In the aftermath of rumors that she is attempting to patch up her ties with the cryptocurrency community, the Vice President of the United States, Kamala Harris, has taken actions that appear to be in direct opposition to the objectives that she has articulated for herself.
Kamala Harris is contemplating on endorsing Michigan lawmaker Gary Peters for the 2024 elections. Bitcoin enthusiasts have been deeply concerned about this latest development.
Peters vehemently opposes bitcoin since he has endorsed the Money Laundering Act of 2023, which specifically targets the illicit use of cryptocurrency for financing terrorist activities.
Sen. Gary Peters, D-Mich., is being pushed by organized labor to be considered as Vice President Kamala Harris’ running mate, Axios reported. https://t.co/cOvzPCZ8Dx
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Kamala Harris: Strategic Political Coalition
The backing of Peters for such legislative actions has worried crypto aficionados as they believe that his involvement in the administration will result in stricter rules and a less favorable environment for digital currency.
“Given the obvious and present threat presented by the financing of these and other militant organizations, we ask the Administration to offer more specifics on its plan to prohibit the use of cryptocurrency for the financing of terrorism,” Peters said, stressing his stance on crypto control.
People think that Harris’s possible choice of Peters as his running mate is an intentional move to win Michigan, which is a very important swing state. With strong support from unions and other Democrats, Peters is an interesting option for Harris to use to make her campaign more competent.
Reaction From The Crypto Community
The crypto community has shown concern and caution on Peters’ possible union with the Harris ticket. Industry professionals have urged Harris to change her mind, including XRP attorney John Deaton and Galaxy Digital chairman Mike Novogratz.
Novogratz gave Harris a lot of advice about Senator Elizabeth Warren, who has spoken out against the bitcoin sector. Deaton, who is running against Warren in the upcoming election, also said that Harris should fire Gary Gensler, the chair of the SEC, who is seen as being against crypto, if she wins the presidency.
“The Vice President has several good prospects for her running mate and we want to respect her choice,” a top advisor for Peters said.
“I know for sure that one of the reasons his name is in the mix is that labor really wants to have somebody who is undoubtedly pro union, and Gary fits that definition quite well,” said Rep. Dan Kildee (D-Mich.).
Featured image from Gadgets 360, chart from TradingView