Why a Crypto Advocacy Group's Rating of Kamala Harris Pissed Everyone Off

“Delete this,” the noted, pseudonymous NFT collector Cozomo de’ Medici said in response to a Twitter (aka X) post highlighting Harris’ new status with the advocacy group. Other popular comments were "Come on lmao" and "Liars," along with numerous longer-winded replies and quote-tweets.

The Democratic nominee addressed crypto on the campaign trail for the first time this weekend. Speaking at a fundraising event in New York City, Harris promised to “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”

The reference was viewed favorably by Stand With Crypto, a nonprofit initially launched by Coinbase. The organization updated its page for Harris, stating the Democratic nominee now “somewhat supports crypto” following her remark.

With 41 days left in the U.S. presidential race, Harris has perhaps gained added favor with some crypto advocates, though Stand With Crypto puts her election rival—former President Donald Trump—at an even higher rating.

The Republican nominee has styled himself as a supporter of digital assets on the campaign trail for months, and received an “A” rating from Stand With Crypto. Trump’s running mate J.D. Vance also received an “A” rating, while Democratic VP nominee Tim Walz has no rating due to a lack of public statements on crypto.

While some skeptics argued that Harris’ remark was light on substance, the mention represented a landmark moment in politics, according to Stand With Crypto leadership.

“Presidential candidates are listening,” Stand With Crypto Executive Director Logan Dobson told Decrypt in a statement. “It’s encouraging to hear Vice President Harris recognize [...] that digital assets and cryptocurrency are playing an essential role in driving U.S. economic growth.”

Under the leadership of President Joe Biden, some industry advocates believe that crypto is under threat. And a string of high-profile enforcement actions against crypto firms such as Coinbase, which has been pursued by the Securities and Exchange Commission (SEC), should be reflected in Harris’ score as second-hand to the commander-in-chief, they argue.

“It’s hard to take Harris’ comments on digital assets seriously when she’s part of an administration that has gone after the industry at every turn,” VanEck’s Head of Digital Assets Research Matthew Sigel told Decrypt in a statement. “Actions matter.”

The current administration can’t undo damage caused to the crypto industry with “vague platitudes,” Sigel added. If Harris truly wanted to show support for digital assets, she could start by using her power to remove SEC Chair Gary Gensler, an industry antagonist, he said.

The sentiment was echoed by Ryan Selkis, who stepped down from CEO at crypto data firm Messari, which he co-founded, amid controversial Trump tweets. It’s plausible, he told Decrypt in a statement, that Stand With Crypto’s new rating is politically motivated.

“The ratings are corrupted by ‘wishful thinking’ and attempts to curry favor with incumbents,” he said, adding that the group’s backers “don’t want to piss off the Harris team in a 50-50 election.”

As crypto firms like Coinbase and Ripple have poured millions of dollars into this election season through pro-crypto political action committees, high-level Democrats have tried to move the needle. Last month, Sen. Chuck Schumer (D-NY), majority leader in the U.S. Senate, vowed to pass crypto regulation soon at a Crypto4Harris town hall event.

With a close race shaping up between Harris and Trump in several states, Harris’ remark could prove pertinent at the ballot box for some voters in November. Getting that message out, Dobson underscored Stand With Crypto’s messaging push in several battleground states.

“We have just spent the last few weeks mobilizing thousands of voters in key battleground states like Arizona, Nevada, Michigan, Wisconsin, and Pennsylvania,” he said. “Razor-thin margins will make the difference up and down the ballot.”

Edited by Andrew Hayward