Vice President Kamala Harris' new "B" grade from crypto advocacy group Stand With Crypto is being received with heavy skepticism and criticism from industry insiders and enthusiasts alike.
Vice President Kamala Harris' new "B" grade from crypto advocacy group Stand With Crypto is being received with heavy skepticism and criticism from industry insiders and enthusiasts alike.
Harris first spoke about cryptocurrency on the campaign trail in a New York City fundraising event, promising to "encourage innovative technologies like AI and digital assets while protecting our consumers and investors." Stand With Crypto, a nonprofit initially founded by Coinbase, changed Harris' status following this to "somewhat supports crypto."
Not everyone in the crypto space is convinced, however. The timing of Harris' crypto-friendly remarks, coming just 41 days before the U.S. presidential election, has raised some eyebrows.
The move has been seen by some as a way to court the crypto vote, considering her Republican rival, former President Donald Trump, has already received an "A" rating from Stand With Crypto.
Critics promptly jumped at Harris's brief reference to crypto as cursory and not taking into consideration what many perceive as antagonism towards the sector by the administration in office. Matthew Sigel, head of digital assets research at VanEck, doubted the seriousness of Harris, noting how the Biden administration had laid regulatory restrictions on crypto firms such as Coinbase.
He explained further that if Harris really wished to aid in advancing the prospects of digital assets, she could use her clout to get rid of SEC Chair Gary Gensler, who is widely viewed as a foe by many in the crypto world.
Ryan Selkis, who stepped down as CEO of crypto data firm Messari in February, questioned the motivations behind Stand With Crypto's ratings, saying they likely suffered from "wishful thinking" and efforts to stay in good graces with political incumbents in a hotly contested election.
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