Vice President Kamala Harris’s Crypto Fundraiser Targets $100,000 Amid Industry Skepticism

By admin On Aug 31, 2024

Support for Vice President Kamala Harris’s presidential campaign is growing within the crypto community, with some industry leaders and executives planning a fundraising event for her next month.

Despite Harris’s silence on crypto and ongoing criticism of the SEC’s enforcement actions under the Biden administration, a group of crypto investors plans to raise at least $100,000 for the Democratic nominee at a September 13 Washington fundraiser, according to Reuters.

Why Crypto Enthusiasts Want to Fundraise $100,000 For Harris

The event, set between the Congressional Black Caucus and Congressional Hispanic Caucus conferences, aims to unite a diverse group of donors. Ticket prices range from $500 to $5,000.

While the $100,000 goal is modest compared to the hundreds of millions Harris has raised since becoming the Democratic candidate in July, it signals some industry support for her over Republican nominee Donald Trump, who has attracted crypto donors with pro-industry policies.

Meanwhile, the event organizers hope that, if elected, Harris will adopt a more favorable stance toward crypto, given the SEC’s strict approach under President Biden.

“We wanted to make sure that with the change in the presidential nominee for the Democrats, that we were supportive and we came together to help her understand the importance of this industry,” said organizer Tiffany Smith.

Harris Vs. Trump Election Chances. Source: Polymarket

The organizers also noted that the Harris campaign was receptive towards crypto. They pointed out how a potential Harris administration might encourage crypto innovation and how her campaign staff has met with leading crypto firms, including Coinbase and Ripple. Notably, Brian Nelson, a senior adviser to the Harris campaign, indicated at the Democratic National Convention that Harris would support the growth of emerging technologies.

However, this group support reflects only a minority view, as many in the industry remain skeptical of Harris’s plans for crypto. They point to the sector’s ongoing struggles under the Biden administration, of which Harris is a part, and the SEC’s continued actions against the industry, including a recent Wells Notice to NFT marketplace OpenSea.

Brian Quintenz, Global Head of Policy at venture capital firm a16z, emphasized the need for Harris to distance herself from the SEC’s approach and outline a clear plan for supporting innovation while protecting consumers.

“Vice President Harris needs to not only rebuke the SEC’s approach, but lay out a detailed plan for how her potential administration would support this innovation while providing customer protection. It is now more critical than ever that she clarify her intent on this transformational technology and her approach to this industry were she to win in November,” Quintenz stated.

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