(Bloomberg) — Vice President Kamala Harris will back measures to help grow digital assets, a policy adviser to her campaign said, highlighting efforts to court an emerging cryptocurrency industry expanding its political influence.
“She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow,” Brian Nelson, senior campaign adviser for policy to the campaign, said when asked about the vice president’s efforts to engage the crypto community during a Bloomberg News roundtable at the Democratic National Convention on Wednesday.
Some crypto investors have rallied behind former President Donald Trump’s campaign, after the Republican nominee has said he favored decreasing government regulation on the industry. The Republican — who previously called cryptocurrency a scam —-now holds at least $1 million in digital currency and has said that the US should embrace the industry lest China pull ahead.
Harris’ team is signaling they’re still interested in implementing safeguards on the industry, which has seen the collapse of numerous high-profile companies.
“Obviously, they’ve expressed that one of the things that they need are stable rules, rules of the road,” Nelson said, pointing to a Harris speech that laid out the initial pillars of her economic policy last week.
In remarks during a campaign event in swing-state North Carolina last week, Harris did not specifically mention digital assets but vowed that if elected president she would “focus on cutting needless bureaucracy and unnecessary regulatory red tape” and encourage “innovative technologies while protecting consumers and creating a stable business environment with consistent and transparent rules of the road.”
Courting Crypto
The cryptocurrency industry has bristled under what it sees as a burdensome regulatory scheme under President Joe Biden’s administration and this year is looking to flex its clout, including through sizable political donations.
Trump has said he would fire Securities and Exchange Commission Chair Gary Gensler, whose term is not up until 2026, pick regulators friendly to the industry, form a crypto industry presidential advisory council and create a stablecoin framework.
That approach, which offers to scale-back regulatory enforcement of virtual currencies, has seen Trump win the support of prominent crypto enthusiasts, including billionaire twins Cameron and Tyler Winklevoss, who run Winklevoss Capital Management and are large investors in Bitcoin. The two have donated to a pro-Trump group.
Rohini Kosoglu, who previously served as Harris’ domestic policy adviser, said at Wednesday’s roundtable that the nominee’s approach to the economy as one that would give more certainty to businesses in contrast to a second Trump administration.
“Businesses are concerned about the chaos of a second Trump administration, and what that means for not knowing rules of the road and making sure that they have an opportunity to grow and thrive in an economy,” she said.
Trump if returned to power has vowed to renew expiring tax breaks and implement sweeping tariffs on US allies and adversaries alike, a move that critics warn could exacerbate high prices and upend global trade.
Nelson cited uncertainly about the scope of Trump tariffs on business. “If I’m a business person, I don’t know how to operate my business in that environment,” he said.
Policy Rollout
Harris has had to stand up a campaign in short time following the exit of Biden from the race and with less than three months left until Election Day. The Democratic nominee began rolling out her policy agenda last week, with a focus on the economy — which voters have pegged as the central issue of November’s election and which threatens to be one of her biggest political liabilities.
High inflation hitting US households has fueled broad discontent with the administration’s handling of the economy, undermining Harris’ campaign and overshadowing efforts by her and the president to tout investments in infrastructure and domestic manufacturing.
The vice president has vowed that building up the middle class will be the defining focus of her presidency if she is elected, touting proposals such as $25,000 in down payment assistance for first time homebuyers, expanded tax credits and programs aimed at curbing increases in rent and food costs. Harris’ campaign has said the costs of its new proposals would be offset by increased taxes on corporations and high earners.
Earlier: Harris Touts Plan for ‘Opportunity Economy’ in Pitch to Voters
Harris backs increasing the US corporate tax rate to 28% from 21% in line with Biden’s recent budget proposal. Trump, in office, cut the corporate tax rate from 35% to 21% and has floated reducing it even more.
Nelson defended the 28% level, calling it “appropriate” and saying that Harris aimed to “make sure that corporations are paying their fair share.”
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