Biden's withdrawal, an overview of the Cryptocurrency policies of the Democratic candidates

Author: Mia, ChainCatcher

Edited by: Marco, ChainCatcher

Last Sunday, 81-year-old US President Biden announced that he would not seek re-election, and Vice President Kamala Harris immediately stated that she would seek the Democratic nomination to succeed Biden. After Biden gave her his full support, many Democrats quickly expressed their support for her.

Despite Biden’s endorsement adding powerful support to Harris’ candidacy, the outcome remains uncertain. Earlier, the four most influential figures within the Democratic Party issued statements praising Biden, but remained silent on their support for Harris, including former President Barack Obama, who is said to remain neutral, as he did during the 2020 primaries.

Just today, California Congressman and former Speaker of the House Nancy Pelosi officially announced her support for Harris. Although many Democrats on Capitol Hill support Harris, Senate Minority Leader Chuck Schumer and Congressman Hakeem Jeffries, who lead the Democratic Party in Congress, have not yet announced their support for her.

So, besides Harris, who else could be the Democratic candidate? What kind of cryptocurrency policy will they bring?

In recent weeks, California Governor Gavin Newsom and Michigan Governor Gretchen Whitmer have become prominent hot candidates. Newsom has gained nationwide attention for his public debates with Republican governors, while Whitmer has long been a representative of abortion rights supporters nationwide, which is widely seen as a key issue for the Democratic Party in the November election. It is worth noting that Whitmer has previously stated unequivocally that she would not seek the nomination even if Biden withdrew from the race.

In addition, Pennsylvania Governor Josh Shapiro is also highly followed, and The Wall Street Journal predicts that Pennsylvania will be a key state for both parties to determine the outcome in the next few months.

Illinois Governor Pritzker has also become an attractive candidate with a net worth of up to 35 billion dollars.

Democratic candidate encryption attitude

Vice President Kamala Harris

Financial disclosure information indicates that Harris and her husband Douglas Emhoff have not been involved in the Cryptocurrency field and are more inclined to invest in US Treasury bonds and emerging markets in TradFi.

During the 2020 election, Harris hired Ryan Montoya as her scheduling director. It is reported that Montoya was formerly the Chief Technology Officer of the Sacramento Kings (an NBA team). Under his leadership, the Sacramento Kings became the first team in the world to accept BTC payments and also tried mining Ether and launching a Non-fungible Token series.

In addition, the New York Times previously reported that Harris has a close relationship with the technology industry. When she was nominated for vice president, this was even seen as ‘good news’ for Silicon Valley. As the correlation between the technology industry and Cryptocurrency is increasing, it is not ruled out that Harris may choose to support BTC before the presidential election in the future.

California Governor Newsom - encryption technology supporter

Among potential candidates, Newton has a deep understanding of the Cryptocurrency industry and maintains an open attitude. He has been one of the most outstanding advocates for blockchain and encryption technology within the Democratic Party, dedicated to collaborating with the Cryptocurrency industry to formulate national policies and promote education.

As early as May 2022, Newsen issued an executive order to promote blockchain research and innovation and explore government applications in the field. Despite changes in the encryption policy environment due to the Celsius incident and FTX bankruptcy, which led to the rejection of a new state-level industry regulation bill, Newsen’s positive attitude towards the encryption industry remains unchanged.

In October 2023, Newton continued to advance encryption legislation, signing a licensing bill that will take effect in July 2025. The bill requires the Department of Financial Protection and Innovation (DFPI) of California to establish a regulatory framework for Crypto, including licensing and enforcement, rulemaking authority. The DFPI also has an 18-month implementation period to ensure that the regulatory framework is tailored to industry trends and mitigates consumer harm.

Newton’s deep understanding of the Cryptocurrency industry means he may be willing to collaborate with the Cryptocurrency industry.

Gretchen Whitmer, Governor of Michigan

Whitmer has been seen as a potential candidate, but she has not discussed her position on Cryptocurrency or pushed for any significant Cryptocurrency policy in Michigan. This suggests that if she becomes president, she may have a longer response to Cryptocurrency policy issues or simply not be interested in Cryptocurrency from a policy perspective.

Although California and other states have implemented regulatory frameworks in cooperation with the industry, there is no indication that Whitmer will make any major moves in the Cryptocurrency space.

Josh Shapiro, Governor of Pennsylvania

Like Whitmer, Shapiro is also seen as a potential presidential candidate. During his tenure, the Pennsylvania Department of Banking and Securities decided to include ‘Cryptocurrency’ in its definition of ‘money’ in its Money Transmitter Act, reversing the policy from 2019 before Shapiro became governor of Pennsylvania.

Although Shapiro has not made any major moves in the cryptocurrency field, he has not made any negative comments on the encryption industry, even after Cryptocurrency Mining companies used state tax breaks to help create data centers.

In the future, Shapiro may be willing to consider establishing a regulatory framework for Cryptocurrency at the national level.

Illinois Governor Pritzker - encryption longs

If you want to talk about who the ‘longs’ of Cryptocurrency are, it’s probably Pritzker.

Prior to the collapse of FTX in 2022, the Priztker’s office has always been positive about Cryptocurrency. In addition, in a 2021 Facebook post, Priztker welcomed the Cryptocurrency ATM company CoinFlip to develop in Chicago, and also stated that “the future of Cryptocurrency is in Illinois”.

In fact, Illinois under the leadership of Pritzker began to adopt Cryptocurrency very early on.

Observers in the industry believe that if the Cryptocurrency industry wants to find someone to be the Democratic presidential candidate or Harris’s vice presidential candidate, Pritzker may be the best choice.

So, in the current situation, what MEME coins are worth following?

Related MEME coin

Currently, under Biden’s nomination, the most popular candidate Harris already has related memecoin. (Not constitute investment advice)

$HERRIS

According to X platform, Token $HERRIS (Kumala Herris) has over 5k followers and a Market Cap of $6.2M. After Biden announced his withdrawal from the election, the price of $HERRIS briefly surpassed $0.009 and has now dropped to $0.0062, with a 24-hour increase of 24.43%.

In addition, more long-related MEME coins are beginning to flood the market.

$CUMALA

According to the X platform, Solana on-chain meme tokens $CUMALA (cumala whoris) have already been issued, with only 190 followers at present.

$KAMA

Currently, $KAMA (Kamala Horris) is the largest MEME coin on-chain in SOLANA with a current Market Cap, which once pumped to a historical high above $0.03, now priced at $0.02736, with a 24-hour pump of 48.45%. Currently, $KAMA Market Cap reaches $25.83M.