The Digital Chamber, a leading blockchain trade association, has urged U.S. Vice President Kamala Harris to “take a forward-looking approach to digital assets.”
On Monday, the Digital Chamber said it had sent a letter to Harris. This came just a day after outgoing U.S. President Joe Biden dropped out of the upcoming 2024 election and endorsed Kamala Harris for nomination as the Democratic Party’s candidate.
Part of the letter reads: “As you are poised to become the Democratic Presidential nominee, we write to urge you to take a forward-looking approach on digital assets and blockchain technology, an area that holds immense potential for innovation, economic growth and financial inclusion.”
50m Americans own crypto
Per the letter, adopting a crypto-friendly stance and pivoting her party towards more support for the sector will reassure the over 50 million Americans who hold crypto. It’s also crucial for the U.S. as it looks to take the lead in this space.
“We are hopeful that with your leadership, the Democratic Party can pivot towards a more supportive stance on digital assets, aligning with the aspirations of millions of Americans who believe in the transformative power of this technology,” the Digital Chamber letter reads.
Biden’s “anti-crypto” approach criticized
When U.S. President Joe Biden announced his decision not to seek reelection for a second term on Sunday, cryptocurrency prices dipped slightly before rallying higher, with Bitcoin breaking above $68,000.
The market appeared to recognize the potential for a new pro-crypto government after the election.
For the better part of his term, Biden has largely attracted negative sentiment from the crypto community. This is mainly due to his administration’s negative and sometimes hostile approach to the sector. One illustration of this is the U.S. House’s recent vote to overturn the president’s veto on the SAB 121 legislation.
Biden’s letter on Sunday came after weeks of uncertainty following a disastrous debate against former president Donald Trump, who has, over the past several months, taken a more crypto-friendly approach. In addition to attracting huge donations from the crypto sector, Trump has also committed to ensuring there’s never going to be a CBDC. The former President also said he would end Biden’s “war on crypto.”
Trump is also expected to headline the Bitcoin 2024 convention in Nashville, Tenn., this weekend.