The crypto community is discussing the 2024 US presidential election, and the change of the Democratic candidate adds to the intrigue. Let’s figure out what’s going on. Vice President Kamala Harris will be running for the presidency on behalf of the Democrats instead of Joe Biden, who dropped out of the presidential race. But while Biden’s opinion on cryptocurrencies is well known, the new candidate’s views are not so obvious.
What’s going on?
Earlier this month, on July 21, Joe Biden announced that he would not run in the November 2024 presidential election. Cryptocurrency enthusiasts were very happy about this news, as the entire market rose sharply in response.
In the PolitiFi sector, which includes political memecoins, Trump-related tokens have shown the best performance. For example, Pepe (TRUMP) soared by more than 90% after Biden’s announcement. However, already on July 23, the news spread across all the world’s media: Kamala Harris received the support necessary to be nominated as a candidate for the post of president.
Most cryptocurrency enthusiasts are hoping that Trump will become the president of the United States, a country considered the center of the crypto industry. The billionaire has gained popularity among representatives of the digital asset industry and does not plan to stop. For example, he is going to the largest Bitcoin conference Bitcoin 2049. But now a new rival has appeared on the horizon.
While Trump is leading all other candidates by a wide margin on Polymarket, the latest national polling shows the opposite. According to Reuters, Harris is currently ahead by 2%.
Kamala Harris and Technology
Kamala Harris began her political career in 2010, winning the race for San Francisco district attorney. Over the years, she has been considered one of the most tech-friendly Democrats. Meanwhile, the vice president is a vocal advocate for privacy. In fact, she has played a huge role in it. In 2012, for example, as California attorney general, Harris pushed tech companies to give users more control over their privacy when using their apps.
Her supporters also include Amazon general counsel David Zapolsky and LinkedIn co-founder Reid Hoffman, as well as a host of Silicon Valley figures.
“The tech community must unite to defeat Donald Trump and save our democracy by endorsing Vice President Kamala Harris as the Democratic presidential nominee. I have known Kamala for decades, and she has been a champion, leader, and advocate for the tech ecosystem since the day we met. She is the best choice to defeat Donald Trump, and I give her my unwavering support,” said Ron Conway, an American venture capitalist in Silicon Valley.
What is Kamala Harris perspective on crypto?
Harris, however, prefers to remain silent about cryptocurrency. She has never publicly spoken out strongly for or against cryptocurrency, blockchain, tokenization, or non-fungible tokens (NFTs). However, in a conversation with Politico, entrepreneur Mark Cuban said that the vice president’s team has nevertheless begun to show interest in the digital asset sector.
Moreover, Cuban also noted that Harris may be much more crypto-friendly than Biden. In particular, she has often not supported the position of Elizabeth Warren, who has led the US president’s anti-cryptocurrency program.
Many experts believe that the change in the Democratic nominee opens the door for a new conversation between the party and the crypto industry. “There’s an opportunity to talk to the Democratic leadership again… about what the party can do for the industry — maybe put some of that on its platform, maybe start making some of the changes that we’ve missed over the last couple of years,” said Christine Smith, CEO of the Blockchain Association.
Nigel Green, CEO of financial services company deVere Group, told Business Insider that Harris is taking a cautious approach to cryptocurrencies. He expects the candidate to become more vocal in favor of digital assets to better compete with Trump.
At The End
The 2024 US presidential election is a critical event for the crypto community. Its outcome could determine the fate of the sector for at least four years to come. Kamala Harris has not yet made her position clear. However, many emphasize her openness to new technologies and hope for cooperation with the sector. According to experts, the change of the Democratic candidate could give the party a chance to establish a dialogue with crypto enthusiasts.
