Vice President Kamala Harris has been getting up to speed on crypto since becoming the Democratic nominee for president. But she’s playing it cool when it comes to actually talking about it. While other Democrats are charging ahead on cryptocurrency and trying to shape Harris’ policies on the issue, she’s keeping her own cards close to the chest — for now.

A new group called Crypto4Harris held its first virtual gathering this week to support her campaign and push her to end the Biden administration’s crackdown on the cryptocurrency industry. The group is part of a growing movement to rally the crypto community behind Harris, especially as former President Donald Trump has positioned himself as a “crypto candidate.” 

Harris wasn’t present at the Crypto4Harris event. Several Democratic lawmakers, including Senate Majority Leader Chuck Schumer, and other supporters assured attendees during the virtual town hall Wednesday that she would advocate for crypto-friendly regulations. Billionaire Mark Cuban criticized Trump and his supporters for viewing crypto primarily as a tool to make wealthy digital asset investors even richer.

Read more: Mark Cuban says Silicon Valley is backing Trump because he would make their Bitcoin worth more

A group of leading crypto executives participated in a conference call earlier this month with White House officials and an adviser to Harris, sharing their concerns about current and future crypto regulations. The meeting was considered a strategic effort to shape Harris’ policy on crypto-related issues, as she has not made her stance on crypto regulation clear.

Here’s what to know.

Why is Kamala quiet on crypto?

Harris has maintained a strategic silence on crypto. That’s probably because it simply isn’t a major issue in the election, as others including the economy, immigration and abortion access take center stage. As Harris runs a compressed campaign with a tight focus on battleground states, she’s keeping her focus on voters’ top priorites — and crypto doesn’t rank, said Moe Vela, a crypto expert and former adviser to Joe Biden when Biden was vice president.

However, considering Harris’ hiring of David Plouffe and Gene Sperling — who both have extensive crypto industry experience at Binance and Ripple, respectively — Vela is optimistic about her crypto stance.

“I am confident we will hear from the candidate herself in short order on crypto, but it brings me great confidence and comfort to know that she is listening to industry experts and not just engaging in political pandering and bluster like Donald Trump,” Vela said in an email.

Alexander Blume, CEO of Two Prime, an SEC-regulated RIA specializing in digital asset derivatives and a former technology advisor to the Bill & Melinda Gates Foundation, doesn’t anticipate Harris addressing crypto directly.

“If her position is largely to maintain the current administration’s approach to crypto, then it is probably in her best interest to not say much as it will only inflame crypto-centric voters further,” Blume said in an email.

What does the crypto industry want to hear from Harris?

Blume said if Harris echoed much of what the Republican platform and Trump have stated on crypto, she would please a lot of voters. That includes commitments like never forming a central bank digital currency, firing SEC Chair Gary Gensler, and adding Bitcoin to the nation’s reserves.

The challenge for Harris is to shift the perception that all Democrats are lukewarm on crypto. Vela emphasized that Harris needs to articulate a clear stance on cryptocurrency, outlining her plans to create a fair and balanced regulatory environment. This approach should encourage growth and innovation, protect investors and consumers, and weed out bad actors, he said.

Given Harris’ extensive history working with Silicon Valley and tech leaders as a U.S. senator representing California, Vela is optimistic that she understands crypto’s enduring presence and its potential as a powerful economic force.

Before Biden exited the presidential race, there was immense enthusiasm in the crypto industry for a Trump victory. Many believed his administration would dramatically reduce regulations and offer new levels of federal support for crypto.

“I think the industry got a little drunk on the excitement and they’ve largely thrown in with the Trump campaign,” Blume said.

But now that Harris is surging in the polls, the crypto industry is finding itself in a difficult position, he added. The crypto betting platform Polymarket currently predicts a 53% chance of Harris winning, compared to 44% for Trump.

There is obvious concern about potential political blowback if Trump doesn’t win, Blume said.

“Will the crypto industry be viewed by Democrats as being too ‘Republican,’ or too pro-Trump?” Blume said. “Will that limit the possibilities for meaningful policy changes if Kamala Harris becomes the next president?”