The Official Monetary and Financial Institutions Forum (OMFIF), an independent financial think tank, has suggested that Vice President Kamala Harris and the Democratic Party must urgently develop a comprehensive crypto agenda.

Failing to develop a comprehensive agenda would risk ceding significant political and financial ground to the Republicans, particularly former President Donald Trump, it states.

Trump’s recent promises to accept campaign donations in cryptocurrency, potentially build a national Bitcoin stockpile, and appoint crypto-friendly regulators have further solidified this connection.

The think tank argues that the Democrats’ current stance, characterized by regulatory uncertainty and aggressive enforcement actions by the SEC, has alienated many in the crypto industry.

OMFIF’s editor, Lewis McLellan, notes, “Senior Democrats have certainly done nothing to persuade the crypto community that they want to represent its interests in any way.”

OMFIF recommends that the Vice President use the upcoming Democratic National Convention to adopt a more conciliatory approach towards the crypto industry.

This could include supporting existing bipartisan legislation like the Financial Innovation and Technology for the 21st Century bill and the Stablecoins act, which would provide much-needed regulatory clarity.

The think tank emphasizes that embracing crypto policy could attract both votes and campaign donations from the crypto community, potentially making a difference in key battleground states.

Moreover, OMFIF argues that treating crypto as a non-partisan issue would lead to fairer and more robust legislation, benefiting both the industry and the country as a whole.