Vice President Receives Mixed Reactions to New Rating
Vice President Kamala Harris has earned a “B” grade from the crypto advocacy group Stand With Crypto, but this rating has sparked skepticism and criticism among industry insiders and enthusiasts.
Harris first addressed cryptocurrency during a fundraising event in New York City, where she pledged to “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.” Following this statement, Stand With Crypto, a nonprofit organization founded by Coinbase, adjusted Harris’s rating to indicate she “somewhat supports crypto.”
Concerns About Timing and Intent
Despite this rating, not all members of the crypto community are convinced of Harris’s support. Many are questioning the timing of her pro-crypto comments, especially since they came just 41 days before the U.S. presidential election. Some view this as an attempt to win over the crypto vote, particularly in light of her Republican rival, former President Donald Trump, who has already received an “A” rating from Stand With Crypto.
Critics have labeled Harris’s brief mention of crypto as superficial. They argue that her remarks do not acknowledge the perceived antagonism toward the cryptocurrency sector by the current administration. Matthew Sigel, the head of digital assets research at VanEck, expressed doubt regarding Harris’s commitment to supporting crypto. He highlighted that the Biden administration has imposed regulatory restrictions on crypto firms, including Coinbase.
Calls for Action Against Regulatory Restrictions
Sigel suggested that if Harris genuinely wanted to promote the growth of digital assets, she could use her influence to remove SEC Chair Gary Gensler, who is often viewed as a significant opponent by many in the crypto industry.
Ryan Selkis, the former CEO of crypto data firm Messari, also questioned the motives behind Stand With Crypto’s ratings. He indicated that the organization may be engaging in “wishful thinking” and trying to maintain favorable relationships with political leaders in a competitive electoral landscape.
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