Ramaswamy Urges Harris to Clarify Crypto Stance for Partisan Unity
- The dominant narrative is that Republicans champion crypto while Democrats do not.
- The Democrats are working to reshape their anti-crypto image as the election nears.
- Ramaswamy challenged Harris to share her stance on key crypto issues.
As the U.S. election draws near, cryptocurrency has become a hot-button issue, with Democrats under scrutiny for their perceived antagonism toward the industry. The current administration has overseen regulatory enforcement measures that contribute to the party’s image as anti-crypto.
Sponsored
To counter this narrative and win over crypto-focused voters, the Democrats have recently initiated discussions with cryptocurrency execs and formed an advocacy group to promote a more balanced regulatory approach. Despite these moves, former Republican presidential nominee Vivek Ramaswamy has challenged Kamala Harris to define her position on key crypto issues clearly.
Harris Pressured to Make Public Crypto Policy Statement
With crypto’s growing relevance on the political scene, Ramaswamy urged Harris to clarify her position on key cryptocurrency issues, such as her views on self-custody or comment on Gary Gensler’s tenure as SEC chair.
NEW: 🇺🇸 Kamala Harris will embrace #Bitcoin and crypto industry – Vivek Ramaswamy
— Radar🚨 (@RadarHits) August 12, 2024
"I think that will be a good thing for the country…It should not be a partisan issue." 🇺🇸
pic.twitter.com/KYTYhmgWCW
In an interview with CNBC’s Squawk Box, Ramaswamy suggested that Harris’ silence on digital asset policy cast doubt on the Democrats’ commitment to a crypto reset. He argued that while Harris may be positioning herself similarly to Trump in support of crypto, her failure to make any public statements on the issue undermines the sincerity of this stance.
Despite the common perception of Republicans as pro-crypto and Democrats as anti-crypto, recent legislative developments paint a more nuanced picture . The bipartisan support for the Financial Innovation and Technology Act for the 21st Century and the Clarity for Payment Stablecoins Act suggested a shared interest in fostering technological innovation across party lines.
Although Ramaswamy has been critical of Harris’s lack of public engagement on crypto policy, he has also expressed support for greater bipartisan unity on digital asset issues.
Democrats Aim to Overhaul Their Anti-Crypto Image
The Democrats’ anti-crypto reputation stems from a multitude of actions under the watch of the current administration. These include countless regulatory enforcement actions on ambiguous rules and the controversial de-banking of several cryptocurrency firms.
Sponsored
Given the frequency of such actions, some observers speculated that a Democrat-led ‘War on Crypto’ was put in place to stifle the industry deliberately.
In contrast, Trump’s election campaign has strongly supported Bitcoin, including plans for a national BTC reserve. Keen to counter Trump running away with the crypto vote, the Democrats recently launched the ‘Crypto for Harris’ advocacy group . This initiative aims to bridge the gap between the party and the cryptocurrency community, presenting a more supportive stance on digital assets.
The advocacy group’s unveiling last week coincided with Harris subsequently opening a 7% lead over Trump in the polls, according to Polymarket. This advantage has remained intact since .
On the Flipside
- Cryptocurrency was not mentioned in the recent Musk-Trump interview, suggesting digital assets are not as politically important as issues such as illegal immigration.
- Political polls may not reflect actual voting behavior.
Why This Matters
The growing political sway of cryptocurrency spotlights how far the industry has come in a relatively short time.
Crypto executives allegedly turned on Democrats during an industry reset meeting:
Democrats’ Crypto Charm Offensive Reportedly Descends into Chaos
Arthur Hayes forecasts upcoming stimulus measures to drive $1M Bitcoin price:
Hayes Renews Faith in Bitcoin to $1M: Here’s How It Happens
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
TRON, Tether, and blockchain forensic firm TRM Labs launch T3 Financial Crime Unit (FCU)
Telefónica partners Privado ID to drive digital identities adoption across EU
Towards the End of the FTX Trial: Alameda CEO Caroline Ellison’s Sentencing Date Clarified
The date on which Caroline Ellison, one of the architects of the collapse of FTX, will be sentenced has been announced. Here are all the details.
101 Economists Announced FED’s Interest Rate Policy Forecasts: Here are the Results
According to a Reuters poll, 101 prominent economists shared their predictions on the Fed's interest rate policy.