Crypto industry leaders and advocacy groups are reportedly organizing a fundraiser to gather $100,000 for Vice President Kamala Harris, aiming to influence her cryptocurrency policy stance if she is elected President in the upcoming November elections.
Scheduled for September 13 in Washington, D.C., the event will see tickets priced between $500 and $5,000. This move demonstrates the crypto sector’s preference for Harris over Donald Trump, despite her relatively muted stance on cryptocurrency issues.
Harris currently leads Trump by 3.2% in national polls, following President Joe Biden’s decision not to seek re-election and his subsequent endorsement of Harris, as per recent data from FiveThirtyEight.
Industry Advocacy and Goals
The Blockchain Foundation, along with other industry players, is spearheading this fundraising initiative. Cleve Mesidor, the executive director of the Foundation, expressed that this event is aimed at highlighting the crypto community’s potential influence within the Democratic Party and fostering discussions on supportive policies under a Harris administration. Mesidor also highlighted the importance of increasing access to capital for people of color within the crypto sector.
Under the current Biden administration, the cryptocurrency industry has faced significant regulatory scrutiny, with the Securities and Exchange Commission (SEC) launching enforcement actions against major players for alleged securities laws violations. This backdrop makes the fundraiser and its implications particularly significant.
In 2024, major crypto firms like Coinbase and Ripple have invested $120 million into super political action committees (PACs) to sway the election outcomes. Fairshake, one of such PACs, has notably campaigned against the Democratic Party’s policies, which Harris represents.
Harris’s Campaign Interactions with Crypto Sector
The Harris campaign has engaged with crypto industry executives twice recently—first in a roundtable discussion in July and then in a meeting in August—to deliberate on the sector’s future under her potential presidency. At the Democratic National Convention, Harris’s senior campaign advisor, Brian Nelson, stated that Harris would support the growth of emerging technologies, including blockchain.
Crypto4Harris, another group supporting the vice president, has been active in rallying the crypto community’s support through initiatives like hosting a virtual town hall that featured Democratic Party lawmakers.
This fundraising effort underscores the crypto industry’s attempt to mold policies that might govern the sector and reflect its growing role in political lobbying. The outcome of this fundraiser and subsequent policy directions could significantly impact the industry’s regulatory landscape.
