Executives and investors in the U.S. cryptocurrency industry are urging Vice President Harris to adopt a more relaxed regulatory policy towards the crypto sector. They plan to raise at least $100,000 for Democratic candidates at a fundraiser in Washington on September 13th. This event is scheduled between the Congressional Black Caucus and the Hispanic Caucus meetings, aiming to gather donors from diverse backgrounds. Tickets for the event range from $500 to $5,000. Cleve Mesidor, one of the Executive Directors of the Blockchain Foundation, is among the organizers of this event.
Although the fundraising goal for this event appears modest compared to the hundreds of millions raised for Harris as the Democratic presidential candidate following Biden's withdrawal, it is still a significant gesture. It indicates that some in the cryptocurrency industry favor Harris over Republican candidate Trump, who has attracted many major donors by promising crypto-friendly policies.
Organizers hope that if Harris is elected, she will reduce the stringent regulations currently imposed on the crypto industry by the U.S. Securities and Exchange Commission (SEC) under the Biden administration. The SEC has stated that cryptocurrency companies violate securities laws, a claim disputed by the crypto industry, which argues that these laws should not apply to them.
One organizer expressed the hope that this fundraising event would foster dialogue on how a Harris administration could promote crypto innovation while providing greater access to capital for people of color. She noted that Harris has the opportunity to influence crypto industry voters through policy-making. The event is not directly linked to Harris’s campaign team, and the team has not commented on the matter.
Additionally, an organization named Crypto4Harris also plans to host a fundraising event for Harris this month. They previously held a town hall meeting featuring billionaire Mark Cuban and Wall Street financier Anthony Scaramucci in support of Harris. Although Harris has yet to explicitly state her position on cryptocurrency, her campaign team has met with executives from notable crypto companies, including Coinbase and Ripple. Campaign finance records show these companies donate to Congressional candidates supporting cryptocurrency through Super Political Action Committees (Super PACs), rather than to any particular presidential candidate.
According to a report by the consumer rights organization Public Citizen, cryptocurrency companies, particularly Coinbase and Ripple, have invested over $119 million for the 2024 U.S. election. These expenditures are primarily channeled through a Super PAC called Fairshake PAC, which aims to support pro-crypto candidates and combat crypto opponents. The report reveals that more than half of Fairshake PAC's funds come from Coinbase and Ripple, companies that stand to benefit directly from the PAC's efforts.
Brian Nelson, a senior advisor to Harris' campaign team, stated at an event during the Democratic National Convention that Harris would support the development of emerging technologies, which many in the crypto industry view as a positive signal.
