- Members of the crypto industry have expressed displeasure with the U.S. Treasury Department's new national strategy for financial inclusion.
- Although the strategy is committed to a new financial approach, it mentions cryptocurrencies as a risk.
- With the US presidential election just days away, the newly announced strategy could hurt Kamala Harris' chances.
U.S. Treasury Secretary Janet Yellen unveiled a new National Strategy for Financial Inclusion (NSFI) in a speech at the ABA Annual Conference on Tuesday, but the issue did not sufficiently mention cryptocurrencies. . With the US presidential election just days away, this could have a negative impact on support for Democratic candidate Kamala Harris.
U.S. Treasury raises virtual currency as a risk ahead of U.S. presidential election
Treasury Secretary Janet Yellen introduced the new National Strategy for Financial Inclusion (NSFI) in her keynote address on Tuesday. NSFI is a set of goals aimed at increasing access to safe and affordable financial products and services for all Americans.
The strategy only mentions cryptocurrencies once, calling it a risk, a term often used under the Biden administration.
Several crypto enthusiasts have noted that the omission of cryptocurrencies in the new report is a deliberate move by the Biden administration days before the election.
This follows reports that the US Treasury plans to take on $1.3 trillion in debt over the next six months to keep the economy stable. This debt includes $546 billion in this final quarter and an additional $823 billion in the first quarter of 2025.
Democratic candidate Kamala Harris has not taken a clear stance on digital assets, and industry insiders now suspect she has a hand in the U.S. Treasury's eventual moves.
This could hinder Harris' support in the election, as many members of the crypto community believe that a continued Democratic administration would have a negative impact on the crypto industry.
But Ripple co-founder Chris Larsen, a major donor to the Harris campaign, is loyal to the candidate.
Larsen claims he supports Harris because he believes she will ensure “American technology dominates the world.” He also said in an interview with CNBC that the crypto wars will end regardless of who wins.
Meanwhile, odds from prediction market Polymarket show Donald Trump holding a 66% lead to Harris' 33%.
