Biden withdraws, an overview of the cryptocurrency policies of the Democratic candidates in the United States

Author: Mia, ChainCatcher

Editor: Marco, ChainCatcher

Last Sunday, 81-year-old U.S. President Joe 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.

Although Biden's endorsement adds strong backing to Harris's candidacy, the outcome remains uncertain. Previously, four of the most influential figures in the Democratic Party issued statements praising Biden but remained silent on their support for Harris, including former President Barack Obama, who is said to be maintaining a neutral stance, just like during the 2020 primaries.

Today, California Congresswoman and former House Speaker Nancy Pelosi officially expressed her support for Harris. Although many Democrats on Capitol Hill support Harris, the Democratic leaders in Congress, New York Senator Chuck Schumer and Congressman Hakeem Jeffries, have yet to express their support for her.

So, aside from Harris, who else might become the Democratic candidate? What cryptocurrency policies will they bring?

In recent weeks, California Governor Gavin Newsom and Michigan Governor Gretchen Whitmer have emerged as prominent candidates. Newsom has gained national recognition for his public debates with Republican governors, while Whitmer has been a representative for abortion rights supporters nationwide, which is widely viewed as a key issue for the Democrats in the November elections. Notably, Whitmer has previously stated that she would not seek the nomination even if Biden withdrew.

Additionally, Pennsylvania Governor Josh Shapiro has also attracted attention, with The Wall Street Journal predicting that Pennsylvania will be a key battleground state for both parties in the coming months.

Illinois Governor J.B. Pritzker has also become an attractive candidate with a net worth of up to $3.5 billion.

Democratic Candidates' Attitudes Toward Cryptocurrency

Vice President Kamala Harris

Financial disclosure information indicates that neither Harris nor her husband, Douglas Emhoff, has ventured into the cryptocurrency space and tends to invest in traditional financial instruments like U.S. Treasury bonds and emerging markets.

During the 2020 election, Harris hired Ryan Montoya as her scheduling director. Montoya was previously the Chief Technology Officer for the Sacramento Kings (NBA team), under whose leadership the Kings became the first team in the world to accept Bitcoin payments and even experimented with mining Ethereum and launching an NFT series.

Moreover, The New York Times previously reported that Harris has close ties to the tech industry. When she was nominated for vice president, it was even seen as "good news" for Silicon Valley. As the tech industry becomes increasingly correlated with cryptocurrency, it is not ruled out that Harris may choose to support Bitcoin before the presidential campaign.

Governor Gavin Newsom - Supporter of Cryptocurrency Technology

Among potential candidates, Newsom has a deep understanding of the cryptocurrency industry and maintains an open attitude. He has been one of the most prominent advocates for blockchain and cryptocurrency technology within the Democratic Party, committed to working with the cryptocurrency industry to develop national policies and promote education.

As early as May 2022, Newsom issued an executive order aimed at promoting blockchain research and innovation and exploring government applications in this area. Although the regulatory environment for cryptocurrencies changed later due to the Celsius incident and the FTX bankruptcy, leading to the rejection of a new state-level industry regulation bill, Newsom's positive attitude toward the cryptocurrency industry has not wavered.

In October 2023, Newsom continued to advance cryptocurrency legislation by signing a cryptocurrency licensing bill that will take effect in July 2025. The bill requires the California Department of Financial Protection and Innovation (DFPI) to establish a regulatory framework for cryptocurrencies, including licensing systems and enforcement and rule-making authority. The DFPI was also granted an 18-month implementation period to ensure that the regulatory framework can be tailored to industry trends and mitigate consumer harm.

Newsom's deep understanding of the cryptocurrency industry suggests that he may be willing to collaborate with the cryptocurrency sector.

Governor Gretchen Whitmer of Michigan

Whitmer is viewed as a potential candidate, but she has not discussed any positions regarding cryptocurrency and has not significantly advanced cryptocurrency policy in Michigan. This indicates that if she were to become president, she might respond more to cryptocurrency policy issues or simply may not be interested in cryptocurrency from a policy perspective.

While other states like California have implemented regulatory frameworks in collaboration with the industry, there are no signs that Whitmer will take any significant actions regarding cryptocurrency.

Governor Josh Shapiro of Pennsylvania

Like Whitmer, Shapiro is also seen as a possible presidential candidate. During his tenure, the Pennsylvania Department of Banking and Securities decided to include "cryptocurrency" in its definition of the "Money Transmission Act," viewing it as a form of "currency," reversing the 2019 policy prior to Shapiro becoming governor.

Although Shapiro has not made any significant moves in the cryptocurrency space, he has not made any negative comments about the cryptocurrency industry, even after state tax breaks were utilized by cryptocurrency mining companies to help create data centers.

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

Governor J.B. Pritzker of Illinois - Cryptocurrency Bull

If anyone can be called a "bull" for cryptocurrency, it might be Pritzker.

Before the collapse of FTX in 2022, Pritzker's office maintained a positive attitude toward cryptocurrency. Additionally, in a Facebook post in 2021, Pritzker welcomed the cryptocurrency ATM company CoinFlip to develop in Chicago, stating that "the future of cryptocurrency is in Illinois."

In fact, Illinois under Pritzker's leadership has embraced cryptocurrency early on.

Industry observers suggest that if the cryptocurrency industry is looking for someone to become the Democratic presidential candidate or Harris's vice presidential pick, Pritzker may be the best choice.

So, in the current situation, which MEME coins are worth paying attention to?

Related MEME Coins

Currently, under Biden's endorsement, the hottest candidate, Harris, has related memecoins. (This does not constitute investment advice)

$HERRIS

According to the X platform, the token $HERRIS (Kumala Herris) has over 5,000 followers and a market cap of $6.2 million. After Biden announced his withdrawal, the price of $HERRIS briefly exceeded $0.009 and has since fallen back to $0.0062, with a 24-hour increase of 24.43%.

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

$CUMALA

According to the X platform, the dog coin $CUMALA (cumala whoris) on the Solana chain has been issued, currently with only 190 followers.

$KAMA

Currently, $KAMA (Kamala Horris) is the largest related MEME coin on the SOLANA chain by market cap, having briefly surged past $0.03 to set a new historical high, now quoted at $0.02736, with a 24-hour increase of 48.45%. Currently, $KAMA has a market cap of $25.83 million.