Kamala Harris Considers Gary Peters As Running Mate With Pro-Crypto Stance

Kamala Harris Considers Gary Peters As Running Mate With Pro-Crypto Stance

Kamala Harris, the US Vice President, is reportedly considering Michigan Senator Gary Peters as her running mate. This is a notable development given Senator Peters' stance on cryptocurrency regulation. Peters was a co-sponsor of the Digital Asset Anti-Money Laundering Act of 2023, which aims to address illicit activities involving digital assets. Moreover, he has expressed support for repealing the Financial Crimes Enforcement Network’s (FinCEN) guidance on cryptocurrency custody by financial institutions, known as SAB 121. SAB 121 has been criticized by industry participants for its overly broad definition of cryptocurrency custodians, which they argue could hinder the growth of the cryptocurrency sector. Peters' support for repealing SAB 121 indicates his understanding of the concerns within the cryptocurrency community. If Peters were to become Harris' running mate, it could signal a shift in the Biden administration's approach to cryptocurrency regulation. The administration has previously taken a cautious stance on crypto, with Treasury Secretary Janet Yellen expressing concerns about its potential for illicit activities. However, Peters' pro-crypto stance could indicate a more supportive approach from the administration in the future. It remains to be seen whether Harris will select Peters as her running mate, but his inclusion on the shortlist demonstrates the growing recognition of cryptocurrency's significance among policymakers.