DeFi Leaders Push for Meeting with Harris-Walz to Shape Web3 Policies

A group of decentralized finance (DeFi) industry leaders is calling on Vice President Kamala Harris and her running mate Tim Walz’s campaign team for a meeting this month to discuss policies for the industry.

In a letter shared with The Defiant on Oct. 1, the group — which includes Cleve Mesidor, founder of National Policy Network WOC Blockchain, and Olayinka Odeniran, founder of the Black Women Blockchain Council, and several others — wrote to the Harris-Walz campaign to build a regulatory framework that supports DeFi growth in the U.S.

“Our group of diverse Web3 & DeFi industry leaders write to request a meeting with the Harris-Walz campaign policy team in October 2024 to discuss the importance of a policy and regulatory framework for Web3 and DeFi that fosters innovation here in America,” they wrote.

The letter emphasized that while DeFi has the potential to create a more accessible and inclusive financial system, current policies often favor the wealthy, leaving out diverse communities.

"To ensure an opportunity economy with a level playing field, the government must balance consumer protection measures with policies to fuel financial inclusion and capital formation,” the signatories said.

The leaders pushed for stronger enforcement of the Fair Access Rule (FAR), which mandates that "alternative trading systems" (ATS) establish standards for trading access without discrimination.

Greater Access to Capital

In addition, the group advocated for policies that would expand access to capital for DeFi projects led by diverse founders. They proposed the creation of a new "SBA [Small Business Administration] Emerging Technologies & Digital Equity Loan Program" to support Web3 and DeFi startups.

“In order to compete... diverse entrepreneurs, startups, and SMEs that are leveraging Web3 must have greater access to capital,” the letter said.

This isn’t the first time these leaders have sought policy dialogue with the Biden-Harris administration.

“This request is a follow-up to outreach we made almost four years ago, after the election of President Joe Biden and Vice President Kamala Harris,” the letter explained.

In December 2020, DeFi leaders sent an open letter to the Biden-Harris administration, advocating for inclusive policymaking within the crypto and blockchain space.

Harris Signals Crypto Support

Harris, the Democratic presidential nominee, is actively seeking to win over support from the crypto industry.

On Sept. 27, while speaking at The Economic Club of Pittsburgh, Harris expressed a vision for the U.S. to "recommit" to global leadership in sectors like blockchain and advanced technologies.

“We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain, and other emerging technologies, and expand our lead in clean energy innovation and manufacturing,” she said.

On Sept. 22, Harris also spoke at a fundraiser in New York City, where she highlighted the importance of investing in technologies like artificial intelligence (AI) and digital assets.

“We will partner together to invest in America’s competitiveness, to invest in America’s future,” Harris said. She emphasized encouraging "innovative technologies like AI and digital assets while protecting our consumers and investors.”

On Sept. 19, Anthony Scaramucci, founder of SkyBridge Capital, speaking at the Token2049 conference in Singapore, revealed that a group of Web3 advocates, including himself, has been collaborating with Harris's campaign to shape more crypto-friendly policies.

“There’s a group of cryptocurrency advocates, Bitcoin advocates, etc., that are working alongside her to distance the Democratic Party away from Elizabeth Warren and [SEC chairman, Gary Gensler],” Scaramucci said. “I believe that we are making progress, and I think it’s going in the right direction.”

In August, Brian Nelson, a senior adviser to the Harris campaign, hinted at the campaign's crypto-friendly stance while also emphasizing the importance of regulatory clarity.

“She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow,” Nelson said.