Kamala Harris Bridges the Gap Between Cryptocurrency Industry and Democratic Party
The campaign is heating up in the United States, with Kamala Harris likely to be the Democratic Party’s sole presidential candidate. It’s the cryptocurrency industry that handles things in the best possible way. Harris is reportedly in talks with crypto industry stalwarts in an attempt to ease tensions between them, namely the crypto industry and the Democratic Party. She has reached out to leaders at Coinbase, Ripple Labs, and Circle. She is likely to take bigger action before mid-August 2024.
The main goal is to ease tensions between the Democratic Party and the cryptocurrency industry. However, experts believe she has another agenda: countering Donald Trump’s influence on the digital asset space. Trump recently announced a commitment to integrate crypto tokens with the U.S. strategic reserve. He previously announced accepting campaign donations in cryptocurrencies such as Bitcoin and Ethereum. Donald Trump has made moves a few times before, and Harris is making the move catch the ball now.
Contrasting Approaches of Trump and Harris to Cryptocurrency Market
Arguably, the way they interact with the cryptocurrency market is different. Donald Trump has long been considered a champion of markets, with key supporters including Elon Musk. Donald Trump was last seen supporting digital currencies during a crypto conference in Nashville, Tennessee. He is committed to making the United States the cryptocurrency capital of the world. Harris’s about-face is surprising but nothing new for political leaders.
According to reports, even Donald Trump once opposed the idea of cryptocurrencies. This goes back to his time as President of the United States. He now supports the industry to the extent that he even hosts NFT holders.
Impact of Trump’s Influence on Cryptocurrency Markets
Trump’s influence on markets is evident in the fact that the currency’s price surged following the assassination attempt against him a few weeks ago. Markets linked this increase to this event as it solidified his chances of becoming president again. There were attempts to remove him from the race simply because he was strongly viewed as the next president and would have a better chance of taking back the throne.
The United States is scheduled to hold elections from November to December this year (2024). Democrats or Republicans will rule this country. Joe Biden has officially resigned, and Kamala is seen as the next potential candidate. So they reached out. The party will deliver a formal speech during the national congress starting on August 19, 2024, and ending on August 22, 2024.
The crypto market is closely watching any candidate’s interaction with its leader, especially with BTC below $64,000 and ETH below $3,200. A rebound is crucial to maintaining confidence in the market going forward.
