Harris: Will support AI and cryptocurrency industries

Vice President Kamala Harris said she would help boost investment in artificial intelligence and cryptocurrencies if elected. She outlined her economic agenda to donors in New York on Sunday, saying it would promote innovation and focus regulation on protecting consumers and investors.

“I will bring together labor, small business founders and innovators, and large corporations,” Harris said at a fundraiser at Cipriani Wall Street in Manhattan. “We will work together to invest in American competitiveness, to invest in America’s future. We will encourage innovative technologies like artificial intelligence and digital assets, while protecting our consumers and investors.”

It was Harris' first comment on cryptocurrencies as a Democratic presidential candidate, and investors and enthusiasts are waiting to see whether her approach will differ from that of President Joe Biden.

The crypto industry has emerged as a major player in the 2024 presidential election, with industry executives and investors angry about onerous regulation under Biden and looking to demonstrate their influence with large political donations.

At a Bloomberg News roundtable during the Democratic National Convention in August, one of her campaign policy advisers said Harris wants to help develop digital assets, but she said she is interested in providing insurance for an industry that has seen many high-profile companies fail.

Harris’ Republican opponent, former President Donald Trump, openly courted the industry, promising to fire SEC Chairman Gary Gensler, whose term ends in 2026, choose an industry-friendly regulator and create a stablecoin framework.

Last week, Trump made a overture to the digital asset community by paying for a burger with Bitcoin at a cryptocurrency-themed bar in New York City.

Harris' economic proposals are mainly aimed at voters who are concerned about high prices, which have been a political burden for the Biden administration. Harris promises to promote a series of tax incentives and tax cuts to reduce the burden on low-income and middle-class American families.

But Harris also sought on Sunday to ease concerns about how she runs her business, offering more insight into how she would handle regulation — part of her so-called “opportunity economy” agenda.

"We will create a safe business environment with consistent, transparent rules. We will invest in semiconductors, clean energy and other industries of the future, and cut unnecessary bureaucracy," she said.

On-site fundraising

Sunday's event provides a rare campaign opportunity for the Democratic presidential candidate as she looks to solidify her financial advantage over Trump.

The event raised $27 million, according to a campaign official, who called it the largest single event since Harris became the Democratic nominee.

Tickets range in price from $500 to nearly $1 million, and supporters at the highest donation levels will get a photo with Harris and access to two other events, a "Freedom Luncheon" and a reception for top donors.

The event featured many of the state’s most prominent Democratic officials, including Gov. Kathy Hochul and Senate Majority Leader Charles Schumer, as well as celebrities such as Padma Lakshmi, singer Audra McDonald, and actors Anne Hathaway, Whoopi Goldberg and Billy Porter.

Harris will not attend the Al Smith Gala in Chicago next month, a fundraiser for Catholic charities, and will instead spend her time campaigning in key states, her campaign said Saturday.

In a visit to New York — a city teeming with wealthy Democratic donors — Harris hopes to further expand the Democratic Party's massive financial advantage over Trump.

The vice president, the Democratic National Committee and state parties raised $361 million in August, leaving her with a bank account balance of $404 million by early September. Those figures eclipsed the $130 million raised by former President Trump and the Republican National Committee in August. Harris and the Democratic Party have a $109 million cash advantage over Trump and the Republicans, who had $295 million in their campaign war chest at the beginning of September.

The fundraising spree for Democratic candidates has been fueled by donors from Wall Street, Silicon Valley and Hollywood.

Harris has also successfully raised money online since entering the race in July, allowing her to maintain a light fundraising schedule with just a few high-dollar fundraisers, including one last weekend in Washington. She plans to stop next weekend in Los Angeles and San Francisco, where she built a network of donors during her time as a local and state election official in California.

Harris is fielding a strong field of backup, including running mate Minnesota Gov. Tim Waltz and her husband, Doug Emhoff, who will headline fundraisers.

Former President Barack Obama raised $4 million at a rally in Los Angeles on Friday. His office said Saturday that his signed grassroots fundraising messages and events he has attended — including one with Biden and former President Bill Clinton at New York's Radio City Music Hall — have raised at least $76 million.