As a long-time cryptocurrency investor and follower of political events, I must admit that the recent ‘Crypto For Harris’ town hall left me more bewildered than optimistic. The event, which was supposed to bridge the gap between Vice President Kamala Harris and the crypto community, instead felt like a disjointed attempt at appeasement.
Translation: If a virtual event intended to appeal to the cryptocurrency community ends up making them feel closer to Donald Trump instead, what are the implications for Kamala Harris’s presidential campaign?
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How it all started?
Recently, a ‘Crypto For Harris’ campaign-led virtual town hall meeting aimed at garnering crypto enthusiasts’ backing for Kamala Harris as a potential president, unfortunately, did not resonate with the intended audience.
Regarded as a significant happening, the event fell flat for many in the sector, and even provoked criticism. Notable personalities such as Tyler Winklevoss, co-founder of Gemini, weren’t shy about their opinions, labeling it a “circus.”
Pre-recorded videos. Reading from scripts. Harris a no-show at her own event. What a clown show.
— Tyler Winklevoss (@tyler) August 15, 2024
For approximately 90 minutes, prominent Democratic leaders like Senate Majority Leader Chuck Schumer, Senators Debbie Stabenow and Kirsten Gillibrand, as well as tech entrepreneur Mark Cuban, appeared on stage.
Regardless of the attempts made, the event was generally perceived as a “lost chance” for the Vice President to strengthen her position regarding cryptocurrency.
On the contrary, numerous influential figures within the industry tended to align themselves more closely with the stance of former President Donald Trump, which could indicate developing divisions in the party’s strategy regarding digital assets.
Significantly missing from the occasion were neither Harris personally nor her campaign team, which further intensified the criticism.
Unpacking the missteps of the ‘Crypto For Harris’ town hall
As a crypto investor, I couldn’t help but notice the glaring absence of any mention about Harris’s potential crypto policies during the event. It was like an elephant in the room that everyone seemed to be avoiding. Many viewers, myself included, tuned in with great anticipation, hoping for some insight into how Harris might shape the future of cryptocurrency.
There was a keen interest in observing whether she would take a step back from the Biden administration’s firm policy towards cryptocurrencies, especially the assertive measures taken by the Securities and Exchange Commission (SEC) led by Gary Gensler.
But instead of clarity, the audience was left with more questions than answers.
In a significant role within the Democratic party, Schumer made every effort to step up and take charge in the absence of others. His speech was carefully crafted, and he presented himself as a recent advocate for cryptocurrency, promising to advocate for balanced crypto laws by the end of the year.
Senator Schumer’s words were forceful, stating unequivocally that cryptocurrency is not going away and advocating for a regulatory approach that strikes a balance between fostering advancement and safeguarding consumers.
He even took a veiled jab at his colleagues, hinting at the spectacle-driven politics that some, like Senator Elizabeth Warren, are known for.
During his short stint, Cuban’s input didn’t significantly improve the conversation, since his criticism towards the Republican view on cryptocurrency failed to resonate with the audience.
As a researcher, I found myself expressing dissatisfaction when it came to the format of the town hall meeting. In my perspective, a town hall gathering is designed for open dialogue, allowing diverse voices to be heard. However, during this particular event, instead of fostering an environment for discussion, we were subjected to a series of lectures from participants about their perspectives on cryptocurrency and its future political landscape. This was voiced by Jake Brukhman, the founder and CEO of CoinFund, in his conversation with Fox Business.
Many people, including Brukhman, found the town hall event lacking in interaction, a key feature that’s usually present. Pre-recorded speeches from senators like Gillibrand and Schiff contributed to the event feeling less genuine.
The event was awkward because it lacked authenticity, being heavily scripted with no room for interaction or input from the attendees (which is typically the purpose of a town hall meeting), and there was minimal engagement from the industry.
There are numerous strategies they could employ to demonstrate change, but belittling people’s intelligence isn’t one of them.
— 0xJJ (@0xJJ_) August 15, 2024
‘I was hoping to hear about Harris’s crypto policy and for the Democrats to address how they’re going to fix the issue of crypto firms being de-banked,’ said Custodia Bank CEO Caitlin Long.
Another key issue — the SEC’s hostile treatment of the industry under Gensler — was left unaddressed, further aggravating an already skeptical audience.
Ultimately, it turned out to be a squandered chance for some, as key figures in the industry found themselves growing further apart from a movement that appears increasingly irrelevant to the issues facing the digital asset sector.
What are Harris’s odds, and what does it mean for crypto?
Despite experiencing some difficulties during her town hall meeting, it’s far from uncertain that Harris will become the upcoming U.S. President.
As reported by Polymarket, a betting platform that uses cryptocurrency, Harris is presently considered the most likely winner of the 2024 election. She has a 53% probability, while Trump, the current leading Republican candidate, has seen his chances decrease to 44%, as per recent developments.
It’s intriguing that as Harris gains ground in the polls, the value of Bitcoin (BTC) seems to be dropping. Bernstein analysts believe it’s not just coincidental.
In a recent analysis, it was proposed that investors view a victory by Trump as positive for cryptocurrencies, whereas a triumph by Harris could potentially be negative – at least initially. This implies a tense dynamic between the crypto market and the current government, a dynamic that Vice President Harris has not yet publicly commented on directly.
However, the Harris campaign isn’t completely out of the crypto loop. Her team recently brought on board two key advisers with significant ties to the industry.
As a crypto investor, I’ve noticed that David Plouffe, who was an advisor to President Barack Obama, has also been part of the global advisory board at Binance in the past.
During this time, Brian Nelson, an employee at the Treasury Department’s Office of Terrorism and Financial Intelligence, participated in measures to penalize Binance due to their violations of sanctions and anti-money laundering regulations.
In simpler terms, if Harris’s political influence grows, it might lead to increased regulation in the crypto sector, possibly continuing the tough stance observed during the Biden administration.
Alternatively, her strong connections with figures like Plouffe and Nelson might suggest a more complex strategy – perhaps one that involves striking a delicate balance between enforcing regulations and fostering innovation.
As I look towards the 2024 elections, it seems that the cryptocurrency community finds ourselves in an interesting predicament – caught up in the excitement of the political drama unfolding, while also grappling with the uncertainties about what lies ahead.
Under a Harris administration, we might see stricter rules, but there’s also the potential for an explosion of innovation within the cryptocurrency sector. The future remains uncertain.
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2024-08-18 10:25