The upcoming 2024 November elections in the United States have sparked intense debates within the crypto community about the potential stance of Vice President Kamala Harris towards the industry if she were to become the Democratic Party’s nominee. With uncertainty surrounding her position, voices from the crypto space have expressed concerns about her willingness to support the crypto sector if she were to assume the presidency.
One prominent figure in the crypto industry, Tyler Winklevoss, the co-founder of the Gemini crypto exchange, took to social media to criticize Harris, calling for immediate actions such as removing the US Securities and Exchange Commission (SEC) Chair Gensler, halting enforcement actions, and ending Operation Chokepoint 2.0. Winklevoss emphasized that these steps were crucial for Harris to earn the support of the crypto voting block and to foster the industry’s growth. He also highlighted concerns raised by US Senator Bill Hagerty about regulatory stifling under the current Biden administration.
However, Winklevoss also expressed skepticism about Harris taking these actions, stating, “She won’t do this so she won’t stand a chance in winning back the crypto voting block. Time for change.” On the other hand, market expert Adam Cochran offered a contrasting perspective, advocating for a non-partisan approach in engaging with political figures. Cochran stressed the importance of engaging with policymakers from both parties to drive progress within the crypto industry, despite potential political motives.
The exchange between Winklevoss and Cochran underscored the differing views within the crypto community on how to approach political figures and navigate the regulatory landscape. While Winklevoss called for swift action from the Democratic Party, Cochran urged for inclusivity and cooperation across party lines to advance the industry’s interests.
Meanwhile, the upcoming 2024 US presidential election has led to a surge of wagers on crypto betting platform Polymarket, prompting the company to upgrade its infrastructure to accommodate the influx of funds. Polymarket is integrating software from MoonPay to allow users to pay for their bets using traditional banking methods, a departure from the current process of purchasing USDC stablecoin on a crypto exchange. With over $366 million wagered on the election outcome, Polymarket’s data indicates a 61% chance of Trump winning the presidency again and facing off against Vice President Kamala Harris.
The discussions and debates within the crypto community reflect the high stakes and uncertainties surrounding the upcoming elections and the industry’s future regulatory environment. As the election draws closer, the crypto community will continue to closely monitor the candidates’ positions and advocate for policies that support the growth and innovation of the crypto sector.