Kamala Harris has an opportunity to make crypto better for consumers

Aaron Schwartz/Bloomberg

Kamala Harris' team has taken a few cautious steps in recent weeks to engage with the crypto industry. Most notably, top Harris representatives joined a roundtable hosted by crypto-friendly Representative Ro Khanna last month. 

It's a hopeful sign that Harris, now the official Democratic nominee, might chart a new course for Democrats on crypto, signaling an end to more than a decade of regulatory uncertainty that harms investors and chills American innovation. 

The digital assets community has spilled a lot of ink on the "crypto voter" in the run-up to the presidential election. To be sure, the 18 million Americans who own crypto should not be overlooked. 

But that's not the only reason why Vice President Kamala Harris should support the bipartisan effort to regulate crypto. 

Crypto policy plays into a central theme of Harris' progressive ideology: making financial services more accessible and inclusive while ensuring that consumers are protected. 

Harris' ascension as the presumptive nominee has come as a relief to many pro-crypto Democrats. As crypto advocate Mark Cuban recently told POLITICO, "She will be far more open to business, AI, crypto."

And when asked about the candidate's position on digital assets, Harris senior advisor Brian Nelson told Bloomberg that "she's going to support policies that ensure that emerging technologies and that sort of industry can continue to grow" — a positive sign of her interest in crypto regulation that protects consumers.

Serving more than two decades in public office, Harris' political career has been undeniably pro consumer and pro innovation. This bodes well for the future of crypto legislation in a Harris administration. 

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As the attorney general of California, Harris prioritized protecting consumers from unfair business practices in the financial sector, securing historic settlements during her tenure. In the Senate, Harris co-sponsored various bills to combat financial crime and empower fraud victims to recover their losses.

Crypto's current state of regulatory uncertainty means that investors have little protection from bad actors. That's why crypto companies have been among the loudest voices calling for clear rules of the road — and strong penalties for those who flout the rules. Harris' strong record on financial crime makes her the perfect ally for comprehensive crypto regulation. 

Harris has also championed financial inclusion, which is one of crypto's potential biggest opportunities. As vice president, Harris repeatedly highlighted how marginalized communities have historically been underserved and preyed upon by financial institutions. Harris has also supported access to digital financial services, which helps bring banking and investment to people in underserved areas.

Many Americans from underserved communities are already finding value in crypto, with 30% of Black Americans and all minorities owning digital assets.

But before crypto legislation reaches the president's desk, it will first need to pass a closely divided Congress. Crypto legislation will continue to be a bipartisan effort — as it was when the House passed the Financial Innovation and Technology for the 21st Century Act, outlining a regulatory framework for crypto, with overwhelming support from both sides of the aisle. This won't faze Harris, who has "never hesitated to reach across the aisle to try and find some common solutions," according to her vice-presidential pick Tim Walz.

Crypto might be a pocketbook issue for some this election, but it's a critical policy opportunity for Kamala Harris when it comes to equity, financial access and consumer safeguards. By supporting bipartisan crypto legislation, Harris is positioned to lead a legacy-defining movement to protect consumers while increasing access to new financial tools.