Kamala Harris May Embrace Crypto If Elected, Mark Cuban Suggests

Key Takeaways:

• Mark Cuban hints Kamala Harris may favor crypto more than Joe Biden.
• Harris needs comprehensive policies on technology before the Democratic National Convention.
• If she becomes president, her approach to digital assets and blockchain is not certain yet.

Mark Cuban, a billionaire investor, mentioned on July 23 that Kamala Harris, the Democratic presidential candidate in the United States, might be more receptive to technological advancements, including artificial intelligence and cryptocurrencies, than President Joe Biden.

This observation comes when cryptocurrency is gaining prominence in the run-up to elections. With digital assets and blockchain technology attracting widespread attention, political candidates understand the necessity of addressing policies in these fields.

Recall that on July 21, U.S. President Joe Biden opted out of the 2024 presidential election race and endorsed his current Vice President, Kamala Harris, as the potential Democratic nominee for the forthcoming United States general elections.

As reported by Hedge With Crypto, this sudden political development resulted in significant market movements and substantial liquidations in both long and short positions across major digital currencies.

Kamala Harris' Future Policies May Favor Cryptocurrencies

Kamala Harris's sudden emergence as a potential Democratic nominee has cryptocurrency enthusiasts pondering what to anticipate and worrying whether her presidency would continue Biden's unfavorable stance on the digital asset space or offer something more favorable.

A recent Politico report states that Harris has refrained from exploring policy matters. However, with only four weeks until the Democratic National Convention, she will be compelled to develop a comprehensive range of policies without the usual year or more that nominees typically have to craft, plan, conduct poll testing, and audience-test their messages.

According to Cuban's statement, the tech industry could have an unexpected ally in the U.S. Vice President. In an email interview with Politico, he mentioned that the feedback he was receiving indicated that Kamala Harris would be more receptive to business, artificial intelligence (A.I.), crypto, and government as a service. However, these views were not confirmed by the Vice President herself.

Mark Cuban added,

“Changing the policies changes the message and lets everyone know she is in charge and open, literally, for business.”

Biden Administration's Stance on Cryptocurrencies

Recall that the Biden administration has adopted a cautious approach to cryptocurrencies, prioritizing regulation and enforcement in overseeing the emerging financial asset space. Some of the administration's actions and stances are widely viewed as “anti-crypto.”

Furthermore, Gary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC), has taken a firm position on cryptocurrency regulation.

Related: Ripple CEO Fires Back at SEC’s Gensler: ‘Absolute Nonsense’

Gensler has consistently asserted that numerous cryptocurrencies, particularly initial coin offerings (ICOs) and specific digital tokens, should be classified as securities. This categorization places them under SEC jurisdiction and subjects them to federal securities laws, including registration and disclosure requirements.

However, there were rumors that Donald Trump, another candidate known for being friendly towards crypto, would potentially appoint crypto-friendly individuals to key positions like the Chair of the SEC and Secretary of the Treasury.

It was even suggested that if he were to be reelected, he might consider JPMorgan CEO Jamie Dimon or BlackRock CEO Larry Fink as secretary of the Treasury.

However, this report has been proven to be untrue. In a post on his Truth Social platform on July 23, Trump stated that neither Dimon nor Fink was part of his potential cabinet plans if he were to win in November.