Vice President Kamala Harris is aiming to mend the strained relationship between the Democratic Party and the US cryptocurrency community. Recent developments on Capitol Hill indicate a shift in the Democratic stance toward digital currencies, with notable figures like Senate Majority Leader Chuck Schumer and former House Speaker Nancy Pelosi showing unexpected support for bitcoin-friendly legislation​.

In a significant move, 32 Democrats joined Republicans to advance a rollback of SEC guidelines perceived as restrictive towards digital assets. This move came despite opposition from President Joe Biden and Senator Elizabeth Warren, who are known for their critical stance on cryptocurrencies​. This shift is seen as an attempt to balance regulatory concerns with the growing influence and advocacy of the crypto industry within the US political landscape.

Crypto-friendly legislation has been gaining bipartisan support, highlighting the industry’s increasing political clout. House Financial Services Chair Patrick McHenry, an advocate for the industry, referred to this period as a “high watermark” for crypto in Washington. This sentiment reflects the growing acceptance and legitimization of digital assets in federal financial regulations.

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