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Kamala Harris has yet to declare her stance on the crypto industry but her choice of Vice President hasn't exactly inspired confidence that a vote for her would equate to a vote for crypto.
60-year-old Governor of Minnesota, Tim Walz, has been handpicked as Harris's running mate, muscling out the likes of Arizona Senator Mark Kelly and Pennsylvania Governor Josh Shapiro.
Little is known about Harris's crypto ambitions (or lack thereof) and even less is known about Walz. Yet, the industry is fearing the worst due to contradicting information about Walz online.
What We Don't Know
Much like Harris, Walz doesn't have a history of discussing cryptocurrency. "Walz has been somewhat of a blank slate on cryptocurrency, like his running mate," said Cody Carbone, The Digital Chamber's chief policy officer, in a statement to The Block.
However, according to Cointelegraph, "Walz is known for his more stringent, regulatory-focused approach to the crypto industry."
This message has been perpetuated on social media with Erik Finman, whose bio claims he is the youngest Bitcoin millionaire, saying, "Tim Walz is the WORST pick for Bitcoin. He "Believes that the US government should implement stricter regulations around cryptocurrency use" AND "Doesn’t support the idea of classifying crypto as a legal form of payment" Bitcoiners. You only have once choice: Trump.""
Tim Walz is the WORST pick for Bitcoin.
— ERIK FINMAN (@erikfinman) August 6, 2024
He "Believes that the US government should implement stricter regulations around cryptocurrency use"
AND
"Doesn’t support the idea of classifying crypto as a legal form of payment"
Bitcoiners. You only have once choice: Trump
VP Pick Governor Tim Walz of MN has advocated for stricter crypto regulations to ensure the financial system’s security & stability & protect consumers from potential fraud & abuse.
— matthew sigel, recovering CFA (@matthew_sigel) August 6, 2024
However, the same Cointelegraph article also states, "Governor Walz's stance on crypto regulations remains a mystery, as he has yet to make a public statement on cryptocurrency."
A news segment on Binance Square also claims that Cointelegraph reported, Walz, "does not support the idea of classifying cryptocurrencies as a legal form of payment, nor does it believe that the use of cryptocurrencies for cross-border payments should be completely banned." However, this claim cannot be found on Cointelegraph.
Voting information website, iSideWith, suggests Walz is in favour of the government implementing stricter regulations on cryptocurrencies but is only basing it on the general view of democrats.
Cryptoslate also argues that Walz is pushing for firmer crypto regulation. "Walz advocates for stricter regulations to ensure the financial system’s security and stability and protect consumers from potential fraud and abuse in the crypto market," Cryptoslate states.
"His stance emphasizes the need for government oversight to maintain economic stability and ensure market transparency. Walz’s approach reflects a cautious and protective stance towards digital assets, prioritizing consumer protection and regulatory oversight over industry support."
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Worse still, Cryptoslate claims, "Walz’s stance aligns more closely with Warren and Gensler’s regulatory perspectives. Both Warren and Gensler prioritize regulatory measures to address the risks associated with the crypto market. Walz’s advocacy for government oversight to safeguard consumers is consistent with its focus on protecting investors and maintaining market integrity."
However, with Walz still not making his stance on crypto public, it's hard to know how trustworthy these claims are.
What We Do Know
Walz has indeed kept rather muted on crypto but during his time as governor, he did enact legislation to strengthen regulation of crypto kiosks.
It's also widely known that an area dear to Walz's heart is the environment. Elected as Minnesota governor in 2018, he quickly prioritised aligning the state's car emissions standard with that of California.
He then went on to push through a 100% clean electricity law in the state's legislature in 2022, offering new subsidies for electric vehicles, permitting reform for clean energy and incentives to cut the state’s greenhouse gas emissions.
Climate activists have thus celebrated Walz's appointment as Harris's running mate.
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“We applaud Vice President Harris for choosing a running mate who shares her commitment to acting on climate and know that together, Kamala Harris and Tim Walz will build on the Biden-Harris administration’s historic progress on climate, clean energy, environmental justice, conservation, democracy, and so much more,” Tiernan Sittenfeld, senior vice president of government affairs at the League of Conservation Voters Action Fund, said in a statement.
Walz's commitment to the environment could clash with the crypto community, which has drawn flack over the years for the environmental impact caused by crypto mining.
What We Hope
As Carbone said, Salz as a "blank slate" on crypto does at least offer hope for the industry.
"We’re hopeful that VP Harris’ reported interest in being more crypto-forward will also be affirmed by her new running mate," Carbone said. "This campaign has a lot of ground to make up compared to Republicans and we hope private outreach soon turns to public support."
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Harris herself has faced pressure from her own party to take a more crypto-friendly approach than her predecessor, Joe Biden.
A couple of weeks ago, fourteen Democrats wrote a letter to the Democratic National Committee and Harris to urge that the party takes a forward-looking approach to blockchain and digital assets.
BREAKING: Democrat politicians have written a letter to the DNC, asking the party to pivot away from the anti-bitcoin policies of Elizabeth Warren.
— Pierre Rochard (@BitcoinPierre) July 27, 2024
This is likely in response to polling data, the GOP pro-bitcoin policies, and President Trump speaking at @TheBitcoinConf pic.twitter.com/GSvZQAjOCu
“This area [crypto and blockchain] holds immense potential for American innovation, economic growth, and financial inclusion,” the letter stated.
“We believe this previous hostility does not reflect our Party’s progressive, forward-looking and inclusive values.”
Although the letter did not explicitly state which of Biden's policies were "hostile" to the industry, the President recently drew flack from crypto advocates for vetoing a pro-crypto accounting bill.
We're yet to hear from Harris and her new VP, Walz, about which direction the pair plans to steer the party in terms of crypto. But as always, DYOR before jumping to conclusions.
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