Kamala Harris, the Vice President of the United States and a Democratic candidate for the presidency, has committed to supporting the digital asset and artificial intelligence (AI) sectors if elected in the upcoming November election, according to Bloomberg.
At a recent fundraising event in New York City, Harris detailed her economic agenda, focusing on technological progress through collaborations with small businesses, labor organizations, and large corporations to foster growth in AI and digital assets.
In her speech, Harris declared:
“To build that opportunity economy, I will unite labor, small business owners, innovators, and major corporations. Together, we will invest in America’s competitiveness and future. We will promote innovative technologies like AI and digital assets while ensuring the protection of consumers and investors.”
She also vowed to establish regulatory clarity for these swiftly evolving sectors, highlighting the importance of a stable business environment. “We will create a safe business environment with clear and consistent rules,” she emphasized.
This announcement marks Harris' first public declaration on digital assets since becoming the Democratic nominee. Her previous silence had raised concerns within the industry, leaving many uncertain about how her policies might differ from those of the current Biden administration. Some crypto enthusiasts had even begun to consider supporting her Republican rival, former President Donald Trump.
Potential Implications for Bitcoin Under a Harris Presidency
Analysts at VanEck suggest that a Harris presidency could be more beneficial for Bitcoin compared to another term under Trump. In their recent analysis, they indicated that Harris’ administration might facilitate Bitcoin adoption by addressing existing structural challenges. With clearer regulations, Bitcoin could potentially gain an edge over other digital assets.
The VanEck report stated:
“On Bitcoin alone, we would argue that a Kamala Harris presidency might be even better for Bitcoin than a second term for Trump because it would likely accelerate many of the structural issues that drive Bitcoin adoption in the first place.”
However, challenges remain. If Harris aligns with crypto skeptics such as Senator Elizabeth Warren or retains Gary Gensler as head of the Securities and Exchange Commission (SEC), the crypto industry could face significant regulatory challenges.
In contrast, some view a Trump presidency as more favorable for cryptocurrency, given his history of supporting U.S. Bitcoin mining and promoting decentralized finance (DeFi) initiatives. A Trump administration would likely prioritize deregulation and implement pro-business policies, potentially easing regulatory burdens on this emerging sector.