Will Biden’s replacement as Democrat nominee be pro-crypto?

There had been hopes that California Governor Gavin Newsom may have been preparing to launch his own bid to be Democrat nominee, but he has bowed out.

Kamala Harris is working fast to try and secure the Democratic presidential nomination — one day after Joe Biden dropped out over concerns over his mental acuity.

And while she has won endorsements from several party grandees, not everyone is throwing their support behind her just yet.

Former president Barack Obama ruffled some feathers when he released a statement that called for an open contest to find Biden’s successor in the 2024 race.

Some pundits, reading between the lines, are pondering whether this could mean his wife Michelle will announce her intention to stand.

An Ipsos poll released earlier this month, when doubts were starting to emerge about Biden, suggested she might be the only Democrat capable of beating Donald Trump at the ballot box.

Source: Ipsos

But there’s a more specific question to be asked here: among Democrats, who would be likeliest to embrace pro-crypto policies?

If it does turn out to be Harris, crypto investors and entrepreneurs alike might end up disappointed.

During her time as VP, she has never gone on the record to discuss her views about digital assets — meaning we don’t know her thoughts on issues like Bitcoin and NFTs.

We do know that she hasn’t really voted on much crypto legislation during her time in Congress, and financial disclosures confirm she isn’t a HODLer.

From this, there are a couple of things we can deduce.

For one, it’s highly unlikely that Harris would end up regarding digital assets as much of a priority if she were to enter the Oval Office.

And if she was to make history by being elected, there’s a decent chance that her administration’s stance toward crypto might be a continuation of what we’ve had under Biden — with the Securities and Exchange Commission proving pretty heavy-handed in regulation.

There is one potential silver lining here: Harris has exceedingly close connections to tech giants in California.

During her successful attempt to be elected to the Senate, she received plenty of donations from entrepreneurs in Silicon Valley.

And as the importance of cryptocurrencies and blockchains continues to grow, these ties could prove particularly advantageous.

It’s also worth looking at Harris’s views on issues tangential to crypto — with privacy a core value that many investors value.

We got an insight into her thinking on privacy when she reacted to a leaked Supreme Court opinion related to overturning Roe v. Wade in 2022.

“If the right to privacy is weakened, every person could face a future in which the government can potentially interfere in the personal decisions you make about your life.”

Kamala Harris

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There had been hopes that California Governor Gavin Newsom may have been preparing to launch his own bid to win the Democratic nomination — but he quickly nipped this speculation in the bud by endorsing Harris.

“With our democracy at stake and our future on the line, no one is better to prosecute the case against Donald Trump’s dark vision and guide our country in a healthier direction.”

Gavin Newsom

Newsom’s decision to sit this race out might be something of a disappointment to Democrats who believe in crypto — not least because he’s been pretty supportive of digital assets and blockchain technology in general. He was previously quoted as saying:

“Blockchain in particular is something that I see only becoming more and more predominant in our lives.”

Gavin Newsom

He’s also signed into law a crypto licensing bill that means California will now need to create a regulatory framework for crypto that will come into force on July 1, 2025. At the time, he declared:

“It is essential that we strike the appropriate balance between protecting consumers from harm and fostering a responsible innovation environment and I look forward to working with the author to achieve this.”

Gavin Newsom

Estimates from Security.org suggest that up to 40% of American adults now own at least one crypto — up to 93 million people.

But when it comes to the issues that Democrats and Republicans are worried about the most, inflation, the economy, and gun violence tend to top the list.

If chosen, Harris will likely attempt to run a sober campaign that doesn’t rock the boat too much — one that shows continuity with what Biden already started.

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