As a seasoned analyst with over two decades of experience in the financial sector and a keen interest in cryptocurrencies, I must say that the recent “Crypto For Harris” virtual town hall seems to have missed the mark, much like a Bitcoin miner trying to mine Ether without the right hardware.
In an effort to rebuild Vice President Kamala Harris’s connection with the cryptocurrency industry, the “Crypto for Harris” campaign organized a virtual meeting that brought together numerous prominent Democrats and tech leaders. However, this event, intended to outline and boost a potential crypto-focused agenda under Harris’ leadership, failed to garner significant industry backing as reported by FOX Business.
The 90-minute long virtual gathering saw the participation of prominent Democratic figures such as Senate Majority Leader Chuck Schumer (D-New York), Senators Debbie Stabenow (D-Michigan) and Kirsten Gillibrand (D-New York), plus California Congressman Adam Schiff. Tech entrepreneur Mark Cuban, known for his support of cryptocurrency, was also present. Interestingly, Vice President Harris did not attend this meeting, an absence that wasn’t overlooked by the participants.
Crypto Industry Doesn’t Buy The ‘Reset’
Approximately 1,000 people apparently watched the event online, yet comments received from X suggest a general unhappiness. The main complaints focused on the lack of Harris clarifying her stance on cryptocurrency, as she didn’t directly communicate her views or policies about it.
Senate Majority Leader Schumer aimed to address this divide by promoting legislation that strikes a balance. He underscored the necessity of nurturing innovation, all while establishing “practical safety measures.” Schumer cautioned about the potential dangers of inactivity, hinting that the absence of US regulations might prompt the industry to move to nations with even fewer safeguards. Although his words were well-meant, they did not appear to alleviate the attendees’ apprehensions regarding the broader Democratic approach towards cryptocurrencies.
Industry experts shared feelings of disillusionment and unfulfilled expectations. Caitlin Long, CEO of Custodia Bank, voiced her anticipation for details on Harris’s cryptocurrency policy and a solution to the problem of financial institutions getting cut off (de-banked), emphasizing this critical matter that Democrats are yet to address in depth.
Jake Brukhman, head of CoinFund investment firm, expressed his disappointment with the event structure, stating that it failed to encourage meaningful dialogue as typically associated with a town hall meeting. He commented, “I assumed a town hall would be an opportunity to listen to people’s perspectives, particularly those from the community. However, what we received were primarily lectures about the participants’ views on cryptocurrency and its political direction.”
The event’s performance was found less favorable when contrasted with the plans by the Republican Party’s presidential candidate, Donald Trump, who frequently advocates for a more lenient regulatory approach in the industry.
Tyler Winklevoss voiced his displeasure with the town hall’s setup and Harris not attending, stating on Twitter, “Pre-recorded speeches, reading from scripts, and Harris missing her own event – it feels like a circus of incompetence.” This statement reflects deep disappointment that could potentially lead industry supporters to favor Republican candidates.
David Bailey, the CEO of Bitcoin Magazine and organizer of the Bitcoin conference, conveyed via X that with each passing day Kamala Harris disregards the public inquiry and her donors regarding her cryptocurrency policy ‘reset’, she is essentially sending a clear message, albeit implicitly – if not explicitly stating it in a press release: she appears to be planning actions potentially unfavorable towards us.
At press time, BTC traded at $58,460.
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2024-08-17 05:41