Crypto industry outreach propels Kamala Harris’s presidential odds to 39%

Kamala Harris’s odds of becoming the next president increased by a record 5% to 39% on Polymarket after recent reports that her team is reaching out to stakeholders within the crypto industry. Market analysts said these strategic moves have boosted her chances within a deeply polarized crypto industry.

Also Read: Trump raises $4 million crypto to aid his journey to POTUS

Some of the companies reportedly contacted include Coinbase and Ripple Labs. While these companies have not directly endorsed Trump, some key executives have already donated to his campaign. Stuart Alderoty, Ripple Labs’ general counsel, donated $300,000 in XRP tokens to the Donald Trump Campaign in June.

Kamala Harris' election odds are up 5% today, a new high for Democrats.

This race is looking closer and closer. pic.twitter.com/TQjhat4ayD

— Polymarket (@Polymarket) July 26, 2024

Harris’s team hints at the pro-crypto stance

Since Biden withdrew from the presidential race, talks of Kamala Harris being pro-crypto have been gaining momentum within the crypto community. While some believe she is no different from Biden as she was part of the administration, there is growing openness to hearing her stance on the industry.

Talks about Harris being pro-crypto first emerged when David Bailey, Bitcoin Magazine CEO, confirmed that her team was considering speaking at the Bitcoin Conference 2024. Although she did not take the chance, many industry stakeholders view the move as a positive indication of her stance towards the industry.

Since then, multiple reports have shown her open-mindedness about the industry. In an interview with Fortune, Mark Cuban mentioned that Harris’s advisors contacted him on crypto. Similarly, former White House Director of Communications Anthony Scaramucci said Harris would support the industry and sideline anti-crypto warriors such as Senator Elizabeth Warren and SEC Chair Gary Gensler.

A recent report by the Financial Times suggests that those claims might be true. According to the report, the Harris team has contacted several crypto companies, including Ripple Labs, Coinbase, and USDC issuer Circle. They claim that the talks show the industry that the Democratic Party supports business and innovation.

However, there are concerns within the Democratic Party that the Biden administration’s approach to the crypto industry might have alienated many voters, especially in battleground states, and could cost the party this election.

Democrats want Kamala Harris to pick pro-crypto VP

Meanwhile, many within the Democratic Party are pushing the party to adopt a pro-crypto stance. In an open letter sent out on Saturday, this group, which includes lawmakers and congressional candidates, called on the party national committee to adopt a “forward-looking approach” to digital assets and replace the SEC chair with someone who is pro-crypto. They further called on Harris to pick a vice president with crypto leanings.

“We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.’s position as the leader in the global digital economy.”

With Harris’s campaign gaining momentum, Trump will likely double down on his pro-crypto advances at the Bitcoin Conference, where he speaks on Saturday. Trump is already enjoying massive support from the industry, leading to endorsements from several stakeholders and over $4 million worth of cryptocurrencies raised as donations.