Election campaigns in the US are heating up, with Kamala Harris likely to step up as the only Presidential candidate for Democrats. Taking things in the best way is the crypto industry. Harris reportedly is in talks with the stalwarts of the crypto industry in an attempt to ease tensions between them – that is, the industry and Democrats. She has reached out to the leaders of Coinbase, Ripple Labs, and Circle. Chances are, she will make a bigger move by the middle of this month, August 2024.
The primary objective is to ease the tension between the Democratic Party and the crypto industry. A U-turn by Harris is a surprise but is nothing new for political leaders. However, experts believe that there is another agenda on her mind: countering Donald Trump’s influence over the digital assets segment. Trump recently announced his commitment to integrate crypto tokens with the US strategic reserves. He previously announced accepting donations for his campaigns in cryptocurrencies like Bitcoin and Ethereum. Donald Trump has made several moves before, and Harris is playing catch the ball now.
Suffice it to say that their ways of interacting with the crypto market have been different. Donald Trump has always been identified as an advocate for the market, with key supporters like Elon Musk. Donald Trump was last seen backing digital currencies in Nashville, Tennessee, during the crypto conference. He committed to making the US a global capital of cryptocurrencies. This has even affected crypto political betting, with shifting odds and changing dynamics in the political market.
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Reports say that even Donald Trump was once against the idea of cryptocurrencies. This dates back to his time as the President of the US. He is now backing the industry to the extent that he even hosted the holders of his NFTs for a gathering.
Trump’s influence on the market is evident from the fact that the values of tokens surged after the assassination attempt on him a couple of weeks ago. The market linked the growth to the event as it cemented his chances of returning as the President. There was an attempt to eliminate him from the race only because he was strongly posed as the next President and had a better chance of reclaiming the throne.
Elections are scheduled to happen in November-December this year (2024) across the US. Either the Democratic Party or the Republican Party will run the country. Joe Biden has officially stepped down, and Kamala is seen as the next potential candidate. Hence, they reach out. An official word will be put out during the party’s National Convention, which commences on August 19, 2024, and concludes on August 22, 2024.
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The crypto market is closely watching any candidate’s interaction with its leaders, especially at a time when BTC is below $64,000 and ETH is lower than $3,200. A rebound is crucial to maintain confidence in the market’s future.
