ew reports suggest Vice President Kamala Harris Could Pick Michigan Senator Gary Peters for VP Slot.
However, Peters is firm about his stance on digital assets, citing money laundering risks as an issue in cryptocurrencies. Crypto advocates now worry about how the policy will shift under Harris’ administration.
Gary Peters' History of Crypto
Democrat Senator Gary Peters is pushing for legislation that would make it easier to prevent the use of cryptocurrencies in money laundering and terrorism financing.
In 2023, Peters supported the Money Laundering Act that would, in part, prohibit those kinds of digital currency trades being used to enable the same sorts of criminal activities.
Some constituencies favored his vocal support for a hard-line regulatory approach, while others in the surging cryptocurrency industry are not in favor.
Reaction from Industry Figures
Meanwhile, leading voices in the crypto industry have taken to social media their feedback on how the prospect of Peters advising Vice President Harris might change things.
In the event of being elected, XRP attorney John Deaton would like to see Gensler replaced by Harris as SEC Chair since according to him Gensler has a clear conflict and bias against digital assets.
Harris was also warned by Galaxy Digital CEO Mike Novogratz about Senator Elizabeth Warren's hostility to Bitcoin.
Together, Deaton and Novogratz encouraged the Vice President to consider this perspective of industry that supports oversight with balanced innovation as new tools are created.
Nonetheless, Peters promised that it would still be a priority to shield the financial system from illicit purposes
Moving Forward with Care
As the 2024 race intensifies, Vice President Harris must contemplate key strategic decisions on her candidacy and potential policy direction that could help direct America's future.
With respect to cryptocurrency, it seems reasonable to be careful with whatever holds back technology but also prevents potential illegal action.
In the end, that decision is hers, and - until then- she will be closely watched by a crypto community.
