KEY POINTS
- Harris skipped the virtual town hall, but Schumer, a top Democratic leader, did speak at the event
- Bitcoiner Wayne Vaughan said the Zoom town hall was nothing to show that Democrats cared about crypto
- Trader Patrick Hubbard said he was ‘very disappointed’ that Bitcoin was painted in an ‘adversarial way’
With some three months left before the November elections, Vice President Kamala Harris has not yet come out to publicly express her views on digital assets, and she didn’t attend the Crypto4Harris virtual town hall that many crypto users said was a “letdown.”
Crypto4Harris hype
Ahead of the Wednesday Zoom town hall, the Crypto4Harris organization built up the hype, presenting a list of speakers that included two prominent figures in the crypto space: Mark Cuban and Anthony Scaramucci.
Many crypto users expected big things during the meeting, and there were expectations that somehow, the Democratic presidential nominee would make an appearance.
Attendees disappointed
Following the town hall’s conclusion, journalist Eleanor Terrett asked crypto users on X who attended the virtual event to share their thoughts. Many expressed disappointment over what went down at the town hall.
Custodia Bank founder and CEO Caitlin Long said she was hoping to hear about the current vice president’s plans regarding crypto policies but understands “that’s still to come.”
Entrepreneur and Bitcoiner Wayne Vaughan said the event “was a total letdown.” He revealed that billionaire Cuban and Scaramucci, both known to be crypto advocates, “barely made an appearance.” He added that “there was zero substance to show that Democrats care about crypto.”
The @Crypto4Harris event was a total letdown. @mcuban and @Scaramucci barely made an appearance, and there was zero substance to show that Democrats care about crypto. Some political heavyweights showed up but they had nothing useful to say. Embarrassing.
— Wayne Vaughan (@WayneVaughan) August 15, 2024
Crypto trader Patrick Hubbard said he was “very disappointed” that “Bitcoin was barely mentioned.” When it was included in the conversation, he deemed it was “portrayed in an adversarial way.”
Very disappointed. Bitcoin was barely mentioned and when was it was portrayed in an adversarial way. The speakers largely seemed uninformed and lacking understanding.
— Patrick Hubbard (@gpatrickhubbard) August 15, 2024
One crypto user said there was a “complete lack of specifics” from Senate Majority Leader Chuck Schumer. The said user called out the veteran lawmaker for not acknowledging “any problems caused by the SEC.”
Complete lacl of specifics from Schumer. Schumer is only willing to pass “common sense” legislation (whatever that means) by the end of next year. No acknowledgement of any problems caused by the SEC or anything else.
— Christopher Alexander (@ChrisAlexCrypto) August 15, 2024
Schumer did say he wants to encourage bipartisan support for a “sensible legislation that helps the United States maintain its status as the most innovative country in the world.” He also said that “we all believe in the future of crypto.”
Calls for action over words
As many more crypto users shared either the same feelings of disappointment or frustration over Harris’ non-appearance, some focused on urging the Democratic Party and Harris herself to take action ahead of the elections.
Zero Knowledge founder Austin Campbell acknowledged that Schumer’s appearance was a “signal” that there are indeed pro-crypto Democrats. However, he noted that the key to gaining crypto voters’ trust is for “Harris to articulate her position and actions she will take on this issue.”
There have always been pro-crypto Democrats; Schumer being there was signal, though.
The key will be Harris has to articulate her position and actions she will take on this issue.
If we can’t get a clear statement, the null hypothesis is more SEC disasters and OCP 2.0, sadly.
— Austin Campbell (@CampbellJAustin) August 15, 2024
Well-followed @R89Capital said the discussions during the town hall were “all empty words,” adding that the industry needs to see “favorable action” at this point.
It’s all empty words. We need to see favorable action towards this industry at this point. No one really believes anything these politicians say.
— Rex (@R89Capital) August 15, 2024
Another user said he will “not trust Democrats on crypto/Bitcoin policy” unless Harris speaks up about the matter and follows up her words with action.
Layer 1 utility investor HASHR Ventures noted the “seemingly sincere effort” displayed by some Democrats on crypto. “Let’s call it a first step. But it was short on details,” he said.
A seemingly sincere effort was put forth by the Dem’s on crypto. Let’s call it a first step. But it was short on details…and it’s easy to be skeptical given Biden’s tenure attempted to sideline crypto in the U.S. appearing to be at the behest of the big banks@Crypto4Harris
— HASHR Ventures ☀️ ☀️ ☀️ (@khughbreslin) August 15, 2024
Can Harris bridge the gap soon?
Democratic leaders who recently expressed support for crypto, such as Rep. Wiley Nickel of North Carolina, have said Harris seeks a “reset” with the burgeoning industry. However, there is lingering doubt about whether the Democratic presidential candidate is actually interested in working things out with the sector.
Last week, it was reported that a roundtable with crypto executives and some White House officials turned “heated” at one point. Crypto leaders aired their “grievances” and discussed possible use cases and policy outcomes.
Despite concerns about a Harris government possibly being as “hostile” as its predecessor, it appears some crypto voters are betting on potential change under a new leader. On decentralized crypto betting platform Polymarket, where Harris took the lead from Republican presidential candidate Donald Trump last weekend, the Democratic leader has widened the gap further to nine percentage points as of early Thursday.
Crypto4Harris organizers said they will make announcements again soon, but it is unclear whether they will host another town hall amid negative comments from crypto users.
