‘Crypto For Harris’ Townhall Meeting: Key Highlights and Issues

At the ‘Crypto for Harris’ townhall meeting, lawmakers stressed on introducing clear crypto regulations taking cues from the AI regulations in the US.

• Senate Majority Leader Chuck Schumer said that the US cannot afford to sit on the sidelines on the matter of crypto regulation.
• Florida Congressman demands Harris to repeal SAB121 and pass the FIT 21 crypto bill.
• Kamala Harris doesn’t walk the talk when it comes to acting on pro-crypto policies.

The much-awaited Crypto for Harris town hall meeting finally happened on Wednesday, with pro-Democrat crypto leaders meeting White House officials to discuss a range of issues pertaining to regulations and industry growth. 

This new network seeks to build a nuanced crypto-policy approach for Kamala Harris’s Presidential campaign.

‘Crypto for Harris’ Campaign Details

The Biden administration has had a pretty hostile approach towards crypto in the last four years which hasn’t gone well with the industry players. 

Besides, the US SEC has had a laidback approach when it comes to introducing clear crypto regulations. Speaking on this matter, Senate Majority Leader Chuck Schumer said:

“We cannot afford to continue to sit on the sidelines, because then we risk crypto going overseas to lowest common denominator countries where there’ll be no regulation at all, and if we get nothing done, extremists win.”

Additionally, he also slammed anti-crypto Senator Elizabeth Warren adding: “Sadly, there are a lot of members in Congress nowadays who built their political brands around creating spectacle and sensationalism instead of putting in the hard work of legislation. Nonetheless, passing legislation this year is absolutely possible, even in these divided times.”

Besides, Schumer also stated that he wants to bring crypto regulations into the US and pass it into law by the end of the year. He also said that the AI regulation will provide a foundation and help crypto reach its full potential. “I think we should strike a balance for crypto between promoting innovation and providing common sense guard rails,” he added.

On the other hand, Florida Congressman Darren Soto, along with his colleagues called on Kamala Harris to take three major actions when it comes to crypto:

1. Repealing and revamping the SAB 121 accounting guidelines, vetoed by the Biden Administration in July.
2. Passing the FIT21 crypto bill and working with Congress to pass the final bill with clarity on crypto regulations.
3. Recognizing the importance of crypto and the benefits associated with the remittance aspect of the same.

Kamala Harris Doesn’t Walk the Talk

Some of the Democrats are trying to prop up the image of Kamala Harris portraying her separately from Joe Biden with the Crypto for Harris campaign. 

At yesterday’s event, some pro-crypto Democrats said that with Kamala Harris “we have a clean slate” and “she won’t be like Biden” when it comes to crypto policy.

However, the Vice President hasn’t made any personal efforts to reach out to the crypto industry unlike her Republican opponent Donald Trump.

Furthermore, with the US government selling its Bitcoin Holdings, it is clear that Harris doesn’t walk the talk when it comes to crypto. 

Crypto industry players have been calling out Harris for this, saying this is not the “crypto reset” that she promised.

Great reset with our industry! https://t.co/nOIxHAd2tY

— Tyler Winklevoss (@tyler) August 14, 2024