Billionaires and lawmakers push Kamala Harris to rethink crypto regulations

A coalition of cryptocurrency advocates, including billionaire Mark Cuban and financier Anthony Scaramucci, is urging Kamala Harris to reform the Democratic party’s policy on digital assets. The newly established Crypto4Harris group convened virtually to advocate for an end to the Biden administration’s stringent regulations on the cryptocurrency industry. They argue that current policies risk pushing the industry overseas and are pushing Harris to support a comprehensive policy reset.

Senate Majority Leader Chuck Schumer also joined the conversation, indicating a desire to pass new crypto legislation this year. The group plans to support Kamala Harris’s campaign with nationwide fundraisers in September and is working to identify potential crypto-friendly candidates for regulatory positions if Harris is elected.

Despite Crypto4Harris’s efforts, the Harris campaign has yet to publicly address its stance on cryptocurrencies. This initiative highlights a growing effort within the Democratic party to engage with the crypto sector, particularly as some crypto advocates consider shifting support away from Republican nominee Donald Trump, who has made pro-crypto promises.

The ongoing regulatory clash between the industry and the SEC, which views many crypto tokens as securities, has sparked debate. While Harris’s campaign has met with major crypto firms, concrete policy positions remain unclear, and upcoming Democratic events may provide further insight into the party’s approach to digital assets.