Vice President Kamala Harris’ recent “B” grade from the crypto advocacy group Stand With Crypto has sparked skepticism and backlash from industry insiders and enthusiasts. Harris, who first addressed cryptocurrency during her campaign at a New York City fundraising event, expressed her commitment to “encouraging innovative technologies like AI and digital assets while protecting consumers and investors.” Following these comments, Stand With Crypto, a nonprofit organization founded by Coinbase, revised her rating to indicate that she “somewhat supports crypto.”
However, many in the cryptocurrency sector remain unconvinced by Harris’ sudden alignment with crypto interests. The timing of her remarks, just 41 days before the U.S. presidential election, has raised suspicions among critics. Some perceive this as a strategic move to attract the crypto vote, particularly as her Republican opponent, former President Donald Trump, has already earned an “A” rating from Stand With Crypto.
Critics have quickly labeled Harris’s brief references to cryptocurrency as superficial, arguing that they do not reflect the perceived antagonism towards the industry from the current administration. Matthew Sigel, head of digital assets research at VanEck, questioned the sincerity of Harris’s support, pointing to the regulatory restrictions the Biden administration has imposed on crypto firms, including Coinbase.
Sigel suggested that if Harris were genuinely committed to enhancing the prospects of digital assets, she could leverage her position to remove SEC Chair Gary Gensler, who is widely viewed as a barrier by many in the crypto community.
Ryan Selkis, who stepped down as CEO of the crypto data firm Messari earlier this year, also expressed skepticism about Stand With Crypto’s ratings. He suggested that the group might be engaging in “wishful thinking” and trying to maintain favorable relations with political figures amid a contentious electoral landscape.
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