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Harris trails as Trump wins over crypto community – What’s next?
Will Trump’s crypto allure reshape the election as Harris struggles to gain traction in the sector?
- Trump is more supportive of cryptocurrencies than Kamala Harris.
- Key crypto figures like Cathie Wood and the Winklevoss twins endorsed Trump for president.
As the U.S. presidential election draws closer, the race between former President Donald Trump and Vice President Kamala Harris is tightening.
However, regarding the cryptocurrency sector, Trump appears to hold a significant advantage.
While the Crypto4Harris campaign has been working hard to push Harris’s appeal within the crypto community, the Vice President has yet to show clear support for the industry.
Harris’s policy has no mention of crypto
In her recent policy announcements, cryptocurrency remains noticeably absent, leaving many to question her stance on the rapidly growing sector.
Remarking on the same, Thinking Crypto podcast founder Tony Edward took to X and noted,
“I think its safe to say Kamala Harris and her campaign have dropped the ball when it comes to crypto. Donald Trump has the clear advantage.”
Senator Schumer’s change in stance
Fox Business journalist Eleanor Terret also reported that Senator Chuck Schumer had stepped back from his earlier promise to deliver U.S. crypto legislation by the end of the year.
For context, during the Crypto4Harris Town Hall, Democratic Senator Chuck Schumer emphasized the need for clear regulations in the crypto industry, advocating for greater transparency and oversight.
“We cannot afford to continue to sit on the sidelines because then we risk crypto going overseas to lowest common denominator countries where there will be no regulation at all.”
Expressing her sentient on the matter, Journalist Terret stated,
Source: Eleanor Terrett/X
Adding to the fray was Dagnum P.I. who said,
“This should surprise absolutely nobody. If this administration really wanted to pass crypto legislation they would have already.”
Trump wins over crypto supporters
On the other hand, Trump’s outspoken stance on cryptocurrency since the start of this election campaign is uncanny.
Once a crypto critic, Trump is now up with a ‘World Liberty Financial’ initiative, that has gained significant traction among crypto voters as the election draws near.
This new enthusiasm, coupled with various other crypto-focused efforts, underscores Trump’s evolving position on digital currencies.
This surge in support has also pushed Trump to the top of the Polymarket prediction charts, where he leads with 52% of votes, while Harris lags slightly behind at 47%.
Source: Polymarket
Trump has also managed to secure notable endorsements from key figures in the crypto industry including ARK Invest CEO Cathie Wood, the Winklevoss twins, and many others.
Harris is not alone
Despite Trump’s growing support in the crypto community, Kamala Harris is not without any backers.
On 6th September, CNBC reported that Chris Larsen, co-founder and executive chairman of Ripple, publicly endorsed Harris for president. Larsen, along with 88 other corporate leaders in the U.S., signed a letter of endorsement.
Other notable signatories include Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Snap chairman Michael Lynton, and former 21st Century Fox CEO James Murdoch.
Thus, as the election draws near, it will be interesting to see if crypto has a greater effect on political outcomes or whether these outcomes eventually define the future of crypto.
