With the upcoming U.S. presidential election looming closer, the competition between former President Donald Trump and Vice President Kamala Harris is intensifying.
Nevertheless, when it comes to the digital currency sphere, Trump seems to have a substantial edge.
Despite the diligent efforts of the Crypto4Harris campaign to boost Harris’s popularity within the crypto community, the Vice President has yet to demonstrate explicit support for the industry.
Crypto Absent in Harris’s Policies
In her recent policy statements, there is a conspicuous absence of any mention of cryptocurrency, raising concerns about her position on this rapidly expanding sector.
Reflecting on this, Tony Edward, the founder of the Thinking Crypto podcast, conveyed his thoughts and remarked,
“It seems evident that Kamala Harris and her team have neglected the crypto aspect. Donald Trump clearly holds the upper hand.”
Shift in Senator Schumer’s Position
According to a report by Fox Business journalist Eleanor Terret, Senator Chuck Schumer has backtracked from his previous commitment to introduce U.S. crypto regulations by the year-end.
During the Crypto4Harris Town Hall, Democratic Senator Chuck Schumer emphasized the necessity of well-defined regulations in the crypto sector, advocating for increased transparency and supervision.
“We cannot afford to stay idle, as this might result in crypto operations moving to countries with minimal regulations.”
In response to this, Journalist Terret expressed her viewpoint,
Another voice added to the discussion was Dagnum P.I. who stated,
“This development shouldn’t come as a surprise to anyone. If the current administration truly intended to pass crypto legislation, they would have done so by now.”
Trump Garners Support from Crypto Enthusiasts
In contrast, Trump has been vocal about his stance on cryptocurrency right from the beginning of the election campaign.
Previously critical of crypto, Trump has launched the ‘World Liberty Financial’ initiative, which has resonated well with crypto supporters as the election approaches.
This newfound enthusiasm, alongside various other initiatives focused on cryptocurrency, illustrates Trump’s changing position on digital currencies.
This surge in backing has propelled Trump to the top of the Polymarket prediction polls, where he commands 52% of votes, slightly ahead of Harris at 47%.
In addition, Trump has garnered endorsements from prominent figures in the crypto space, including ARK Invest CEO Cathie Wood, the Winklevoss twins, and several others.
Harris Finds Some Support
Despite Trump’s increasing backing from the crypto community, Kamala Harris is not devoid of supporters.
On September 6, CNBC reported that Chris Larsen, the co-founder and executive chairman of Ripple, publicly endorsed Harris for president. Larsen, along with 88 other business leaders in the U.S., signed a letter of endorsement.
Noteworthy signatories also include Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Snap chairman Michael Lynton, and former 21st Century Fox CEO James Murdoch.
Therefore, as the election approaches, it will be intriguing to observe the impact of crypto on political outcomes and how these results might shape the future of digital currencies.