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The Digital Chamber urged Vice President Kamala Harris to adopt a forward-looking approach to digital assets and blockchain technology, emphasizing their immense potential for innovation, economic growth, and financial inclusion.
The Chamber highlighted the transformative benefits of these technologies in a letter sent to Harris on July 22 amid her preparations to become the Democratic Presidential nominee after President Joe Biden bowed out of the race on July 21.
Changing the perspective
The letter highlighted that the Biden/Harris Administration’s cautious approach toward digital assets has resulted in a public perception that the Democratic Party is anti-crypto. It noted that the viewpoint has gained traction despite support for the industry among key Democratic leaders, including Senate Majority Leader Chuck Schumer and Speaker Emerita Nancy Pelosi.
The Chamber argued that this viewpoint does not align with the Democratic Party’s progressive and inclusive values and urged Harris to take steps to amend public perception. The letter emphasized that over 50 million Americans have embraced digital assets, viewing them as a means to democratize finance, spur innovation, and create new economic opportunities.
It further stated that these technologies are revolutionizing opportunities for the Democratic Party’s key constituencies — highlighting higher adoption rates of digital assets among Black and Latino Americans and immigrant communities compared to traditional financial products.
Revolutionary tools
The Chamber asserted that digital assets and blockchain technology are revolutionary tools that can enhance transparency, reduce fraud, and create a more inclusive financial system. It argued that the Democratic Party should champion these innovations to reaffirm US leadership in the global digital economy.
The trade body stressed the importance of the party’s platform reflecting the potential benefits of digital assets and blockchain technology and urged Harris to advocate for the inclusion of pro-digital asset language in the Democratic Party’s platform.
The letter also recommended that Harris select a vice-presidential candidate with expertise in digital asset policy, suggesting candidates like Colorado Governor Jared Polis, who has a proven track record of engaging with digital asset technology and proposing pro-innovation policies.
The Chamber called on Harris to engage in dialogue with leaders in the digital asset and blockchain industry. By doing so, she could discuss policies that support and nurture these technologies, providing valuable insights and helping to craft policies that encourage growth while ensuring consumer protection and financial stability.