There has been some cynicism in web3 and cryptocurrency circles over the, let's put it mildly, change in basic attitude toward crypto and ai, from presidential candidate Kamala Harris. While it makes perfect sense that a politician cannot directly attack the policies of the former party leader, especially the sitting president.
On Aug. 4, I wrote: "Crypto regulation is proving to be a divisive issue. I expect Harris to propose a different policy on crypto before the election than President Biden implemented with the SEC during his presidency."
Millions, especially young, male voters who are pro-crypto appear to consider the issue so important that it is even decisive in their voting behavior. But hardly anyone would vote for Harris because of a strong anti-crypto policy. In an exciting presidential race, it therefore makes sense that Harris is now trying to appease crypto voters. The Washington Post reports:
"In a speech in Pittsburgh about the economy on Wednesday, Harris said it was important for the United States to maintain its dominance in blockchain technology, which facilitates trade of cryptocurrencies such as bitcoin. The Harris campaign on Wednesday also released a policy document that said she would “encourage innovative technologies like AI and digital assets,” a reference to cryptocurrencies and similar technologies such as stablecoins. Harris had on Sunday promised donors in New York City a “safer business environment” for digital assets, as well.
Harris has not detailed a specific plan for promoting crypto, and her statements have also affirmed the importance of protecting consumers from predatory practices. But her comments were intended in part to reassure investors nervous that the Democratic presidential nominee would maintain what they view as President Joe Biden’s hostile approach to the sector, said two outside advisers to the campaign who spoke on the condition of anonymity to describe its tactics.
The olive branch comes amid a wave of pressure from donors and crypto groups, who have massively stepped up their spending on politics this year, as well as electoral concerns among Democrats about antagonizing the millions of Americans who have invested in cryptocurrencies."
In short, it is political suicide for a politician to turn against an issue that alienates one group of voters without scoring with another electoral group. And all the more so if the potential voters can also lavish your campaign coffers with hundreds of millions of dollars.