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Democrats have launched a new advocacy group called “Crypto for Harris” to counter former President Donald Trump’s growing influence within the industry, Fox Business reported on Aug. 7.

As the 2024 presidential race heats up, the initiative highlights the high stakes for securing crypto voters, whom many believe have the potential to shape the outcome of the race in swing states.

Digital assets have become an increasingly important issue for politicians, with the industry exerting vast influence in recent months to ensure friendlier supervision under the next administration and prevent financial innovation from being stifled in the US.

Virtual townhall

Crypto for Harris plans to host a virtual town hall meeting next week featuring prominent figures like billionaire entrepreneur and crypto advocate Mark Cuban, SkyBridge Capital founder Anthony Scaramucci, and several Democratic members of the House of Representatives.

The event aims to present Vice President Kamala Harris as a champion of the crypto community despite recent regulatory tensions and the growing negative public perception of the current administration.

According to the report, top Democratic Senate leaders received invitations to speak at the event, which will discuss strategies to support Harris’s campaign and promote fundraising initiatives.

Jonathan Padilla, CEO of Web3 marketing firm Snickerdoodle and one of the organizers of Crypto for Harris, told the news outlet:

“The United States must continue to be a leader in blockchain and crypto. Groups like Crypto for Harris are working hard to ensure the right policies and conversations take place to ensure that outcome.”

The virtual town hall is part of a broader strategy to demonstrate the Democratic Party’s commitment to fostering innovation in the crypto space. Congressman Ro Khanna will also host a private virtual meeting for industry leaders, further emphasizing the party’s outreach efforts.

Countering Trump

Trump has made significant inroads with crypto supporters, promising to roll back regulations imposed during the Biden administration. He recently headlined the annual Bitcoin Conference in Nashville, where he raised substantial funds from industry leaders and pledged to establish a strategic government reserve of Bitcoin.

Trump went on to make several more pro-Bitcoin statements in subsequent interviews, cementing the public view that he intends to support the industry. He has argued that the US needs to adopt a leadership role in the industry or risk losing that spot to a rival nation like China.

In response, Harris has strengthened her campaign by adding former crypto advisers David Plouffe and Gene Sperling. The move signals a commitment to understanding and supporting the crypto industry through informed advisory.

Some industry insiders blame the Biden-Harris administration for the partisan divide over crypto, pointing to figures like Senator Elizabeth Warren as contributing to a more adversarial stance towards the industry.

Howeverezwin, others within the Democratic Party emphasize the transformative potential of web3 and advocate for fostering its development.

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