Eve is here. It is very depressing to see Kamala shamelessly pandering to crypto touts. Cryptography, among other things, is the vehicle that enables more and bigger ransomware profits and encourages more attempts. Examples of its use are tax evasion, other criminal activities, and speculation. None of this is socially positive.
Note that this is another case of Kamala trying to outdo Trump in catering to pet voters, similar to his proposal to exempt tips from income taxes .
By Jake Johnson, Common Dreams staff writer. It was first published in common dreams
“Mr. Harris’ promise to balance industry interests with consumer interests is clearly inconsistent,” said the executive director of the Revolving Door Project. “Cryptocurrency is a haven for businessmen with malicious or criminal intentions.”
Democratic presidential candidate kamala harrisHer increasingly open embrace of cryptocurrencies during her 2024 bid for the White House has raised alarm among progressives, who point to vulnerabilities in the industry, which is still in its infancy. rampant fraud and Oppose regulatory guardrails As all the evidence the vice president needed to end his courtship of the field.
semaphores reported On Thursday, in addition to speaking publicly about a “friendlier approach to crypto than President Joe Biden,” Harris also said she was “distributing aides to wealthy crypto investors and Democratic allies in Congress.” are.
“Harris debuted new coded message in remarks to Wall Street donors.” this past weekend“And her campaign’s quiet work with crypto allies suggests she thinks there is room to compete with former President Donald Trump, who is president this month.” Media added. approved It’s a still-opaque crypto platform founded by his sons. ”
Republican presidential candidate Trump is said Earlier this week, he said he believed cryptocurrencies had a “great future” and suggested the United States could pay down its national debt with digital assets. Venture capital billionaires Marc Andreessen and Ben Horowitz have donated to the Trump campaign, but the donations are “motivated by areas such as cryptocurrencies and AI regulation.” Axiosreported.
Sen. J.D. Vance (R-Ohio), President Trump’s running mate, Friendly with the cryptocurrency industry and personally owned Hundreds of thousands of dollars worth of Bitcoin.
Harris gave a nod to the crypto industry during a major event. economic policy speech Speaking in Pittsburgh on Wednesday, he said he wants the United States to “remain dominant” in “emerging technologies” such as: blockchain.
Harris’ economic policy platform state If elected in November, he said he would “encourage innovative technologies such as AI and digital assets while protecting consumers and investors.”
said Mark Cuban, a billionaire investor and outspoken supporter of Harris. semaphores He said he plans to visit the Capitol to “personally lobby members of Congress on major crypto bills coming up for vote, regardless of whether they favor the industry or not.”
in statement Earlier this week, revolving door project (RDP) warned that the Harris campaign’s “tacit approval” of cryptocurrencies would “lead to disaster.”
“The crypto industry has doggedly pursued its mission of defying long-standing securities laws and the SEC’s strong oversight,” said RDP Executive Director Jeff Hauser. “Weak regulation is critical to the industry’s continued business strategy of acting as a conduit for money laundering and supporting ransomware organizations, terrorist organizations, and organizations that import fentanyl.”
“The industry has bravely weathered the stench of Sam Bankman Fried’s fraudulent influence campaign, funneling cash into key Congressional races in a transparent attempt to strengthen the Democratic Party to meet its demands. ” he continued. “Membership not only sets a dangerous precedent in which a willing industry can buy the regulatory framework that best suits its interests, but also exposes Americans to fraud, increased ransomware, and other illegal practices prevalent in the crypto industry.” It will be exposed to
Dean Baker, senior economist at the Center for Economic Policy Research, said: saidwashington post He said Thursday that he understands that Harris “doesn’t want to alienate the crypto community,” but that the federal government “should not be encouraging speculation in this matter.”
“This is just a gamble,” Baker said. “I don’t think we need to facilitate illegal transactions, such as extortion or drug dealing.”
Cryptocurrency industry spending on federal lobbying efforts soared to an all-time high of $24.7 million in 2023. According toThe onslaught of OpenSecrets and cash continued this year as major digital currency asset players in both parties and their allies in Congress repel regulatory efforts.
The industry also spent a lot of money on the 2024 election: An analysis released last month by a consumer advocacy group. Citizens Cryptocurrency companies have been found to have poured more than $119 million directly into federal elections so far this year, making them “by far the leading corporate political spenders.”
“Crypto-inspired lawmakers bending over backwards to benefit Big Crypto means individual consumers will have weaker protections from being ripped off by reckless crypto scams,” says Insider. It means deregulation to protect the financial system from disruptive innovations that exploit consumers while enriching consumers.” Public Citizen said at that time. “The impact of Big Crypto is further evidence that a constitutional amendment is needed to overturn the Constitution.” citizens unitedAnd return our democracy to one where people, not corporations, decide. ”
Hauser also expressed concern about “the idea that crypto insiders have influence over policy decisions,” adding that “it will only put Americans in further danger and once again threaten the poor and people of color.” “This would disproportionately harm species communities.”
“Mr. Harris’ promise to balance industry interests with consumer interests is clearly inconsistent,” Hauser said. “Cryptocurrency is a haven for businessmen with nefarious or criminal intentions. Fraud and criminal activity is rampant not just in FTX, but in a very young industry such as Binance, OneCoin, Digital Currency Group, and countless others. is unprecedented in recent American history.”
