Bernstein says Kamala Harris’ pivot on crypto unlikely to sway voters
Vice
President
Kamala
Harris’
latest
pivot
to
align
with
the
crypto
industry
is
unlikely
to
sway
the
crucial
voter
base
in
the
upcoming
US
presidential
election,
Benzinga
reported
July
30,
citing
Bernstein
analysts.
Reactive
approach
In
a
bid
to
reset
relations
with
the
crypto
sector,
Harris
has
been
actively
reaching
out
to
major
firms
in
the
industry.
The
initiative
comes
amid
a
noticeable
shift
in
the
political
landscape,
where
digital
assets
are
gaining
bipartisan
support.
However,
Bernstein
analysts
are
skeptical
about
the
potential
impact
of
Harris’
outreach.
They
argue
that
these
efforts
may
not
be
enough
to
rival
the
substantial
support
former
President
Donald
J.
Trump
has
already
secured
within
the
crypto
community.
According
to
Bernstein:
“Harris’s
attempts
to
engage
with
crypto
firms
are
noteworthy…
[but]
they
may
not
be
sufficient
to
alter
the
industry’s
current
leanings.”
Her
recent
engagements
are
seen
as
reactive
rather
than
proactive,
lacking
the
timely
and
significant
policy
changes
needed
to
win
over
the
industry.
The
report
highlighted
that
the
Democratic
Party’s
regulatory
stance
has
alienated
many
in
the
crypto
sector,
who
now
see
the
Trump
administration
as
more
favorable
due
to
its
clear
pro-crypto
policies.
Trump’s
vocal
support
Trump
has
garnered
significant
support
from
the
crypto
industry
through
a
combination
of
pro-innovation
rhetoric,
deregulatory
policies,
and
direct
engagement
with
key
figures
in
the
sector.
His
administration’s
general
support
for
free-market
principles
and
lower
corporate
taxes
resonated
with
the
decentralized
nature
of
cryptocurrencies.
Trump’s
outreach
to
crypto
companies
and
substantial
donations
from
crypto-focused
political
action
committees
further
cemented
his
position
as
a
pro-crypto
candidate
—
contrasting
sharply
with
the
Democratic
Party’s
perceived
restrictive
regulatory
approach.
This
multifaceted
strategy
has
enabled
Trump
to
build
a
strong
base
of
support
within
the
crypto
community
and
helped
him
raise
$25
million
in
funds
during
the
Nashville
Bitcoin
2024
conference
last
week,
which
he
headlined
as
a
keynote
speaker.
Bitcoin
Magazine
CEO
David
Bailey
noted
that
the
amount
represents
the
second-highest
fundraiser
his
campaign
has
ever
conducted.
He
also
criticized
Senator
Elizabeth
Warren
for
“talking
the
Democrats”
into
adopting
an
anti-crypto
stance,
which
he
argued
has
effectively
ended
their
chances
of
winning
the
elections.
Financial
clout
Bernstein’s
analysis
aligns
with
the
rise
of
crypto-focused
political
action
committees
like
Fairshake.
The
committee
has
raised
over
$200
million
to
support
pro-crypto
candidates
since
its
inception,
making
it
the
largest
Super
PAC
in
the
2024
election
cycle.
The
industry’s
financial
influence
is
increasingly
attracting
the
attention
of
politicians
across
the
political
spectrum.
Lee
Reiners,
a
lecturing
fellow
at
the
Duke
Financial
Economics
Center,
told
the
newswire:
“The
financial
clout
of
the
crypto
industry
is
one
reason
for
its
growing
influence
in
Congress.
Politicians
respond
to
incentives,
and
securing
financial
backing
from
this
sector
is
crucial.”
Despite
these
developments,
Bernstein
remains
cautious
about
Harris’
strategy
and
believes
that
while
her
campaign’s
overtures
to
the
crypto
industry
are
a
positive
step,
they
may
fall
short
without
more
concrete
policy
shifts
and
actions
that
address
past
grievances.
The
sentiment
is
echoed
by
others,
with
Gemini
founder
Tyler
Winklevoss
expressing
similar
skepticism
about
Harris’
pivot.
He
said
that
the
administration
needs
to
do
more
than
just
talk
to
shift
the
public
perception.
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