Regulation

Kamala Harris Crypto Reset Fails, Town Hall Dubbed As ‘Clown Show’

Published

3 months ago

August 16, 2024

Coin2049 Newsletter

The recent virtual town hall organized by the “Crypto For Harris” campaign aimed at garnering support for Kamala Harris’ potential presidency from the digital asset industry has failed. It left many in the crypto community unimpressed and unconvinced, attracting backlash. Moreover, Gemini co-founder Tyler Winklevoss dubbed the event as “clown show.”

The 90-minute event, featuring several prominent Democratic lawmakers, failed to sway a skeptical audience. Moreover, many branded the effort as a “missed opportunity” for the Vice President to outline her stance on crypto. Whilst, several industry leaders continued supporting former President Donald Trump.

Top-tier Democratic figures, including Senate Majority Leader Chuck Schumer, Senators Debbie Stabenow, Kirsten Gillibrand, and tech billionaire Mark Cuban participated in the event. However, the absence of Kamala Harris herself or any of her campaign staff became a significant sticking point.

Kamala Harris’ Absence In Crypto Town Hall Attracts Backlash

Attendees noticed Harris’ absence, as they were keen to hear her views on crypto. Her role in an administration perceived as hostile to the industry made her perspective particularly anticipated. Critics within the crypto industry voiced their disappointment, noting the lack of clear policy direction from Harris.

Caitlin Long, CEO of Custodia Bank, expressed her frustration. She said, “I was hoping to hear about Harris’s crypto policy and for the Democrats to address how they’re going to fix the issue of crypto firms being de-banked. I’m still waiting to hear.”

The event, which attracted over 1,000 live viewers according to organizers, was met with mixed reactions. While some attendees praised parts of the town hall, calling it a step towards making crypto a bipartisan issue, others were less impressed.

One viewer remarked, “I still don’t know who Kamala Harris is and what she thinks about our industry,” according to a report by FOX Business. This highlights the event’s failure to provide clarity on Harris’s position. In addition, the town hall’s format also drew criticism.

Jake Brukhman, founder and CEO of CoinFund, lamented, “I thought a town hall was for hearing people’s opinion, you know, people in the town. Instead, we got a few lectures of the participants’ views of crypto and where it should go politically.” Furthermore, this sentiment was echoed by others who felt the event lacked genuine engagement with the crypto community.

A particularly sore point for many attendees was the absence of any discussion on the regulatory challenges facing the crypto industry. The spotlight shone on the actions of Securities and Exchange Commission (SEC) Chair Gary Gensler.

The omission of this critical issue, referred to by some as the “elephant in the room,” left many feeling that the event was out of touch with the concerns of the industry. Also, some advisor choices suggest that Kamala Harris will continue crypto crackdown if she enters White House.

Reaction From Other Crypto Leaders

The strongest criticism came from the Winklevoss twins, founders of the Gemini crypto exchange, who have been vocal opponents of the SEC’s regulatory approach. Tyler Winklevoss did not mince words, labeling the event a “clown show” in a post on X.

Meanwhile Cameron Winklevoss criticized the pre-recorded video messages from lawmakers, suggesting they made the event feel less genuine. The twins have declared their support for GOP nominee Donald Trump and disapprove of Kamala Harris.

Earlier, Donald Trump gained massive support after he promised a lighter regulatory touch and the removal of Gary Gensler. Whilst, Former Messari CEO Ryan Selkis also took to social media to express his disappointment. He labeled the event as “pathetic” and criticized the lack of substantive discussion.

Despite the criticisms, some positive moments were noted. Chuck Schumer’s remarks were well-received, particularly his commitment to pushing for sensible crypto legislation. Schumer emphasized the need for balance, stating:

“We cannot afford to continue to sit on the sidelines because then we risk crypto going overseas to the lowest common denominator countries where there will be no regulation at all.”

His comments were seen as a hopeful sign for those advocating for a more measured approach to crypto regulation. However, the overall takeaway from the Kamala Harris “crypto reset” event was one of skepticism.

Austin Campbell, founder of Zero Knowledge, summed up: “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 [Operation Chokepoint] 2.0, sadly.”