Key points:

  • Cryptocurrency investors and industry leaders plan to raise at least $100,000 at a September 13 event in Washington, D.C., to support Kamala Harris.
  • Harris’s support from crypto industry figures reflects their preferences over Republican candidate Donald Trump.
  • Harris’ campaign adviser Brian Nelson has expressed support for new technologies, which has been well received by the crypto industry.

Cryptocurrency investors and industry leaders who are calling on Vice President Kamala Harris to take a softer stance on regulation of the sector are aiming to raise at least $100,000 for the Democratic nominee at a fundraiser scheduled in Washington, D.C., on Sept. 13.

The purpose of the Democratic Party event

The event, scheduled for the gap between the Congressional Black Caucus and the Congressional Hispanic Caucus, aims to attract a diverse group of donors. Tickets for the fundraiser range from $500 to $5,000, according to Cleve Mesidor, executive director of the Blockchain Foundation and one of the organizers.

The fundraising goal is relatively modest compared to the hundreds of millions Kamala Harris has raised since winning the Democratic presidential nomination in July after President Joe Biden dropped out of the race. But it still shows that at least some in the industry are backing her over Republican nominee Donald Trump, who has attracted major cryptocurrency donors with friendly political promises.

The event’s organizers include Tiffany Smith, co-chair of the blockchain and cryptocurrency working group at law firm WilmerHale, and Rahilla Zafar, a cryptocurrency founder who has also worked in artificial intelligence. They hope that if elected, Kamala Harris will soften her grip on the cryptocurrency sector, given that the Securities and Exchange Commission has tightened regulation of the sector under the Biden administration.

The SEC has alleged that cryptocurrency companies are violating securities laws, though industry officials dispute whether those laws apply to their activities.

Are democrats changing their positions on cryptocurrency?

Why not use the first of many upcoming fundraisers to make clear what cryptocurrency represents to Democrats as a potential new administration weighs how to approach the issue? She said she hopes the event will spark conversations about how a potential Harris administration can support innovation in the crypto space and give more people of color access to capital.

Organizers wanted to make sure that as the Democratic nominee changes, they are supporting and coming together to help her understand the importance of the industry. A separate group called Crypto4Harris has also emerged this month to host fundraisers in support of Harris. The group has already hosted a meeting where billionaire Mark Cuban and Wall Street financier Anthony Scaramucci spoke in her favor.

While Harris has yet to publicly express her position on cryptocurrency, her campaign has met with representatives from prominent crypto firms like Coinbase and Ripple. These and other major crypto companies are donating to crypto-friendly congressional candidates in both parties through super PACs, campaign finance records show, rather than openly endorsing any presidential candidate.

Brian Nelson, a senior adviser to the Harris campaign, said at an event at the Democratic National Convention this month that Harris would support the development of new technologies, a move that many in the crypto industry saw as a positive sign.