Harris Backs AI, Crypto Development
Vice President Kamala Harris has publicly backed increased investment in AI and the cryptocurrency sector. Analysts believe the Biden administration will be the last to oppose crypto.
Harris pledged that if elected, she would support boosting investments in AI and digital currencies. At a fundraiser in New York City, she highlighted her economic agenda aimed at fostering innovation while prioritizing consumer and investor protection.
Speaking at Cipriani Wall Street, Harris stated:
“I will unite labor, small business founders, innovators, and large companies. Together, we will invest in America's competitiveness and future. We’ll encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”
This marks Harris's first comments on cryptocurrency, a sector eager to see if her approach diverges from Biden's. $Coinbase Global, Inc.(COIN)$ ’s policy chief, Faryar Shirzad, called it an important and constructive statement. He noted it’s less specific than Trump’s forward-looking stance but still significant as it recognizes the importance of digital asset innovation alongside AI.
Alexander Grieve, VP of government affairs at Paradigm, found Harris's remarks "encouraging," adding that regardless of who wins in November, this should be the last anti-crypto administration.
Jake Chervinsky, legal chief at Variant, expressed that while this is a positive step, her emphasis on "protecting consumers and investors" could mean different things. He pointed out that anti-crypto advocates often use “consumer protection” as a smokescreen for undermining the industry, urging for more detailed policies.
The cryptocurrency sector is becoming a crucial player in the 2024 presidential election. Industry executives and investors, frustrated by the heavy regulations under the Biden administration, are eager to show their influence through substantial political donations. A report from Public Citizen revealed that U.S. crypto firms, including $Coinbase Global, Inc.(COIN)$ , Ripple, and Gemini, have spent nearly $120 million to sway the November elections.
Harris's opponent, former President Trump, has also courted the crypto industry, promising to fire SEC Chair Gary Gensler and appoint industry-friendly regulators while establishing a framework for stablecoins. Last week, he paid for burgers with Bitcoin at a crypto-themed bar in New York City.
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