Author: Mia, ChainCatcher

Editor: Marco, ChainCatcher

Last Sunday, 81-year-old US President Biden announced that he would not seek re-election, and Vice President Kamala Harris immediately stated that she would seek the Democratic nomination to succeed Biden. After receiving full support from Biden, many Democrats quickly expressed their support for her.

Although Biden's support has given Harris a strong endorsement as a candidate, the outcome is still full of variables. Earlier, the four most influential figures within the Democratic Party all issued statements praising Biden, but remained silent on their support for Harris, including former President Barack Obama, who is said to maintain a neutral position, just as he did during the 2020 primaries.

Just today, California Representative and former Speaker of the House Nancy Pelosi officially expressed support for Harris. While many Democrats in the Capitol support Harris, New York Democratic Senator Chuck Schumer and Representative Hakeem Jeffries, who lead the Democratic Party in Congress, have yet to express their support for her.

So, besides Harris, who else could become the Democratic candidate? What kind of cryptocurrency policies will they bring?

In recent weeks, California Governor Gavin Newsom and Michigan Governor Gretchen Whitmer have become prominent contenders. Newsom has gained nationwide attention due to his public debates with Republican governors, while Whitmer has long been a representative of abortion rights supporters nationwide, which is widely seen as a key issue for the Democratic Party in the November election. It is worth noting that Whitmer has previously stated that even if Biden withdraws, she will not seek the nomination.

In addition, Pennsylvania Governor Josh Shapiro has also garnered attention, with The Wall Street Journal predicting that Pennsylvania will be a key battleground state for both parties in the coming months.

Illinois Governor Pritzker has also become an attractive candidate with a net worth of up to $3.5 billion.

Democratic Candidates' Attitudes Toward Cryptocurrency

Vice President Harris (Kamala Harris)

Financial disclosure information indicates that Harris and her husband, Douglas Emhoff, have not ventured into the cryptocurrency field and are more inclined to invest in traditional finance, such as US Treasury bonds and emerging markets.
During the 2020 election, Harris hired Ryan Montoya as her scheduling director. Montoya was reportedly the former Chief Technology Officer of the Sacramento Kings basketball team (NBA team). Under his leadership, the Sacramento Kings became the world's first team to accept Bitcoin payments and also attempted to mine Ether and launch an NFT series.

In addition, The New York Times previously reported that Harris has close ties to the tech industry. When she was nominated as vice president, this was even seen as "good news" for Silicon Valley. As the relevance between the tech industry and cryptocurrency continues to grow, it is not ruled out that Harris may stand up to support Bitcoin for some reason before the presidential election.

Governor Newsom of California - Supporter of Cryptocurrency Technology

Among potential candidates, Newsom has a deep understanding of the cryptocurrency industry and maintains an open attitude. He has been one of the most prominent advocates for blockchain and cryptocurrency technology within the Democratic Party, working to collaborate with the cryptocurrency industry to formulate national policies and promote education.

As early as May 2022, Newsom issued an executive order aimed at promoting blockchain research and innovation, and exploring government applications. Although the cryptocurrency policy environment changed due to the Celsius incident and FTX bankruptcy, leading to the veto of a new state-level industry regulation bill, Newsom's positive attitude towards the cryptocurrency industry has not changed.

In October 2023, Newsom continued to advance cryptocurrency legislation, signing a cryptocurrency licensing bill that will take effect in July 2025. The bill requires the California Department of Financial Protection and Innovation (DFPI) to establish a regulatory framework for cryptocurrency, including licensing and enforcement, rulemaking authority. The DFPI also has an 18-month implementation period to tailor the regulatory framework to respond to industry trends and mitigate consumer harm.

Newsom's in-depth understanding of the cryptocurrency industry suggests that he may be willing to collaborate with the cryptocurrency industry.

Governor Whitmer of Michigan

Whitmer is considered a potential candidate, but she has not discussed her stance on cryptocurrency or promoted cryptocurrency policies in any significant way in Michigan. This suggests that if she becomes president, she may be more responsive to cryptocurrency policy issues, or from a policy perspective, she may not be interested in cryptocurrency.

Although states like California have already implemented regulatory frameworks for collaboration with the industry, there is no indication that Whitmer will make any significant moves in the cryptocurrency space.

Governor Josh Shapiro of Pennsylvania

Like Whitmer, Shapiro is also considered a potential presidential candidate. During his tenure, the Pennsylvania Department of Banking and Securities decided to include "cryptocurrency" in its definition of "money" in its "Money Transmission Act," reversing the policy from 2019 before Shapiro became governor.

Although Shapiro has not made any major moves in the cryptocurrency space, he has also not made any negative comments about the cryptocurrency industry, even after the state tax breaks were used by cryptocurrency mining companies to help create data centers.

In the future, Shapiro may be willing to consider establishing a regulatory framework for cryptocurrency at the national level.

Governor Pritzker of Illinois - Pro-Cryptocurrency

If anyone could be called a "proponent of cryptocurrency," it would likely be Pritzker.

Prior to the collapse of FTX in 2022, Pritzker's office had maintained a positive attitude towards cryptocurrency. In addition, in a Facebook post in 2021, Pritzker welcomed the cryptocurrency ATM company CoinFlip to develop in Chicago, stating that "the future of cryptocurrency is in Illinois."

In fact, Illinois under Pritzker's leadership has been early to embrace cryptocurrency.

Industry observers have suggested that if the cryptocurrency industry wants someone to become the Democratic presidential candidate or Harris's vice presidential candidate, Pritzker may be the best choice.

So, in the current situation, what are some meme coins worth paying attention to?

Related Meme Coins

Currently, with Harris as the frontrunner under Biden's endorsement, there are already related meme coins. (This does not constitute investment advice)

$HERRIS

According to X platform, the token $HERRIS (Kumala Herris) has over 5,000 followers and a market value of $6.2 million. After Biden announced his withdrawal, the price of $HERRIS briefly exceeded $0.009, but has since fallen to $0.0062, with a 24-hour increase of 24.43%.

In addition, more related meme coins are entering the market.

$CUMALA

According to X platform, the Solana-based meme coin $CUMALA (cumala whoris) has been issued, with only 190 followers.

$KAMA

$KAMA (Kamala Horris) is currently the largest related meme coin on the SOLANA chain, doubling in price within minutes after Biden's announcement of withdrawal, breaking through $0.3, reaching a historical high, and currently priced at $0.02736, with a 24-hour increase of 48.45%. The market value of $KAMA is $25.83 million.

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