Billionaire investor Mark Cuban believes Kamala Harris could be much more receptive to innovation and cryptocurrencies than President Joe Biden. Cuban also pointed out that Harris's team is actively engaging with crypto executives to shape her agenda. Additionally, Harris may join Trump at the upcoming Bitcoin Conference, which could set the stage for a major showdown in the presidential race. Meanwhile, Senator Cynthia Lummis is fighting against the Biden administration's proposed tax on Bitcoin mining, while Trump has denied rumors that he would appoint CEOs Jamie Dimon or Larry Fink as Treasury Secretary if reelected.
Tech CEOs See Potential in Kamala Harris
Kamala Harris, the United States vice president and presidential candidate, could be much more receptive to innovation and cryptocurrencies than President Joe Biden, according to billionaire investor Mark Cuban. Cuban believes that the tech industry might find an unexpected ally in Harris, who has a background as a senator and attorney general of California.
Cuban mentioned that the feedback he has received indicates that Harris would be more open to business, artificial intelligence (AI), crypto, and government as a service, though he did acknowledge that this information is not confirmed by the vice president herself.
Harris’s team has reportedly been actively engaging with crypto executives to gather input on crypto policy, as she has only four weeks left until the Democratic National Convention to present her agenda.
A tech CEO also recently pointed out that Harris now has the opportunity to attract some support and donations from West Coast tech executives and venture capitalists who are eager for action on issues that the Biden administration has not addressed, like immigration reform for high-skilled workers and clear regulations for artificial intelligence.
Aaron Levie, the CEO of Box, stated that Harris could quickly rally a large portion of the tech ecosystem if she proposes a credible, pro-business, pro-tech, and pro-entrepreneurship policy framework. According to Levie, a dozen or more tech CEOs could potentially support Harris if she adopts a pro-tech policy stance.
Harris's presidential campaign received a big boost and raised over $100 million in less than 48 hours after President Biden withdrew from the race and endorsed her as his nominee. The donations came from 1.1 million unique supporters, with 62% being first-time donors.
Kamala Harris May Join Trump at Bitcoin Conference
Harris may also join Donald Trump at the upcoming Bitcoin Conference from July 23 to 25, according to Fox News. David Bailey, the CEO of Bitcoin Magazine and one of the event organizers, confirmed ongoing talks with Harris's campaign team, and a decision is expected soon. Bailey believes that it would be a good idea for Harris to engage with the growing voter base interested in crypto.
If Harris agrees to speak, it could set the stage for a big showdown in the presidential race, especially considering the concerns among Democrats about Trump's rising support from crypto-based voters.
Trump is scheduled to speak on July 25 about crypto regulation, and there is even speculation that he might discuss making Bitcoin a reserve asset in the United States if he wins the election. Some reports suggest Trump is also open to debating Harris at the conference.
Crypto industry experts have some mixed reactions. One crypto executive is concerned that Harris might be poorly received. Tyler Winklevoss, co-founder of Gemini exchange, stated that Harris would struggle to win over crypto voters unless she immediately replaces SEC Chair Gary Gensler and stops the agency's enforcement actions against crypto firms.
However, the conference could also lead to increased Bitcoin volatility as traders have historically used events like these as opportunities to sell. This year's conference coincides with several market-moving events, including the Mt. Gox creditors' repayments and the debut of spot Ethereum ETFs.
Senator Lummis Opposes Bitcoin Mining Tax
Meanwhile, Senator Cynthia Lummis released a report opposing the Biden administration's proposed 30% excise tax on energy consumed by Bitcoin miners on July 23. The report was titled “Powering Down Progress: Why A Bitcoin Mining Tax Hurts America,” and pointed out the benefits of Bitcoin mining infrastructure for the United States’ energy grid.
Lummis also referred to the Bitcoin Energy and Emissions Sustainability Tracker that indicates that up to 52.6% of Bitcoin mining might be emissions-free, contradicting common perceptions.
The pro-crypto senator also pointed out the role of Bitcoin mining facilities when it comes to securing the energy grid. These facilities can balance and redistribute energy during times of need. The collaboration between the Electrical Reliability Council of Texas (ERCOT) and Bitcoin miners exemplifies this, with miners selling 1,500 megawatts of energy back to the grid during peak demand in 2022 and acting as a Controllable Load Resource during winter storm Heather in 2024.
Lummis also argued that a 30% tax on Bitcoin miners would disincentivize the pursuit of sustainable energy and innovative energy recycling techniques. She provided some examples, like sequestering methane from trash dumps to mine Bitcoin and El Salvador’s use of volcanic energy to mine 474 Bitcoin.
In Finland’s Satakunta region, excess heat from a Marathon Digital mining facility warms a community of 11,000 people. Marathon Digital also signed an agreement with Kenya’s government to develop the country’s renewable energy sector, which already meets up to 80% of its energy needs.
Global Bitcoin Mining Share: Powering Down Progress
Lummis concluded her report by referencing the Laffer Curve, suggesting that higher taxes on Bitcoin miners would drive the industry out of the United States. She pointed to China’s 2021 mining ban as a precedent, which led to the departure of a once-thriving mining industry that at one point controlled a majority of the Bitcoin network’s hashrate.
Trump Quashes Treasury Appointment Rumors
Republican presidential candidate Trump recently denied reports that he might appoint JPMorgan CEO Jamie Dimon or BlackRock CEO Larry Fink as secretary of the Treasury if he is reelected. In a July 23 post on his Truth Social platform, Trump stated that neither Dimon nor Fink were considered for a potential cabinet role.
This contradicts a July 16 Bloomberg Businessweek report that claimed Trump would consider Dimon for the Treasury position. The New York Post also reported on July 20 that Trump was considering Fink for the same role. According to Trump, he had never discussed or even thought of appointing either CEO.
Trump’s Truth Social post (Source: Truth Social)
Dimon is notoriously anti-crypto, and has labeled digital assets as tools for criminals. He also suggested that he would shut down crypto if in government. Fink, on the other hand, has recently shifted his stance on Bitcoin, now calling it "digital gold" and a legitimate financial instrument.
Trump's post is part of his ongoing criticism of the media and Democrats after the announcement that President Biden would not seek reelection in November. Vice President Harris, who has secured enough delegates to become the Democratic nominee, is expected to face Trump in the election.
It is still unclear if Trump has a list of potential candidates for his cabinet if reelected. He did, however, announce his running mate JD Vance during the Republican National Convention on July 15.
