Why Kamala Harris’ nomination is good news for crypto, reveals Mark Cuban

• Mark Cuban hinted at a potential crypto policy shift under Kamala Harris’ leadership.
• Harris’s KAMA token surged 56%, but Trump remained the election favorite with 61% odds in his favor.

Despite President Joe Biden’s departure from the 2024 presidential race and Kamala Harris emerging as the Democratic nominee against former President Donald Trump, the crypto community has remained largely unaffected.

This is because both Biden and Harris had previously demonstrated skepticism towards cryptocurrency.

Mark Cuban on Harris’ softening stance toward crypto

However, Bitcoin [BTC] advocate Mark Cuban revealed that advisors close to Kamala Harris have started contacting him, hinting at a potential shift in crypto policy under Harris’s leadership.

In an interview on the 23rd of July, Mark Cuban stated,

“I’m getting multiple questions from her camp about crypto. So I take that as a good sign.” 

In a separate Gmail interview with “Politico,” Mark Cuban expressed his belief that Harris might adopt a more business-friendly stance on topics such as cryptocurrency and artificial intelligence.

He suggested that although this hasn’t been officially confirmed, signals from Harris’s advisors indicate she could be more receptive to these industries compared to previous policies. Cuban added, 

“Changing the policies changes the message and lets everyone know she is in charge and open, literally, for business.”

The reason behind Harris’ sentiment shift

Given recent developments, it’s understandable why the Harris campaign might prioritize engagement with the crypto industry.

In the past weeks, Trump has gained significant support from tech leaders, including key figures in the crypto world.

Fairshake, a pro-crypto super PAC, has amassed an impressive $203 million since the fall, becoming the largest independent political spender of this election cycle.

Despite this, Harris’s specific plans for crypto regulation remain uncertain.

While she has not publicly addressed her stance on the industry, her background as a former San Francisco politician suggests she may be more aligned with Silicon Valley and tech interests than President Biden.

Impact on memecoin and prediction market

This has had a significant impact on Kamala Harris’s KAMA memecoin, which surged by over 56% in the past 24 hours, per CoinGecko.

Additionally, Polymarket’s prediction data indicated an increase in Harris’s odds, rising from 29% to 36%.

Source: Polymarket

However, Trump still led the charts with 61% of voters in his favor, suggesting that he remains the favorite to win the election.