- Kamala Harris forms a crypto-centered team for her presidential campaign.
- Former Binance board member joins the collective ahead of the first meet-up.
- Presidential election odds are balancing out as crypto policy remains uncertain.
US Presidential Candidate Kamala Harris is making another attempt to fix her party’s complicated relationship with blockchain technology and crypto. The Democratic party’s animosity towards crypto has been heavily stimulated by figures such as Elizabeth Warren, who recently voted against the asset class in the high-profile SAB 121 bill.
Harris Hires Binance Ex-Board Member As Advisor
David Plouffe, a former manager of Barack Obama’s 2008 presidential campaign, has joined Kamala Harris’ team as an advisor. He is also an ex-member of the Binance Global Advisory Board.
Sponsored
Before joining Harris’ campaign last weekend, Plouffe worked for Alchemy Pay, a fiat-to-crypto payment provider. Last Friday, Harris tapped two financial industry professionals as advisors, one of them being a well-established Binance alumnus.
This has been done courtesy of a new crypto-centered political campaign, dubbed “Crypto For Harris,” as revealed by FOX Business on August 7, 2024. The newly formed team of crypto professionals and associates plans to host a digital town hall meeting next week, where a clear direction on crypto legislation is meant to be established.
Crypto figures like Mark Cuban and Anthony Scaramucci are among next week’s meet-up participants, likely to be joined by top Democratic Senate leaders. The meeting will be open to the public and likely include a crypto fundraising initiative, a response to Trump’s crypto donation campaign.
In full swing since May 2024, the Republican presidential candidate has a lengthy roster of crypto industry leaders backing him. To name a few, Kraken’s founder Jesse Powell has donated $1 million of Ethereum (ETH) to Trump. In comparison, Gemini’s Winklevoss twins contributed $1 million in Bitcoin (BTC), breaching Trump’s donation limit under federal law.
Kamala Snatches Favorite Status from Trump?
As for the upcoming election’s winning odds, an enigmatic shift occurred moments after Kamala Harris announced her running mate. Even though Tim Walz has never discussed cryptocurrency, he is a strong proponent of renewable energy.
In such a case, Walz’s stride to implement 100% clean energy in states like Minnesota and Texas by 2040 could lead to Bitcoin mining farms adopting more environmentally friendly mining practices. While the crypto community requests Harris’ team clarify their ambiguous stance on the crypto sector, the crypto prediction markets believe in the Democratic candidate.
According to Polymarket, Harris’s chances of winning the U.S. presidential election have increased to 49.5%, while Trump’s odds are at 49%. In a monthly perspective, Trump’s winning chances have slimmed by 13 percentage points over the past 30 days.
Trump had a slight edge over Biden, but the tables have completely switched since Harris joined the race and her team started inquiring about crypto. Approaching billionaire Mark Cuban days after she decides to run for president, Harris will likely search for ways to cure the Democratic Party’s dysfunctional relationship with the blockchain industry.
On the Flipside
- Last month, Kamala Harris refused to give a keynote speech at the Bitcoin conference in Nashville after receiving an invitation from the community.
- This enraged the crypto community, as many industry experts projected Harris to follow Joe Biden’s path with complacent crypto legislation.
Why This Matters
Crypto has become an unavoidable topic in the political landscape of the United States, with the upcoming presidential elections potentially shaping the industry’s future.
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