Kamala Harris’ presidential campaign team seems to be looking for stable regulation while supporting the crypto industry. At least that is what it is saying at the moment.
Vice President Harris plans to support policies aimed at fostering the growth of the digital asset sector, said Brian Nelson, her senior campaign adviser, at a Bloomberg News roundtable.
“She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow,” Nelson stated.
Big Ol’ Promises
Harris’ campaign may target the implementation of stable regulation while supporting the industry. The focus is on ensuring stable growth through consistent and transparent regulatory rules.
In recent weeks, Harris’ team has been actively working to rebuild its relationship with the $2 trillion crypto sector, which has traditionally been approached in a more holistic manner. Her campaign reportedly reached out to a number of major industry firms as part of these efforts.
Harris’ campaign team has intensified outreach to the crypto sector. Earlier this month, crypto Democrats formed the “Crypto4Harris” campaign, an initiative targeting a crypto policy revamp and indicating her campaign’s openness to digital assets.
With $119 million poured into political campaigns, mainly super PACs like Fairshake PAC, it’s no doubt that the digital asset sector has become a major topic in the 20024 election cycle. The spending ranks second in total election-related expenditures.
Cryptos Will Win No Matter What
The crypto industry is expanding its political influence through political donations and public support for candidates like Donald Trump, who has presented himself as a pro-crypto candidate from early on.
The former President headlined a Bitcoin conference in Nashville last month, where he promised to fire Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC).
Trump’s newfound pro-crypto stance also includes creating a less holistic environment for US cryptocurrency businesses and making Bitcoin a national reserve asset.
Several high-profile figures have rallied behind Trump. The Winklevoss twins announced they had donated $1 million each to Trump’s campaign. The two appear to be unconvinced that Harris will support the industry regardless of her team’s reported efforts.
Jesse Powell, co-founder of Kraken, the cryptocurrency exchange that faces the SEC’s crackdown, also said he endorsed Trump, seeing him as the best for the industry.
Meanwhile, the campaign of Robert F. Kennedy Jr., the independent presidential candidate, is considering dropping out of the election race and joining forces with Trump.
According to Kennedy’s running mate Nicole Shanahan, they are also looking to stay in the race and form a new party but with this option, they “run the risk of a Kamala Harris and Walz presidency.”
Following Shanahan’s statements, the odds of Kennedy endorsing Trump surged from 7% to 89% within a day on the decentralized prediction market Polymarket.
Trump Tops Harris in Polymarket
Since Harris revealed her economic proposals, her odds of winning the “White House” have declined on Polymarket. The Vice President has faced backlash after proposing economic policies, which, according to economists, are lacking in practicality.
Harris’ winning odds were tied with Trump’s earlier this week at 49%. However, the latest data shows that Trump leads the poll with 53% while Harris’ odds now stand at 46%. That suggests that traders are betting big on Trump’s return to the office.
Earlier this month, Harris reached her highest odds of winning the presidency at 54% on Polymarket following Joe Biden’s exit from the race. But Harris’ economic plans make her a less favored candidate.
Although cryptocurrency has become more popular on the political scene, it appears that U.S. monetary policy and other macroeconomic factors are more influential on Bitcoin’s price than election outcomes.
CoinGecko’s data shows that Bitcoin has struggled to break above the $60,000 mark over the past month. The cryptocurrency is currently trading at around $60,200, down approximately 11% in a month.
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