Harris's VP Picks: Where They Stand on Cryptocurrency

Vice President Kamala Harris is set to secure the Democratic nomination for the 2024 presidential election. According to an Associated Press survey, she has enough delegates, though the support will be official only after next month’s vote. Harris mentioned she “looks forward to formally accepting the nomination soon.”

Focus has shifted to her potential running mate. Her shortlist includes North Carolina Governor Roy Cooper, Pennsylvania Governor Josh Shapiro, Kentucky Governor Andy Beshear, and Arizona Senator Mark Kelly. Additionally, Transportation Secretary Pete Buttigieg and retired Navy Admiral William McRaven are under consideration, as reported by NBC.

While Harris has remained quiet on cryptocurrency, her possible vice presidents have clearer views.

Roy Cooper: In his second term as governor, Cooper vetoed a bill in July that aimed to ban central bank digital currencies (CBDCs) in North Carolina. He called the legislation “premature, vague, and reactionary,” noting that it proposed decisions on unresolved monetary issues. This bill mirrored a Republican-led effort in the House with the CBDC Anti-Surveillance State Act, which passed with a 216-192 vote.

Josh Shapiro: Under Shapiro, the Pennsylvania Department of Banking and Securities redefined “money” to include virtual currencies. This change means that crypto businesses must be licensed as money transmitters starting this fall. Additionally, Save Carbon County sued Shapiro and Stronghold Digital Mining for pollution and tax credit misuse, alleging Stronghold received over $20 million in renewable energy tax credits from Pennsylvania.

Mark Kelly: Kelly was among the 12 Democratic Senators who supported Joint Resolution 109, which sought to overturn a Securities and Exchange Commission staff bulletin. Despite President Biden’s veto, Kelly’s vote highlights his engagement in crypto-related legislation.

Andy Beshear: Beshear approved two Kentucky laws in 2021 that provided tax breaks to cryptocurrency miners, aiming to attract mining operations. While successful, it led to complaints about noise, pollution, and higher energy costs. In 2023, utility regulators rejected Kentucky Power’s proposal to extend benefits, including discounted rates, to miners.

Pete Buttigieg: Buttigieg, a 2020 presidential candidate, once said that bitcoin should be “treated as a commodity.” Though once revolutionary, this view is now shared by SEC Chair Gary Gensler. Historically, Buttigieg has taken a centrist tech policy stance, avoiding radical proposals like those from Senators Elizabeth Warren and Bernie Sanders to break up Facebook. Notably, Buttigieg and Facebook founder Mark Zuckerberg are former Harvard classmates.

In summary, Harris’s potential running mates have diverse views on cryptocurrency. Their positions range from Cooper’s cautious veto, Shapiro’s regulatory adjustments, Kelly’s supportive vote on SEC legislation, Beshear’s pro-mining policies with ensuing controversies, to Buttigieg’s centrist approach to bitcoin. As Harris prepares to accept the Democratic nomination, her choice for vice president will reflect a range of perspectives on key issues, including cryptocurrency.