Vice President Kamala Harris is cozying up to the cryptocurrency industry in the final stretch of the presidential campaign, embracing an industry scorned by progressives and giving hope to moderates who want her administration to take a more business-friendly approach to the economy.

Progressive policy makers largely celebrated the economic approach of President Joe Biden, whose administration embarked on an effort to reverse what liberals saw as 40 years of corporate dominance of policy-making in Washington. The approach also kept the Democratic Party, which seemed at the edge of an ideological fracture during the 2020 primaries, largely united.

Harris embrace of crypto coming just two years after the collapse of FTX, the cryptocurrency exchange that embarrassed the industry and erased more than $1 trillion of investment, including many peoples life savings is her most noteworthy reversal from Bidens economic approach so far.

Her crypto-friendly approach is partially a reflection of how the industry has used money to conquer Washington. It has won allies throughout Congress and managed to enlist a small army of digital asset holders to do its political bidding.

Whether its a sign of a broader ideological shift on Harris part is unclear, and the Democratic nominee may have an interest in keeping it that way as she tries to keep every possible element of the coalition happy ahead of an ultra-close November election.

Interviews with crypto supporters, opponents and Harris allies, however, point to a scenario where Harris may be seeking to correct what moderate Democrats view as a major mistake by the Biden administration an unwillingness in their eyes to even engage with the business community, including crypto without wholly abandoning many of the policies the partys progressive wing loves.

I find it telling that Vice President Harris is proactively signaling openness to embracing emerging technologies like blockchain, Rep. Ritchie Torres (D-N.Y.), one of the biggest boosters of crypto in the Democratic Party, told HuffPost, referring to the decentralized ledger that undergirds the crypto system. I actually think as a product of Silicon Valley, she has a natural openness to new technology, more so than the Biden administration.

But a slightly more friendly approach to Silicon Valley (Harris mentioned AI, quantum computing and blockchain as sectors that will define the nation the next century in an economic speech in Pittsburgh on Wednesday) does not inherently mean an abandonment of many of the labor-friendly, climate change-fighting industrial policies the Biden administration pursued.

Its easy to see why people think this is the Biden Administration plus Silicon Valley, said Michael Madowitz, the principal economist at Roosevelt Forward, the political arm of the progressive think tank, the Roosevelt Institute. But that doesnt mean she cant focus on balancing corporate power, on making sure American workers get a fair shake.

Many of those progressive-friendly policies were included in an 82-page policy manifesto , A New Way Forward For The Middle Class, which Harris campaign released alongside her speech in Pittsburgh. They include hyping the Biden-Harris administrations antitrust agenda, including their fight against junk fees. The manifesto also promises to take on anti-competitive practices in the pharmaceutical, food and housing industries.

In the same speech, however, she took care to deliver some calming words to the business community, saying she knows the limitations of government. She added: Ive always been and will always be a strong supporter of workers and unions, and I also believe we need to engage those who create most of the jobs in America.

What may ultimately determine the ideological direction of Harris administration is who she hires. Crypto supporters are determined to oust Securities and Exchange Commission Chairman Gary Gensler, for instance. And the presence of Harris campaign advisors with closer ties to big tech means the door may be open more for policy hands with private sector experience.

One obvious instance: Tony West, Harris brother-in-law who is on leave from his job as the chief legal officer at Uber is almost certain to get a top role in her administration. And allies of Silicon Valley in D.C. are hopeful Harris closer geographical and generational ties to tech mean more open lines of communication than existed with Biden.

Theres going to be a greater willingness to hire people who worked in the private sector. That doesnt mean theres no room for people on the left, said Caitlin Legacki, who worked as a top aide to Commerce Secretary Gina Raimondo, one of the more moderate figures in the Biden administrations economic policy-making world. You dont have to sell the White House to corporations, but you should have someone to pick up their phone calls.