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Н News

How Kamala Harris Could Usher in a Clean Slate for Crypto Regulation

What a difference a week makes. On Thursday, July 18, Donald Trump formally accepted the GOP nomination as its candidate for the 2024 presidential election at the Republican National Convention, just days after he survived an assassination attempt. On Sunday, July 21, at 1:46 pm ET, as President Biden announced his decision not to seek re-election, everything changed. The political landscape became as volatile as a bitcoin price chart.

With an endorsement from Biden, Vice President Kamala Harris has quickly become the presumptive nominee for Democrats, raising small-dollar donations at a pace reminiscent of Barack Obama’s insurgent 2008 presidential campaign. However, the enthusiasm stops at the door of a well-funded crypto industry that has taken an offensive position to protect itself from a hostile regulatory environment and driven it to coalesce around a single-issue voting block set to cast its votes for the GOP nominee.Almost as soon as the Biden news broke, I began to see social media posts from the crypto community about what a Harris administration’s stance on crypto would be. Would she continue a regulation-by-enforcement and hostile policy position, or embrace the opportunity to reimagine crypto policy with a view toward embracing the new economy? Or set off in a new direction?

Then, I saw a flurry of social media musings that Vice President Harris is considering attending the Bitcoin 2024 Conference, taking place from July 25 to July 27 in Nashville, Tennessee. Trump, Michael Saylor, and Elon Musk are also expected to appear, making it a significant event with high stakes.On Thursday, July 24, conference organizer and Bitcoin Magazine’s CEO David Bailey shared on X that VP Harris declined to attend. It seemed highly unlikely that she would be able to attend given that scheduling a senior Federal official takes longer than 48 hours. The process involves coordination, review and vetting by multiple offices and the requisite approvals.

Nonetheless, even the consideration is a win. With the crypto industry’s voice on the Harris campaign’s radar, Harris now has an opportunity to address a deeply concerned and invested group of bitcoiners and begin the reparative work of bridge-building to counter the anti-crypto aggression and regulation-by-enforcement initiatives deployed by the current administration.The Biden Administration’s Anti-Crypto PolicyUnder Biden, cryptocurrency regulation has been marked by a confusing and confounding enforcement-heavy approach, largely influenced by Senator Elizabeth Warren (D-MA). Known for her skepticism of the crypto industry, Warren has advocated for strict regulatory measures to protect consumers and maintain financial stability. Her influence is evident in the administration's "Chokepoint 2.0" strategy and in the stance of her ally SEC Chair, Gary Gensler, as well as prudential regulators who restricted the crypto industry’s access to traditional banking services, effectively “de-banking” the sector.

Fueled by misinformation and a kernel of truth, Warren’s approach has focused on addressing the risks associated with cryptocurrencies, including fraud, money laundering, and terrorism financing without right-sizing the discussions to balance risks with the considerable economic justice opportunities and separate fact from fiction.

A Technological ModerateVice President Harris's prior approach to technology regulation is characterized by a more moderate tone compared to the current administration’s approach. Throughout her career, she has forged strong relationships with major technology companies such as Facebook and Google. She has been a notable presence at their headquarters and has enlisted employees and allies from these companies to advise her campaign on tech policy. Her approach emphasizes finding a balance between regulation and allowing technological advancement. A strategic policy shift to incorporate past openness to innovation coupled with her campaign’s focus on economic empowerment of the middle class may create an opportunity for a both/and approach that optimizes investor and consumer protections with the support of robust development of the Web3 economy on the rails of blockchain and powered by cryptographically secured digital assets.But what signals that she would be open to a pivot on crypto policy? For one, billionaire Mark Cuban noted on X this week that Harris’ team has been asking numerous crypto-related questions. That, added to her pro-innovation record and entertaining discussions of appearing at Bitcoin 2024 all bode well for a different approach in a Harris Administration.

Ten Policy Shifts for a New EraAs the Democratic presidential nominee, Harris has the unique opportunity to chart a new course for crypto policy, one I am calling "New Economy 2025," which balances sensible and transparent regulation with robust innovation for investors, consumers and businesses alike. This approach would ensure that the U.S. remains a leader in the digital asset economy while promoting financial inclusion and protecting consumer interests.To that end, here are ten policy shifts that could redefine the Democratic party’s stance on digital assets and foster a more inclusive financial ecosystem under a Harris presidency:Amend Securities Laws for Clarity and InnovationWhat: Revise existing securities laws to clarify the distinction between a security and a commodity in the context of cryptocurrencies. I advocated strongly for this in my testimony before the House Financial Services Subcommittee on Digital Assets, Financial Technology & Inclusion.

How: Ensure relevant and specific agencies are designated to regulate the crypto industry, preventing overly broad or conflicting interpretations that could hinder market growth and stifle innovation.Update Banking Regulations for Crypto IntegrationWhat: Modify the Bank Secrecy Act and other banking regulations to create clear guidelines for banks dealing with cryptocurrency businesses.How: Promote a crypto-friendly banking environment, enabling financial institutions to engage with the crypto sector confidently, reducing perceived and actual risks, and fostering greater integration and accessibility. Additionally, consider the legislative and regulatory shifts needed to add bitcoin reserves as part of the Central Bank’s reserve portfolio.

Reform Tax Policies to Support the Digital EconomyWhat: Reform tax policies to address the unique aspects of digital assets, providing clear guidelines on the taxation of crypto transactions and holdings.How: Create a framework for individuals and businesses to comply with tax obligations while participating in the digital economy safely and legally, ensuring fair participation across all economic income levels.Enhance Consumer Protection LawsWhat: Strengthen consumer protection laws specific to the crypto market, ensuring transparent disclosures and protections against fraud.

How: Implement measures to provide clear recourse for victims, building consumer trust and ensuring a safer crypto market, particularly protecting vulnerable populations.Develop Robust Privacy Laws for Individual Data ProtectionWhat: Formulate strong privacy laws to safeguard individual data in blockchain and digital identity systems.How: Promote privacy-friendly digital identities and ensure crypto transactions respect individual privacy rights, protecting marginalized communities from exploitation.Integrate Cryptocurrency and Blockchain EducationWhat: Incorporate cryptocurrency and blockchain education into national education standards, including financial literacy programs.

How: Equip individuals with the knowledge needed to navigate the digital economy confidently and responsibly through school curriculums and adult education programs, ensuring opportunities for all demographics.Allocate Federal Funds for Blockchain R&DWhat: Allocate funding to support research and development in blockchain technology.

How: Encourage innovation, create jobs, and maintain the U.S.'s competitive edge in the global digital economy by investing in R&D, particularly benefiting underserved communities through job creation and economic inclusion.Promote DeFi Platforms for Financial InclusionWhat: Encourage the development and adoption of decentralized finance (DeFi) platforms to offer financial services without traditional intermediaries.

How: Increase access to financial services for underserved communities, promoting financial inclusion and bridging the wealth gap.Form Public-Private Partnerships for Public GoodWhat: Establish partnerships between government agencies and private blockchain companies for public infrastructure projects.How: Develop digital identity systems and transparent supply chains leveraging blockchain technology, improving public services and economic opportunities for all. Also, consider regulatory sandboxes to further promote and support innovation in collaboration with government stakeholders to learn so they can effectively lead.Harmonize International Crypto RegulationsWhat: Position the U.S. as a global leader in crypto regulation by collaborating with international bodies.How: Develop harmonized regulations to ensure the U.S. plays a central role in shaping the future of the global digital economy, promoting stability and fostering cross-border innovation.By implementing these initiatives, the Harris administration can create a regulatory environment that not only protects investors and fosters innovation but also promotes economic justice and opportunity for all, ensuring the U.S. remains at the forefront of the digital asset economy."New Economy 2025" vision would emphasize the transformative potential of blockchain and cryptocurrency, harnessing technology to create a more equitable and inclusive financial system that ushers in increase investment opportunities, job creation and economic growth, consumer, investor and industry protection from fraud and scams, tax simplification, financial inclusion and economic justice, and industry stability and confidence.Crypto is political; not partisan. At least it shouldn’t be. Harris’s track record of championing technological advancement and protecting privacy rights positions her uniquely to harness the transformative potential of blockchain and cryptocurrency.As we move forward, advocating for regulatory clarity, consumer protections, financial literacy, and global collaboration is essential to solidify the U.S. as a leader in the digital asset economy. By embracing this reimagined approach, we can truly democratize access to financial opportunities, empower marginalized communities, and uphold the values of freedom and privacy, paving the way for a prosperous and inclusive New Economy 2025.Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.Edited by Benjamin Schiller.

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Н News

How Kamala Harris Could Usher in a Clean Slate for Crypto Regulation

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