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New Advocacy Group Emerges to Support Harris in Crypto Sphere
A recent report from Fox Business dated August 7 reveals the formation of a new advocacy organization named “Crypto for Harris,” aimed at countering the influence of Donald Trump in the cryptocurrency sector. This group is set to hold a virtual town hall meeting next week, designed to bolster support for the Harris campaign and to promote fundraising efforts.
According to Eleanor Terrett from Fox, the event will feature notable speakers including cryptocurrency supporter Mark Cuban and SkyBridge Capital founder Anthony Scaramucci, alongside several Democratic House representatives.
Democratic Strategies for Gaining Crypto Support
The report highlights that the Crypto for Harris initiative currently comprises approximately 50 members, primarily consisting of industry stakeholders and policy specialists who are key to its organization.
Jonathan Padilla, CEO of the Web3 marketing firm Snickerdoodle and one of the group’s founders, emphasized the importance of the United States maintaining its leadership role in blockchain and cryptocurrency. He stated, “Organizations like Crypto for Harris are vital in promoting the right policies and fostering discussions that will lead to this objective.”
Wiley Nickel, a Congressman from North Carolina who will be addressing the virtual conference, remarked, “We are not going to let this issue fall into Trump’s hands.” He further expressed the need to promote innovation while ensuring consumer protection, warning against turning cryptocurrency into a political tool, which could hinder the U.S. progress in the field.
In the past week, Harris has also welcomed two former advisors from the crypto industry to her campaign team: David Plouffe, who was part of the Binance advisory board, and Gene Sperling, a former member of the Ripple board.
Moe Vela, a former advisor to Biden and now a senior consultant for the crypto company Unicoin, shared that Harris and her newly selected running mate, Tim Walz, represent a fresh opportunity for the cryptocurrency sector.
Trump’s Support from the Crypto Community
Donald Trump recently made headlines at the Bitcoin 2024 Conference, where he gained significant backing from cryptocurrency advocates by pledging to retain U.S. government assets and dismiss SEC chair Gary Gensler. Notably, Harris was absent from this prominent event.
In a separate legislative move, Senator Cynthia Lummis has proposed a bill aimed at establishing a national reserve for cryptocurrencies.
Shifting Democratic Stance on Cryptocurrency
Historically, the Biden administration and the Democratic Party have taken a largely critical stance towards cryptocurrencies. Regulatory bodies, notably the Securities and Exchange Commission, have pursued aggressive legal action against the industry, while prominent figures like Senator Elizabeth Warren have called for severe restrictions, even advocating for a complete ban on cryptocurrencies.
Current polling indicates that Harris maintains a narrow lead over Trump, with 45.3% support compared to his 43.4%. Meanwhile, pro-crypto candidate Robert F. Kennedy Jr. stands at 5.3%.
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