Crypto industry reacts as US Treasury fails to add digital assets in new strategy
- Crypto industry members are showing displeasure toward the new US Treasury national strategy for financial inclusion.
- The strategy addresses new financial approaches but refers to crypto as a risk.
- With the US presidential elections a few days away, the newly released strategy may negatively affect Kamala Harris' chances.
In a speech at the ABA Annual Convention on Tuesday, US Treasury Secretary Janet Yellen revealed a new National Strategy for Financial Inclusion (NSFI), but the issue failed to mention crypto in a good light. With the US presidential election only a few days away, this may negatively impact support for Democrat candidate Kamala Harris.
US Treasury addresses crypto as a risk ahead of US presidential election
During a keynote speech on Tuesday, the US Treasury Secretary Janet Yellen introduced the new National Strategy for Financial Inclusion (NSFI). The NSFI is a set of objectives aimed at increasing access to secure and affordable financial products and services for every American.
The strategy mentions crypto only once and refers to it as a risk — a term commonly used under the Biden administration.
Several crypto enthusiasts have referred to the omission of crypto in the new report as a deliberate action by the Biden administration a few days before the election.
This comes after reports stated that the US Treasury plans to take debts of $1.3 trillion over the next six months to keep the economy stable. The debt includes $546 billion in this final quarter and another $823 billion in the first quarter of 2025.
Democrat candidate Kamala Harris hasn't shown a clear stance toward digital assets, and industry enthusiasts now wonder if she is involved in the US Treasury's final move.
This may hamper support for Harris in the elections as many crypto community members believe that a continued Democratic rule will negatively impact the crypto industry.
However, Ripple co-founder Chris Larsen, who has been a major donor to the Harris campaign, has shown good faith in the candidate.
Larsen claims he supports Harris because he believes she will ensure that "American technology dominates the world." He further stated in an interview with CNBC that regardless of who the winner will be, the war on crypto will be over.
Meanwhile, prediction marketplace Polymarket odds show Donald Trump maintaining a 66% lead over Harris' 33%.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
