Anika Begay
The cryptocurrency industry and its regulations have become a hot topic among US voters. As the US presidential election in November approaches, Americans continue to demand clearer regulations and a more welcoming landscape in the country. After Biden’s exit from the presidential campaign, Vice President Kamala Harris has become the Democratic Party’s leading candidate.
The leadership shift sparked speculation that Harris would take a more hands-on, industry-friendly approach to her campaign, fueling a discussion among community members and industry figures. U.S. Senator Bill Hagerty joined the discussion questioning Vice President Harris’s undisclosed strategy.
Is Harris’ strategy ‘burdened by what happened’?
Republican U.S. Senator Bill Hagerty told Fox Business reporter Eleanor Terrett on Wednesday whether he thought Kamala Harris’s “so-called cryptocurrency reset” would help her presidential campaign.
Fox Business journalist shares Senator Hagerty comments. Source: Eleanor Terrett on X
The senator is not surprised that Vice President Harris is “making a last-minute, desperate U-turn to appear pro-crypto.” Hagerty believes that former US President and Republican nominee Donald Trump’s recent success at the Bitcoin 2024 conference in Nashville has influenced the Democratic nominee’s alleged change of strategy.
Related Reading: Donald Trump Launches Bitcoin-Themed Sneaker Line After 2024 Nashville Conference
However, the US senator does not believe that the “reset” will benefit Harris’ campaign. Hagerty mocked the vice president’s famous phrase “what can be, lighten what has been,” saying that for her, “what can be is BURNED by what has been.”
He noted that the Biden-Harris administration has demonstrated “three and a half years of blatantly anti-crypto and anti-innovation policies.” The U.S. government has been heavily criticized for this “over-the-top” regulatory approach to the sector in recent years, but in May it appeared to be shifting toward a more strategic approach.
The move appears to have been fueled by scrutiny, which has intensified over the years, and Trump’s success among voters and industry figures during his presidential campaign this year. The significant support translated into cryptocurrency contributions after the former U.S. president announced that his campaign would accept donations in Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB), among others.
The Republican Party, “the party of cryptocurrencies”?
Senator Hagerty believes that the crypto community sees through Vice President Harris’ “desperate attempt,” and many in the community agree. Some users have argued that Harris should have taken decisive action, such as firing the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, to prove her sincerity.
Investor criticizes the Biden administration's stance. Source: Bleeves Crypto on X
Gemini co-founder Cameron Winklevoss recently shared a similar sentiment, warning users of the vice president’s “big bluff” to “reset with the industry.” Winklevoss asked Harris to “not bother” unless she was prepared to back up her promises with concrete actions. He stressed, “You can’t burn bridges for 4 years and expect to rebuild them with words alone.”
Hagerty also said that Harris’ strategy will not change the fact that “the Republican Party is the party of cryptocurrency.” These comments have received some backlash from some in the community.
User X disagrees with the senator’s remarks, saying, “Don’t. Leave. ANY. Party. Co-opt. Cryptocurrencies.” For the investor, cryptocurrencies “are impartial!”, and users should force both parties “to back down.”
Another investor noted that Trump’s last term “was extremely anti-crypto,” but it came this time, noting that Harris could be too. Ultimately, “Crypto will remain undefeated regardless of party,” the post said.
Bitcoin (BTC) is trading at $64,500 in the five-day chart. Source: BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
