Crypto Advocates Call on Kamala Harris to Address U.S. Blockchain

Crypto Advocates Urge Kamala Harris to Discuss U.S. Blockchain Policy in October

Bhushan AkolkarBy No Comments edited by
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SPRINGFIELD, VIRGINIA - JUNE 02: U.S. Vice President Kamala Harris speaks on gun violence during an event at John R. Lewis High School on June 2, 2023 in Springfield, Virginia. Vice President Harris spoke on the administration’s efforts to reduce gun violence to commemorate the National Gun Violence Awareness day. (Photo by Alex Wong/Getty Images)
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  • Leaders from the Web3 and DeFi sectors have formally reached out to Vice President Kamala Harris, requesting a meeting to discuss regulatory measures.
  • The group proposed several policy recommendations, including enhancements to the Small Business Administration’s loan programs to support blockchain entrepreneurs.

Leaders from the Web3 and decentralized finance (DeFi) industry have recently sent a letter to the campaign team of Vice President Kamala Harris, thereby requesting a meeting to discuss measures to foster innovation in the US blockchain as well as the crypto market.

Sent on Tuesday, October 1, more than 20 members of the crypto industry have signed the letter Cleve Mesidor of the National Policy Network WOC Blockchain and Olayinka Odeniran of the Black Women Blockchain Council. These leaders stressed the importance of policies that would enable all kinds of creators thereby putting the US in a leading position in the emerging Web3 space.

In the letter, the group urged Kamala Harris and Walz to participate in a conversation on the parameters of a regulatory environment that would allow the innovation in DeFi and Web3. They also called for the framing of rules that would support consumer protection while fostering financial access as well as capital accumulation.

Additionally, the group of leaders stated that the current policies have made it difficult for other players to get into cryptocurrencies. The signers highlighted that people of color, including Black, Latino, Asian American, and Indigenous communities, have been early adopters of cryptocurrency but remain excluded from the traditional financial system.

They also called for the inclusion of their voices in the policymaking process to ensure they are represented in key decision-making forums.

“We want a seat at the policy table and a say in the regulatory debate,” they wrote. “Diverse communities have been integral to the success of this industry since its early days.”

Policy Recommendation to Kamala Harris Inclusive of Web3 Market Structure

The letter sent to the Vice President comes with several policy recommendations, such as improving the market conditions and the provision of funding opportunities for several Web3 entrepreneurs. The leaders have also demanded stronger enforcement of rules governing the decentralized exchange (DEX) listings while preventing the exclusion of products from various developers. Last week, during her campaign, Kamala Harris made some pro-crypto remarks, adding that she wants the US to dominate in blockchain technology, reported CNF.

Decentralized finance leaders proposed modifications to the Small Business Administration (SBA) 7(a) Loan Program, urging its expansion to support businesses leveraging blockchain and other advanced technologies. They suggested creating an SBA Emerging Technologies & Digital Equity Loan program to foster innovation and provide funding to a more diverse range of businesses.

As reported by CNF, Super PACs associated with Kamala HArris have been accepting crypto payments to support her political campaigns.

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Bhushan Akolkar

Bhushan Akolkar

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Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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