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Kamala Harris is reportedly considering Michigan Senator Gary Peters as her Vice President for the 2024 elections. Peters, known for his anti-cryptocurrency stance, has sparked debates within the crypto community. Peters was a vocal supporter of the 2023 Anti-Money Laundering Act, targeting the use of cryptocurrencies in illegal financing activities.
Kamala Harris’s Inconsistency
Senator Peters’s support for the Anti-Money Laundering Act aligns with broader concerns about the potential misuse of cryptocurrencies in national security and terrorism financing. Peters’s strict stance highlights a significant division within the Democratic Party regarding the regulation and future of cryptocurrencies.
Meanwhile, Kamala Harris’s stance on crypto remains unclear. Since becoming the Democratic presidential candidate, she has not yet expressed a clear position on navigating the complex landscape of cryptocurrency regulation.
Industry veterans, including Mike Novogratz from Galaxy Digital, have advised Harris to be cautious of influential anti-crypto voices within her party, such as Senator Elizabeth Warren. Warren has been a persistent critic of the crypto industry, pushing for strict regulations that many in the sector believe harm innovation and growth.
Crypto Community Reacts
The crypto community is closely watching the actions of SEC Chairman Gary Gensler, whom some, like XRP attorney John Deaton, believe should be removed due to his strict regulatory approach. This internal debate within the Democratic Party coincides with the Biden administration feeling the heat from Donald Trump’s crypto-friendly campaign promises. Trump gained support from many investors and industry leaders by pledging significant backing for the crypto sector.
In response to these dynamics, Democrats are considering a strategic shift to regain favor with crypto supporters. There are indications that Harris may address these issues more directly in upcoming events.
Donors and party strategists are urging Harris to speak at the Blockworks crypto conference, scheduled for October 9-11, which focuses on U.S. politics and the future of the crypto industry. Harris’s appearance and statements at this conference will likely be scrutinized as an indicator of the Democratic Party’s future approach to crypto regulation. However, the crypto community has certainly taken note of Harris’s recent moves, suggesting she might face some credibility challenges.
