Crypto Politics: Is Tim Walz The Right Choice For Crypto In Harris’s Campaign?

• The crypto community demands a clear position from Kamala Harris and Tim Walz but the Democratic VP candidate has not publicly discussed crypto.
• Harris plans a crypto roundtable, signaling a potential shift in Democratic policy.

Minnesota Governor, Tim Walz was recently selected as Vice President Kamala Harris’s running mate for the 2024 election. 

I am proud to announce that I've asked @Tim_Walz to be my running mate.

As a governor, a coach, a teacher, and a veteran, he's delivered for working families like his.

It's great to have him on the team.

Now let’s get to work. Join us:https://t.co/W4AE2WlMTj

— Kamala Harris (@KamalaHarris) August 6, 2024

However, the governor has not issued any public statements regarding cryptocurrencies. So how can this pan out for crypto politics?

Nonetheless, his enthusiasm for renewable energy and strict rules shows he could be wary of the crypto sphere. This is especially the case concerning its energy usage and the consequences for the environment. More so, Bitcoin mining has drawn criticism for its power consumption.

As an environmentalist, Walz has put measures that may affect crypto operations in the U. S, especially the move to make Minnesota a 100% clean energy state by 2040. This initiative can contribute to pushing crypto mining companies to use environmentally friendly practices.

However, there are some concerns from the crypto community regarding the position of Tim Walz and Vice President Kamala. A crypto investor wrote to the Democratic presidential candidates “Silence is complicity” and called for words and actions.

Josh Shapiro’s Pro-Crypto Initiatives

In contrast, Pennsylvania Governor Josh Shapiro who was believed to be on the list for VP has been less aggressive against the crypto industry. 

For the past two years, Stronghold Digital Mining, which is into Bitcoin mining, has been granted $29M in tax credits from the state.

The recent action by his government to grant tax relief to the Bitcoin mining companies is proof of support towards crypto. Shapiro’s method points to a split within the Democratic Party on the matter of cryptocurrency.

Crypto Engagement by the Harris Campaign

Amid the political moves, Harris’s campaign plan is to hold a roundtable meeting with the crypto industry. This event with crypto execs and Democratic Representative Ro Khanna shows a shift in the position within Harris’s campaign. 

It points towards a slightly relaxed approach towards regulations of crypto and associated innovations.

This roundtable is part of Harris’s process of redefining her policy position as the Democrats begin to change their attitude toward crypto. 

These interactions indicate that the Harris campaign understands that crypto is increasingly becoming significant in economic and policy matters.

Moreover, Rep. Wiley Nickel who earlier submitted a letter to the Democratic Party and Kamala Harris advocating for a vice presidential candidate who supports cryptocurrency and possesses expertise in digital assets reacted positively.

He replied on X platform stating, “He’s an experienced Governor who knows how to work across the aisle.”

Governor @Tim_Walz is a fantastic choice to help lead Democrats to victory in November!

He’s an experienced Governor who knows how to work across the aisle and he’ll absolutely wipe the floor with J.D. Vance in the VP debate. pic.twitter.com/5ZZR1zQRLi

— Rep. Wiley Nickel (@WileyNickel) August 6, 2024

Crypto Politics and its Election Implications

The selection of Tim Walz and the Harris campaign’s recent outreach to the crypto industry comes at a time when cryptocurrencies are becoming an increasingly pivotal issue in U.S. politics. 

With the Republican nominee, Donald Trump, expressing support for less restrictive crypto policies, the Democratic ticket faces pressure to articulate a clear stance on this critical sector.

Tim Walz’s selection and the Harris campaign’s recent outreach to the crypto community come as crypto gains political importance in the US. With Donald Trump supporting lenient crypto policies, Democrats face pressure to clarify their stance on this key industry.

The ongoing dialogue between policymakers and industry stakeholders is likely to shape the future of crypto regulations.