In a significant development ahead of the 2024 U.S. presidential election, Stand With Crypto, a crypto advocacy group backed by Coinbase, has revised the crypto-friendly rating for Democratic nominee Kamala Harris. This change comes in response to her recent remarks regarding digital assets and innovative technologies.
Stand With Crypto Adjusts Kamala Harris’ Rating
On September 23, Stand With Crypto shared an update via their official account on X (formerly Twitter), indicating that Kamala Harris had received an overall B rating regarding her views on digital assets. This rating stemmed from her declaration to “invest in America’s competitiveness” by promoting “innovative technologies like AI and digital assets while ensuring consumer and investor protection.” However, this rating drew criticism from the crypto community, as Harris has not yet produced a detailed policy on digital assets.
In light of the backlash, Stand With Crypto announced in a follow-up post that it had revised its scoring criteria, marking Harris’ crypto score as N/A. The organization emphasized the importance of clearer commitments from candidates regarding their positions on digital assets before assigning letter grades.
Responding to Community Feedback
Logan Dobson, Executive Director of Stand With Crypto, acknowledged the feedback received from the community concerning their politician scorecard. In a post on X, he stated, “We’ve gotten a ton of feedback at @StandWithCrypto on our politician scorecard recently, and I wanted you to know we’ve listened and made changes.” He explained that the revised guidelines would make it more challenging for candidates to receive any scoring, whether positive or negative.
The 2024 Election Landscape: Trump and Crypto
While Harris has been somewhat reticent in discussing blockchain technology during her campaign, her Republican counterpart, Donald Trump, has taken a contrasting position, openly supporting the crypto industry. At the Bitcoin Conference 2024 in July, Trump assured attendees that he would implement crypto-friendly regulations if he were to become president again. “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry,” he promised.
Additionally, Trump recently unveiled his family’s new crypto initiative, World Liberty Financial, and criticized the U.S. Securities and Exchange Commission (SEC) for its stringent regulation-by-enforcement approach to digital assets. He warned that if he does not win the election, individuals currently evading scrutiny in the crypto space could face significant consequences following the election. “If for some reason bad, bad things happen and we don’t win the election, those people that were under investigation… they will be living in hell because it will start the day after the election if they win,” he stated.
This juxtaposition between the candidates’ approaches to cryptocurrency highlights the evolving landscape of digital assets in the political arena as the 2024 presidential race heats up.