Kamala Harris and cryptocurrencies

During her speech at the event, Harris voiced the following quote. The replica is cited by Cointelegraph.

We will invest in biomanufacturing and aerospace, maintain leadership in artificial intelligence and quantum computing, blockchain and other emerging technologies, and expand leadership in innovation and clean energy production.

With that in mind, we can assume that Democrats have decided to satisfy innovation fans – at least in words. Kamala continues.

The next generation of breakthrough technologies – from advanced batteries to geothermal and nuclear power – are not only being invented, but built here in America by American workers.

U.S. Vice President Kamala Harris

Harris briefly reiterated her stance on cryptocurrencies in an 82-page economic plan released with her speech in Pittsburgh. The plan mentions “digital assets” in just one sentence, stating that her administration will “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”


Such comments do not inspire confidence in cryptocurrency enthusiasts, as they are only words. At the same time, Harris' actions aren't encouraging: she hasn't championed the digital asset industry in the past 3.5 years as vice president. With this in mind, it is logical for decentralisation fans to assume that she is happy with the Biden administration's stance on crypto. Well, all of these statements are just attempts to pull away the electorate that sees Trump as a more suitable candidate for the presidency.


In her speech, Harris also emphasised the importance of maintaining US leadership in new technologies to ensure America wins the 21st century competition over China.

Analysts are predicting mixed results for the crypto market depending on the outcome of the election. In a recent report, VanEck experts suggested that a Harris victory could be more favourable for Bitcoin compared to Trump’s second term, as she is able to accelerate the structural issues that are conducive to its adoption.

U.S. presidential candidate Kamala Harris

At the same time, they noted that another term of Trump could also be positive for the crypto industry as a whole due to his stance on regulating and supporting the growth of the sphere in the country. In addition, Donald directly promised to fire Gary Gensler from his position as chairman of the Securities Commission, which actively hinders the development of digital assets.

In general, concerns about Harris’ victory come from the short-sighted policy of current President Joe Biden regarding the crypto market. The day before, it was revealed that his administration deliberately created the conditions for the banking crisis in March 2023 to affect the coin industry. This was stated by Nick Carter, a partner at Castle Island Ventures.

A bank called Silvergate, focused on working with crypto startups, would have been able to survive the crisis had it not been forced into voluntary liquidation by regulators. However, the authorities were trying to exactly “decapitate” the crypto industry, says the expert. Here’s his rejoinder.

I believe that Silvergate could have overcome its financial difficulties and was on its way to doing so.

Silvergate Bank

According to Carter’s sources, President Joe Biden’s administration has hinted to the bank’s management that it should cap cryptocurrency deposits at 15 per cent or else face consequences.

For Carter, this information confirmed the fact of the so-called “Operation Boost 2.0.” This refers to deliberate government action, a term for which was coined in March 2023. In general, it describes the alleged coordinated efforts of officials to prevent banks from dealing with cryptocurrencies. The expert continues.

The government’s desire to decapitate the crypto industry through covert regulatory policies targeting banks both initiated and exacerbated the 2023 banking crisis, the biggest since the 2008 global financial crisis.

Cryptocurrency market collapse

Digital asset companies rely heavily on banks to accept deposits, give customers access to money, and pay expenses. Still, Signature Bank and Silicon Valley Bank are former banking partners of venture capital firms Andreessen Horowitz and Pantera Capital, some of the biggest players in crypto investments.

Carter added that the banks were under “undue pressure” from the Federal Deposit Insurance Corporation (FDIC) and US senators.

In addition, Silvergate’s decision to voluntarily liquidate rather than being taken over by the FDIC was also “suspicious.” Anyway, something like this has only happened a few times in the last three decades.

It’s a rare occurrence indeed. In fact, one source told me that when Silvergate’s management expressed their intention to voluntarily liquidate the bank, their California regulator, with no experience in this procedure, was completely unsure how to proceed. How rare it is for banks to opt for voluntary liquidation is further evidence that Silvergate was ultimately destroyed at the behest of regulators, not because of depositor panic.

Vice President Kamala Harris

Given this information, we can expect some serious turbulence in cryptocurrency prices closer to the election. The higher the chances of a victory for Kamala Harris, the higher the probability of another drawdown in the digital asset market. Conversely, an improvement in favour of Trump and the Republicans will surely be able to push the market up.


From the outside, Harris' comments on the cryptocurrency market may seem positive. However, firstly, Kamala's mentions of digital assets were only found in two sentences and lack any details. Secondly, she is in her fourth year as Vice President of the United States and has not supported niche coins in any way during that time. Obviously, without the election, the situation would have stayed that way.


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