Kamala Harris picks Minnesota Gov. Tim Walz as running mate

U.S. Vice President Kamala Harris picked Minnesota Governor Tim Walz as her running mate, according to multiple reports Tuesday morning.

Harris' pick could help her in the upcoming elections since Walz is from a Midwestern state. Walz was one of a few contenders for the vice president spot including Kentucky Governor Andy Beshear, U.S. Transportation Secretary Pete Buttigieg and Pennsylvania Governor Josh Shapiro.

On Monday night, bettors on the decentralized prediction market platform Polymarket had the odds of Shapiro being Harris' vice president pick at 57% with Walz taking 40%. That has fluctuated over the past few weeks when bettors put money on North Carolina Gov. Roy Cooper getting that slot as well.

Walz hasn't openly spoken about crypto, but during his time as governor, Minnesota enacted legislation to bolster regulation of cryptocurrency kiosks, according to AARP.

Crypto has become a part of the election discussions over the past few months. Last month, the Republican Party expressed support for crypto firms and investors in its platform for the 2024 elections, including vowing to end an “unlawful and un-American crackdown” on the U.S. crypto industry.

Harris' team has meanwhile begun reaching out to the crypto industry shortly after President Joe Biden announced he would not be seeking reelection and endorsed Harris to replace him as the Democratic Party's nominee. Harris' campaign team also brought on David Plouffe last week. Plouffe has made a number of statements about crypto in the past and, over the last couple of years, joined the Binance Global Advisory Board and also served as a global strategic advisor for Alchemy Pay, a firm that connects crypto and fiat currencies.

"Walz has been somewhat of a blank slate on cryptocurrency, like his running mate," said Cody Carbone, The Digital Chamber's chief policy officer, in a statement to The Block. "We’re hopeful that VP Harris’ reported interest in being more crypto-forward will also be affirmed by her new running mate. This campaign has a lot of ground to make up compared to Republicans and we hope private outreach soon turns to public support."

Harris is likely to differ significantly from Biden on crypto policy, said TD Cowen Washington Research Group, led by Jaret Seiberg, in a note on Tuesday.

"Though she has not been vocal on crypto, she has advisers with crypto experience and Washington generally views her as more receptive to crypto than Team Biden," Seiberg said in the investment bank's note. "Walz does not change our view on this front. He has largely been silent on crypto policy, though his green energy views may represent a risk to crypto miners and to proof of work given progressive concerns about their consumption of energy."

Update: Aug. 6, 1:35 p.m. UTC to include comments from Cody Carbone

Update: Aug. 6, 6:35 p.m. UTC to include comments from TD Cowen