Vice President Kamala Harris’s recent efforts to engage with the cryptocurrency industry may not significantly influence voters in the upcoming US presidential election, according to Bernstein analysts.
Harris’s Outreach to Crypto Officials
Reports indicate that Harris has instructed her aides to engage with industry officials in an effort to “reset” relations with major crypto exchanges. The specific details of these discussions remain unclear. However, the crypto industry has consistently requested clear, specific regulations for digital tokens tailored to the crypto economy, rather than the heavy regulations applied to Wall Street.
Bipartisan Support for Cryptocurrencies
Bernstein has noted a significant shift in the political landscape concerning digital assets, with increasing bipartisan support for cryptocurrencies, as reported by Benzinga. Despite this change, Bernstein analysts are skeptical that Harris’s recent engagement with the crypto sector will effectively compete with the strong support former President Donald Trump has already garnered within the community.
“Bernstein believes that while Harris’s attempts to engage with crypto firms are noteworthy, they may not be sufficient to alter the industry’s current leanings,” analysts said.
Crypto Industry Leans Towards Trump Over Democrats Due to Clearer Crypto Support
There is a growing sentiment that Democratic Party regulations have alienated much of the crypto industry, which now favors the Trump administration for its clear support of cryptocurrencies. Analysts emphasize that to win over the crypto sector, policies need to be substantial and timely. Harris’s recent actions, such as connecting with top crypto figures and attempting to reset relationships, seem more reactive than proactive.
Trump Outshines Kamala Harris in Crypto Support at Recent Conference
Compared to Harris, Trump appears to have more support from the crypto community. Kristin Smith, Blockchain Association CEO, recently told Bloomberg that Trump made a “very strong” impression at the Bitcoin 2024 conference. Attendees were particularly encouraged by his acknowledgment of the challenges the industry has faced under SEC Chair Gary Gensler over the past three and a half years.
During the conference, Trump declared that if re-elected, he would turn the US into the “crypto capital” of the world and stated his intention to fire Gensler on his first day back in office. Additionally, Polymarket bettors are predicting that Trump will win the upcoming election, despite the significant progress Harris has made.
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