What Crypto Policies Might Voters See from Potential VPs Under Kamala Harris?

As the 2024 presidential race intensifies, Vice President Kamala Harris emerges as a leading candidate for the Democratic nomination.

With endorsements from key party figures, her chances of facing off against Republican Donald Trump appear strong.

However, the crypto policies of her potential vice-presidential picks are pivotal, as these will shape the regulatory landscape for digital assets in the United States.

Here’s a detailed look at the crypto stances of some of the potential vice-presidential candidates under Harris.

The Nomination Process

Currently, there is uncertainty regarding whether the Democratic National Convention (DNC) will hold an open primary, allowing any candidate to potentially secure the delegates for the top of the ticket, or opt for a “virtual roll call” to decide on a nominee before a critical state deadline.

The DNC is scheduled to begin on August 19 in Chicago. However, Ohio’s election laws require parties to certify their presidential tickets by August 7, suggesting that Democrats might take steps to ensure Harris is nominated without an open convention.

With endorsements from prominent figures such as US President Joe Biden, Senator Elizabeth Warren, Representative Nancy Pelosi, and many other Democratic leaders, Harris is positioned to become the party’s candidate in 2024.

Until the nomination is official, other Democrats still have a chance of being at the top of the ticket or potentially vice-presidential candidates under Harris.

Pete Buttigieg: A Perspective on Bitcoin

Pete Buttigieg, currently serving as the Secretary of Transportation, has had minimal involvement in financial policy since 2021. However, his 2020 presidential campaign offers some insight into his stance on cryptocurrency.

Buttigieg suggested that Bitcoin should be "treated as a commodity," indicating a preference for a regulatory approach that minimizes the role of the Securities and Exchange Commission (SEC).

This perspective aligns with those advocating for less stringent federal oversight, potentially fostering innovation within the crypto sector.

Josh Shapiro: Defining Crypto in Pennsylvania

Josh Shapiro, the Governor of Pennsylvania, brings a cautious approach to crypto regulation.

In February 2019, the Pennsylvania Department of Banking and Securities, under Shapiro’s administration, declared that "virtual currency, including Bitcoin," did not qualify as money under the state’s money transmission laws.

This definition exempted crypto transactions from certain regulatory requirements, reflecting a nuanced understanding of digital assets.

Shapiro’s stance, thus, provides a balanced view, aiming to protect consumers while allowing the industry to evolve.

JB Pritzker: Promoting Illinois as a Crypto Hub

Governor JB Pritzker of Illinois has been a vocal supporter of the cryptocurrency industry. In August 2021, he spoke at the headquarters of CoinFlip, a crypto trading platform, promoting Illinois as a future hub for cryptocurrency.

Pritzker’s encouragement for industry leaders to consider Illinois as their base suggests a proactive approach to attract crypto businesses.

"The future of cryptocurrency is in Illinois," Pritzker stated, underscoring his commitment to fostering a favorable environment for digital innovation.

Gavin Newsom: Regulatory Initiatives in California

Gavin Newsom, the Governor of California, has taken significant steps to integrate blockchain technology into the state’s regulatory framework.

In 2022, Newsom signed an executive order aimed at harmonizing state and federal regulations on blockchain.

Furthermore, in October 2023, he approved the Digital Financial Assets Law, which mandates additional regulations for crypto firms operating within California.

This legislation, set to be enforced starting in July 2025, indicates Newsom's forward-thinking approach to crypto regulation, balancing innovation with consumer protection.

Endorsements and Public Ratings

Buttigieg, Pritzker, Shapiro, and Newsom have all endorsed Kamala Harris as president.

Another potential running mate is Michigan Governor Gretchen Whitmer, who, like Harris, has remained largely silent on cryptocurrency issues. Whitmer announced on July 22 that she would co-chair Harris' campaign.

None of these potential vice-presidential candidates currently have a rating on Coinbase’s Stand With Crypto initiative, a platform that tracks politicians' statements and votes regarding digital assets. At the time of publication, Vice President Harris’ rating was still "pending."

The Republican Ticket and Crypto Policies

On the Republican side, Donald Trump has selected JD Vance as his running mate, as announced during the Republican National Convention on July 15.

Vance, an Ohio senator, reported holding up to $250,000 worth of Bitcoin in 2022 and voted in favor of overturning an SEC rule on banks reporting crypto as a liability on their balance sheets.

Vance’s addition to the Republican ticket followed Trump's campaign announcement that it would accept crypto donations and implement policies favoring Bitcoin miners if he were reelected in 2024.

Notably, Vance has previously made controversial remarks about Trump, calling him "unfit" to be president and comparing him to "America’s Hitler." He said that anyone who voted for him was an “idiot.”

Bottom Line …

As Kamala Harris inches closer to securing the Democratic nomination, the crypto policies of her potential vice-presidential picks become increasingly significant.

The varying stances of Buttigieg, Shapiro, Pritzker, Newsom, and Whitmer offer a spectrum of regulatory approaches, from supportive to cautious.

These policies will play a crucial role in shaping the future landscape of cryptocurrency in the United States, balancing innovation with consumer protection and regulatory oversight.

The ultimate impact on the crypto market will depend on the administration's ability to navigate these diverse perspectives, fostering a stable and innovative environment for digital assets.