With 50 million people in the electorate invested in crypto, some industry analysts warn that candidates who choose not to engage the industry could face political headwinds.
Moe Vela, a former advisor to Joe Biden and a senior advisor to the Unicoin cryptocurrency project, recently spoke to TheStreet Crypto about Vice President Kamala Harris and the likelihood of Democrats shifting their stance on cryptocurrency ahead of the 2024 presidential election.
TheStreet Crypto: How likely is President Joe Biden's nominee, Vice President Kamala Harris, to embrace bitcoin?
Moe Vela: For over two years, I have been encouraging President Biden, Vice President Harris and my fellow Democrats to embrace cryptocurrency. It is here to stay, and I think elected officials better understand the ecosystem of blockchain and cryptocurrency and recognize its impact on our economy.
I am hopeful that Vice President Harris will understand that what is needed from the next president are regulations that encourage growth of the crypto sector while simultaneously protecting investors and consumers from nefarious actors.
TheStreet Crypto:
Why should Democrats see this as an opportunity to change their crypto position?
Vela:
Democrats must recognize that there are over [
50 million
] Americans who invest, trade or who are crypto enthusiasts. In an election as close as this presidential race, it is imperative that a candidate’s message appeals and resonates with as many voters as possible.
Ignoring crypto voters – or making little or no attempt to understand the sector and its impact – is a tremendous political risk and, frankly, stupid. The millions of Americans involved in the crypto ecosystem skew younger, so I implore the Democratic Party and the Harris campaign to clearly express her plans for the future of the crypto sector.
I am confident that [Harris] will understand that she must avoid over-regulation and strike a healthy balance for a minimal regulatory environment. There is no need to stifle innovation and growth of the sector and, after the nefarious actors the crypto world has seen the last couple of years, I can’t imagine anyone not agreeing that some regulation, boundaries and parameters are merited.
TheStreet Crypto: Given Harris' lack of public statements on bitcoin, what opportunities does the crypto industry have to educate Harris or the Democratic team on bitcoin?
Vela: The crypto industry should be at the table in collaboration with the government as laws and regulations are being explored. It is imperative that elected officials receive a firsthand education from industry insiders. Laws that are created without participation from the industry are a trainwreck waiting to happen. The crypto sector should be prepared to sit down with Vice President Harris and her team to ensure that they understand the challenges and opportunities of the sector.
Regardless of which candidate is elected our next president, we can expect a push and pull with legislators.
From my perspective, some regulation is not only necessary, but inevitable.
It’s the sector’s responsibility to work with whichever candidate is elected to create regulations that do not stifle growth, but foster innovation, all while protecting investors and consumers from bad actors.
This interview has been edited and condensed.