Stand With Crypto Adjusts Kamala Harris’s Rating
Introduction to the Rating Change
Stand With Crypto, a crypto advocacy group supported by Coinbase, has revised its assessment of Kamala Harris ahead of the 2024 U.S. presidential election. The group initially gave the Democratic nominee a “B” rating for her position on digital assets, but this rating has now been altered.
Reason Behind the Rating Change
On September 23, Stand With Crypto announced on X (formerly Twitter) that Harris had been rated based on a recent statement. In her remarks, she committed to “invest in America’s competitiveness” by promoting “innovative technologies like AI and digital assets while ensuring the protection of consumers and investors.” Despite this positive note, the crypto community reacted skeptically, as Harris has yet to publish a concrete policy regarding digital assets.
Policy Adjustments and Community Feedback
Following backlash from the cryptocurrency sector, Stand With Crypto decided to revise its scoring criteria. In a subsequent post on X, the organization reverted Harris’s rating to “N/A,” indicating a lack of sufficient clarity in her policy statements regarding digital assets. Stand With Crypto emphasized their commitment to representing the crypto community’s voice by stating, “We were built for the crypto community and we hear you.” They explained that updated guidelines now require more transparency from all political candidates before assigning letter grades.
Executive Director’s Statement
Logan Dobson, the Executive Director of Stand With Crypto, shared insights regarding the changes on X. He acknowledged the extensive feedback received from the crypto community and emphasized the organization’s response: “Specifically, it will now be more difficult for candidates to receive a scorecard grade – any grade, positive or negative.” This shift aims to ensure candidates provide more detailed and definitive positions on crypto-related issues.
Trump’s Stance on Cryptocurrency
In contrast to Harris’s cautious approach, Republican nominee Donald Trump has actively engaged with the cryptocurrency sector during his campaign. Trump articulated his intention to promote crypto-friendly regulations while speaking at the Bitcoin Conference 2024 in July. He asserted that future rules governing the industry would be shaped by those who support it rather than detractors, stating, “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry.”
Launching a Crypto Platform
Further underscoring his commitment to the industry, Trump recently announced the formation of World Liberty Financial, a new cryptocurrency platform developed by his family. He has been vocal about the need for regulatory reform, criticizing the Securities and Exchange Commission’s (SEC) current enforcement methods as detrimental to the digital asset landscape. Trump warned that if he loses the election, there could be significant repercussions for individuals currently under investigation in the crypto space, expressing concern that they would face harsher scrutiny “the day after the election if they win.”
As the electoral landscape evolves, the contrasting positions of Harris and Trump on cryptocurrency continue to stir discussions within the community and beyond.