Vice President Kamala Harris’ campaign team has been sent a letter by a group of Web3 and decentralized finance (DeFi) leaders requesting a meeting. They are looking to debate on measures that can foster innovation in the US blockchain and cryptocurrency markets without leaving anyone behind.
The letter, sent on Tuesday, was signed by more than 20 members of the crypto industry such as Cleve Mesidor of the National Policy Network WOC Blockchain and Olayinka Odeniran of the Black Women Blockchain Council. The signers stressed the importance of policies that enable all kinds of creators and guarantee that US continues to dominate the Web3 frontier.
Kamala Harris Urged To Host Crypto Policy Roundtable
In their letter, the group urged the Kamala Harris-Walz campaign to participate in a conversation on the parameters for a regulatory environment that would enable such innovation in Web3 and DeFi.
They called for the establishment of rules that can support consumer protection and at the same time foster financial access and capital accumulation.
The leaders complained that the current policies put in place have made it hard for the vulnerable groups to get into cryptocurrencies. The signers noted that people of color including the black, Latino, Asian American and Indigenous are the early adopters of crypto but are still excluded from the traditional financial system.
Concurrently, they demanded for an inclusion of their voices in the policy making process so as to be part of the decision making forum.
“We want a seat at the policy table and a say in the regulatory debate,” they wrote. “Diverse communities have been integral to the success of this industry since its early days.”
Policy Recommendations for an Inclusive Web3 Market Structure
The letter to the Vice President made several policy suggestions, among which were the improvement of market conditions and the provision of funding opportunities for various entrepreneurs in Web3. The leaders called for stronger enforcement of rules that govern decentralized exchange listings and prevent exclusion of products from various developers.
The decentralized finance leaders also recommended alterations to the Small Business Administration (SBA) 7(a) Loan Program and recommend its expansion to cover businesses that are utilizing blockchain and other cutting edge technologies. The letter suggested the SBA Emerging Technologies & Digital Equity Loan program to foster new business and provide funding to a diverse business base.
BREAKING NEWS: Web3 & DeFi industry leaders sent letter to Harris-Walz to request meeting & share policy proposals.
Watch @CNBC Crypto World segment today at 3PM ET: https://t.co/gRmWREikkU
Letter: https://t.co/1mOjsrZlnA @KamalaHarris @KamalaHQ pic.twitter.com/6BfM2i0UrJ
— Cleve Mesidor (@cmesi) October 1, 2024
Besides capital, the decentralized finance leaders also called for workforce development together with financial education to foster the growth of the crypto and blockchain industries. They called for increased spending on vocational education to prepare workers for jobs in the growing digital economy, which often doesn’t need university graduates.
The leaders also urged the federal government to provide funding for financial literacy initiatives with a focus on digital assets. They proposed that the Consumer Financial Protection Bureau should allocate the funds to the grants that can help people to learn more about blockchain and cryptocurrency.
Kamala Harris Pledges U.S. Dominance
This letter comes as Vice President Kamala Harris has already promised to maintain US supremacy in such fields as blockchain and AI. She has underlined the idea of an ‘opportunity economy,’ where entrepreneurship and innovation go hand in hand with consumer rights.
Mark Cuban, the billionaire entrepreneur also endorsed Harris and cited her stance against the regulation-by-enforcement by the Securities and Exchange Commission (SEC) as a primary reason for his support.
He pointed out that Harris’ position against regulation through litigation may pave the way for a less legalistic approach and thereby accelerate the development of the U.S. crypto market.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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