US Vice President Kamala Harris has pledged to promote the development of cryptocurrencies if she wins the presidential election, marking the first time she has publicly mentioned the sector during the campaign.
Speaking to donors at a high-profile fundraiser in New York City on Sunday (September 22), Harris laid out her economic agenda, emphasizing innovation and job creation through emerging technologies, Bloomberg reports.
“I will bring together workers, small business founders, innovators, and great companies. We will work together to invest in America’s competitiveness and future. We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors.”
Kamala Harris – US Presidential Candidate
Investors and leaders in the cryptocurrency industry have become key players in the 2024 race, making significant political contributions in hopes of changing the regulatory landscape.
Her opponent, former Republican President Donald Trump, has also sought to garner support from the crypto industry but with a more aggressive approach.
Trump has publicly criticized current regulations, pledging to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler and introduce a regulatory framework for stablecoins.
He also promised to expand America's leadership in the cryptocurrency space while pledging to protect Americans' “right to mine Bitcoin.”
Meanwhile, on Sunday, Harris laid out broader economic proposals, including investing in sectors like semiconductors and clean energy, as part of her “opportunity economy” platform.
She promised to simplify regulations and cut red tape to create a business-friendly environment, according to reports.
“We still don’t know how Harris will approach crypto,” said Oliver Linch, CEO of Bittrex Global and head of futures markets at the Adam Smith Institute, a UK-based policy organization.
“As the election approaches, it’s probably a given that Harris will continue the policies of the current administration. I think it’s very unlikely that she’ll fire Gensler — he’s done such a good job of convincing people that he’s the right person for the job.
On the other hand, there are clearly Democrats emerging as crypto advocates, even from unexpected angles, like former House Speaker Nancy Pelosi. People often like to make a big dichotomy between Democrats and Republicans, because it's easy and it appeals to the crowd. But really, I don't think it's as simple as a lot of people think,” Linch said.
Sunday’s fundraiser was attended by high-profile Democrats like New York Gov. Kathy Hochul and Senate Majority Leader Chuck Schumer, along with celebrities like Anne Hathaway and Billy Porter. Tickets cost between $500 and $1 million, helping Harris raise a significant amount of money for her campaign.
The event cemented Trump's financial advantage, as her campaign, the Democratic National Committee and state parties raised $361 million in August, far outpacing the $130 million raised by Trump and the Republican Party during the same period.
Kamala Harris leads in 4 of 6 swing states on Polymarket
As the 2024 election draws closer, Harris has drawn support from four of the six swing states on Polymarket, including Wisconsin, Pennsylvania, Michigan and most recently Nevada.
She leads by the largest margin in Michigan, where her winning margin is 66%. Wisconsin is next with 58%, while Pennsylvania and Nevada are close at 52% and 51%, respectively.
All six swing states and popular vote percentages. Source: Polymarket
Harris' odds of winning the 2024 presidential election in prediction markets have risen to 52%, surpassing Trump's 47%, creating a 5-point gap.
Former President Trump dominated the Polymarket odds early in the race, but that gap has narrowed significantly, with the race now reflecting a close contest between the two candidates.
Election margin narrows. Source: Polymarket
Trump's odds on the prediction platform dropped as much as 3% after the first debate with Harris, due to what was seen as a poor performance. However, the odds recovered shortly after the televised event, leveling the playing field between Trump and Harris.
Additionally, the Republican candidate may have also lost support from some voters in the crypto industry after he announced the launch of a token for his decentralized finance project World Liberty Financial. While some voters saw this as a positive development and did not influence their decision, many others viewed the token launch as a scam and expressed disappointment.
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