- Vivek Ramaswamy has questioned Kamala Harris’ pro-crypto turn, demanding more detailed stances on critical issues such as self-custodial assets and the role of the SEC
- Recent regulatory actions against crypto-friendly banks have led to skepticism about the sincerity of Harris’ shift towards a more crypto-friendly position, with concerns about ongoing systemic challenges
- Donald Trump is capitalizing on his pro-crypto stance, using it to appeal to voters concerned with cryptocurrency issues, and making bold policy promises that contrast sharply with Harris’ current approach
On August 13, Vivek Ramaswamy grabbed attention on CNBC when he cast doubt on Kamala Harris’s sudden interest in cryptocurrencies. As Donald Trump, the former President, has made crypto a key campaign topic, Ramaswamy wondered if Harris’s change in stance was real or just a clever move to attract crypto supporters.
Ramaswamy Questions Harris’s Genuine Support for Crypto
On August 13, former 2024 presidential candidate Vivek Ramaswamy appeared on CNBC, where he was asked if he thought presidential candidate Kamala Harris would embrace the crypto industry.
Ramaswamy responded by saying that he believes her “verbosity” towards the crypto sector will change as she tries to win votes from the community, now that former President Trump has made it a campaign theme.
The former Republican presidential candidate argued that Harris’s sincerity about pro-crypto positions should be judged by how specific she is on crucial issues like self-custodial assets and the leadership of the Securities and Exchange Commission.
Ramaswamy told CNBC: “I challenge Kamala Harris not just to use words and platitudes but to get into specifics, to say what she really thinks about self-custodial assets. Let her tell us if she thinks Gary Gensler should continue leading the SEC.”
Ramaswamy concluded that crypto shouldn’t be a partisan issue and that any thoughtful political stance from Harris on crypto would greatly benefit the country and the “market of ideas,” even if he doesn’t agree with her specific policies.
Harris’s Crypto “Reset” Under Scrutiny
Recent regulatory actions by the U.S. Federal Reserve against Customers Bank, a crypto-friendly institution, have led to backlash against Harris’s campaign, with key figures in the crypto industry questioning the sincerity of her alleged “crypto reset.”
Tyler Winklevoss, co-founder of Gemini, has interpreted these actions as a sign that “Operation Chokepoint 2.0”—a reference to systematic efforts to isolate the crypto industry from traditional banking services—is still ongoing.
Trump’s Campaign Leverages Crypto with Specific Policies
While prediction markets show a tight race between Harris and Trump, Harris’s lack of specific positions on digital asset regulation might hurt her chances with crypto-focused voters come November.
On the flip side, Trump’s campaign has capitalized on the issue by speaking at the Bitcoin 2024 conference in Nashville, Tennessee. The former president has continued his pro-crypto rhetoric in various media appearances, proposing potential policies like paying off the U.S. national debt with Bitcoin and urging the Biden administration not to sell the U.S. Bitcoin reserves.
Conclusion
In a nutshell, Vivek Ramaswamy’s comments highlight the tensions in the crypto debate among presidential candidates. While Trump leverages crypto to boost his campaign, Harris’s response and recent regulatory actions could significantly impact the political landscape and sway crypto-interested voters.
It’ll be interesting to see how this issue evolves in the coming weeks.
