Stand With Crypto, a lobbying group supported by Coinbase, recently adjusted its evaluation of Vice President Kamala Harris’ stance on cryptocurrencies. Initially, the group gave Harris a “B” rating, signaling that she was “somewhat supportive” of digital assets. However, after significant criticism from the crypto community, her rating was downgraded to “Needs more information.”
Why Kamala Harris Initially Received a ‘B’ Rating
Stand With Crypto, which tracks U.S. politicians’ positions on cryptocurrency, originally awarded Harris a favorable score after her comments during a September 22 fundraiser in New York. She expressed support for emerging technologies, including artificial intelligence and digital assets, and advocated for reducing excessive regulatory hurdles, which many in the crypto space viewed as a positive sign.
Based on these statements, the group deemed her to be “somewhat supportive” of the crypto industry and raised her grade to a “B.” In comparison, former President Donald Trump received an “A” grade for his numerous pro-crypto remarks, with over 21 recorded statements in favor of the industry.
Pushback from the Crypto Community
Despite this initial rating, many in the crypto community felt that Harris’ single, vague statement did not justify such a high grade. Critics argued that her remarks lacked specificity, especially when compared to other politicians with a more consistent record of supporting crypto.
Bitcoin advocate Wayne Vaughan described Harris’ position as “neutral” and pointed to what he viewed as the Biden-Harris administration’s history of being unfriendly toward crypto, arguing that her rating should have been an “F.” Michael Cairo, a crypto lawyer, accused Stand With Crypto of overstating Harris’ support based on a generic statement about technology, while other community members speculated that the group might be trying to maintain political leverage by appearing neutral.
Stand With Crypto Revises Harris’ Score
In response to the criticism, Stand With Crypto revised its evaluation system. On September 25, Logan Dobson, the group’s executive director, acknowledged the feedback and announced changes. Moving forward, politicians will only receive full grades when there is substantial information available about their position on cryptocurrency.
As a result, Kamala Harris’ profile was updated to indicate that there is “not enough information” about her stance on digital assets. The group also committed to making any available statements from politicians public, even if there isn’t enough data to issue a full rating.
This change in approach aims to provide a more accurate representation of where U.S. politicians truly stand on digital assets, ensuring that ratings are based on clear and substantial support, rather than broad or ambiguous remarks.
