As the 2024 U.S. presidential election approaches, cryptocurrency is emerging as a significant factor shaping candidate support. Former President Donald Trump has attracted attention with his pro-crypto stance, while his rival, Kamala Harris, has not taken a definitive position on the topic, creating uncertainty among Democrats. With millions of dollars in funding from influential donors and companies in the crypto industry, this election cycle could prove pivotal for the future of U.S. crypto regulation.
On the prediction platform Polymarket, Trump’s odds of winning have surged to 67.1%, placing him 34 points ahead of Harris, who currently stands at 33.1%. Additionally, the platform has recorded a total trading volume of $2.686 billion on forecasts related to the U.S. presidential election.
Role of Crypto Donors in the Election Grows
While Harris has yet to clarify her stance on crypto, the Democratic Party has shown interest in establishing a clear position. High-profile regulatory actions over the last two years, including SEC lawsuits against crypto firms and the collapse of major exchanges like FTX, have amplified concerns within the industry.
Facing pressure from industry critics, Democrats are encouraging Harris to adopt a pro-crypto approach. Though she expressed support for “new digital technologies” in a New York address in September, the absence of specific plans has left questions about her crypto policy unanswered.
Trump’s Crypto Promises Resonate with Industry Insiders
In contrast, Trump has pivoted from his 2019 anti-crypto stance to a pro-crypto platform for his 2024 campaign. He aims to make the U.S. the “world’s Bitcoin superpower” and recently pledged to create a “presidential advisory council” for Bitcoin (BTC) and other cryptocurrencies. Trump has also promised to oppose the Federal Reserve’s plans for a central bank digital currency (CBDC), advocating for more personal control over digital assets.
This shift has captured the attention of prominent industry figures. Trump’s campaign has become the first presidential campaign to accept donations in Bitcoin, and his crypto-friendly policies have attracted significant interest from the sector. However, it remains uncertain if these promises will materialize into actual regulatory changes.
As election day draws nearer, both Trump and Harris find themselves increasingly influenced by the crypto industry. Stay tuned to Dey There for further insights into how cryptocurrency will shape the 2024 presidential race.
presidential election, cryptocurrency, Donald Trump, crypto regulation, Bitcoin
