Crypto-friendly senator's Democratic challenger takes an interest in space

Morgan Harper, former senior adviser to the Consumer Financial Protection Bureau, is posing as a “curious crypto” in her race to be the D...

Morgan Harper, former senior adviser to the Consumer Financial Protection Bureau, is posing as a “curious crypto” in her race to be the Democratic candidate for one of the seats in the US Senate in Ohio.

In a Tuesday Twitter thread, Harper noted she was interested in the Bitcoin possibilities (BTC) and other cryptocurrencies could mean for Ohio politics. According to the Democratic candidate, Bitcoin can replace many of the functions of traditional banks by passing on “the wealth of the network” to all users rather than a handful of large shareholders.

“There are crypto projects out there that want to compete with pretty much every facet of what a bank or social media company does,” Harper said. “Their basic model is more inclusive than a business. I’ve heard anecdotes and seen statistics on how many young people and people of color are using #bitcoin, which makes sense – historically we’ve been left out of traditional forms of investing.

Harper, 38, added she would be “in learning mode” in the crypto space and encouraged one of her roughly 24,000 subscribers to submit comments on how lawmakers could “prevent bad actors to enter while encouraging innovation “.

Formally announcing his candidacy for the US Senate on August 18, Harper is running for the Democratic nomination against House Representative Tim Ryan, Cuyahoga Land and Water Conservation District Treasurer Demar Sheffey and others. If she was chosen to be the Democratic candidate and elected, she would serve with fellow Democrat Sherrod Brown, leading up to her re-election in 2024.

Harper could potentially replace Senator Rob Portman, who announced in January that he would not seek re-election because it is “increasingly difficult to break the partisan deadlock and move forward on substantive policies.” During his tenure, Portman has been outspoken in some pieces of legislation proposing cryptocurrency regulations. In April, he proposed a bill to better define the cryptography of reports for US taxpayers.

Related: House adopts T $ 1 infrastructure bill with crypto tax for Biden approval

In the recent debate on infrastructure, Senator Portman first supported an amendment presented by his colleagues who suggested removing the definition of brokers from the bill to no longer include developers, transaction validators and node operators. The infrastructure bill has passed both the House of Representatives and the Senate without further clarification on crypto brokers and is currently awaiting approval from President Joe Biden.