Kamala Harris urges US to lead in blockchain, highlighting ‘digital assets’

US VP Kamala Harris has expressed her support for cryptocurrency protection, emphasising the importance of the US’ leadership in blockchain, artificial intelligence, and other emerging technologies.

Harris emphasised the importance of investing in the country’s biomanufacturing, aerospace, and clean energy industries while maintaining a leadership position in AI, quantum computing, and blockchain. Speaking during a September 25 speech at The Economic Club of Pittsburgh, she underscored the importance of American-made innovation. Furthermore, she noted that the next major innovations, from advanced batteries to nuclear energy, should be made and developed in the country.

Harris’s remarks come at a critical point in the election cycle, with recent polls indicating a tighter race between the VP and Donald Trump. While Trump has positioned himself as a major supporter of cryptocurrencies, Harris has only recently made her position clear. On September 22, at a fundraising event, she highlighted her support for fostering new technologies, particularly digital assets, while emphasising the significance of consumer protections.

Harris’s backing from the blockchain sector has also been growing. Mark Cuban, a prominent digital asset investor and billionaire, was among the key figures present at her event at Carnegie Mellon University.

In contrast, Trump has been actively showing his pro-crypto support. On the same day as Harris’s Pittsburgh speech, he spoke at a rally in Mint Hall, North Carolina, a vital battleground state. Trump, who just launched his family’s cryptocurrency platform, World Liberty Financial, has pledged to implement bitcoin-friendly legislation if elected. If he returns to office, he has also promised to replace Gary Gensler, the current Securities and Exchange Commission (SEC) Chair.

Trump has been outspoken in his criticism of the SEC, notably its strict stance on regulating the cryptocurrency business, which he views as damaging to innovation. During his rally, Trump warned that if he does not win, those under SEC investigation would face increased scrutiny.

Harris briefly mentioned “digital assets” in her 82-page economic plan, which was released alongside her Pittsburgh speech, implying that her administration would promote advances such as artificial intelligence and blockchain while protecting consumers and investors. Her approach underscores a rising concern that the United States must outperform global competitors, particularly China, in the struggle to control developing sectors.

Analysts are divided on how a Harris or Trump presidency would impact the cryptocurrency market. In a September 19 research note, VanEck analysts speculated that a Harris victory might accelerate the conditions that drive Bitcoin adoption, but they also noted that Trump’s pro-deregulation stance is widely seen as favourable for the industry’s growth.

Regardless of the election results, VanEck predicted that mounting deficits and national debt will continue to undermine the U.S. currency, creating a favourable environment for Bitcoin.

Meanwhile, Bernstein analysts said in a September 9 note that a Trump victory might boost Bitcoin’s value to as high as $90,000 by the end of the year, whereas a Harris victory could cause Bitcoin to drop to $30,000. According to FiveThirtyEight, Harris had a small 2.5-point lead in national surveys as of September 25. The outcome remains undecided.

(Image by kp yamu Jayanath)

See also: US SEC targets alleged $650 million global crypto fraud

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