to bring Bitcoin mining to the US and fire Gary Gensler.
