Donald Trump and Kamala Harris are at the center of a quickly changing US presidential election scene. As the race heats up, the crypto industry is being watched closely, with both candidates’ views on digital assets potentially shaping the market’s future.
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US Presidential Election: Trump’s Chances Decline as Harris Gains Support
Trump’s Falling Odds
Former President Donald Trump’s chances of winning the 2024 US presidential election have been reduced. On the blockchain-based predictions platform Polymarket, Trump’s odds have dropped to 54%, an 18% decrease from his July peak of 72%.
Various factors are causing this decline, including growing interest in Vice President Kamala Harris as a potential rival. Despite the setback, the crypto community still favors Trump due to his open support for the industry.
As reported:
“If he is re-elected, Trump promised to fire the Securities and Exchange Commission (SEC) chair, Gary Gensler, and end the regulatory war on crypto.”
Harris’s Rising Momentum
Vice President Kamala Harris has been gaining ground in the presidential race. Her odds on Polymarket have recently risen by 5%, bringing her chances to 45%. This increase follows Trump’s disputed comments about Harris’s racial identity.
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A recent Bloomberg poll shows that Harris now has a chance of winning six out of seven swing states. While Harris has not clearly stated her stance on cryptocurrencies, “several industry stakeholders claim she shows openness towards the industry.”
Crypto Community Reactions
The crypto community has responded with mixed reactions to the changing election odds. Some industry insiders claim Harris shows openness towards cryptocurrencies. However, others worry about how she might affect the sector.
Youholder analyst Ruslan Lienkha warned:
“With a Harris win and no major shifts expected in the regulatory landscape, the SEC will likely attempt to apply the existing traditional finance framework to the crypto market.”
Crypto attorney Gabriel Shapiro shares a similar view, stating:
“The market knows Kamala is insanely bearish for crypto, tech, business and the economy yet most of my feed is cryptobros pleading that we simp to her failed regime yet again.”
As the US presidential election nears, the dynamic between Donald Trump and Kamala Harris keeps evolving.
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The crypto community remains split, with backers on both sides. One user noted that:
“the problem is not peculiar to Harris but to the Democratic Party and its desire for the government to have a role in everything.”