Democrats are going all in to win the crypto community’s support for Kamala Harris in the 2024 election. The party now knows how important crypto voters are, so they’re pulling out every trick in the book to bring them on board.
Senate Majority Leader Chuck Schumer is jumping into the mix, scheduled to speak at a virtual event tonight, organized by pro-Kamala crypto advocates.
This comes as Democrats push their nominee to embrace Bitcoin, hoping to grab some of that sweet crypto love before it’s too late. They even want her to fire SEC Chairman Gary Gensler, crypto’s fiercest critic.
Schumer has been cozying up to crypto for years, and has long said he wants the Senate to overhaul crypto regulations. Last month, he voted to overturn SEC guidance that the crypto industry hated.
The Senator has also thrown his weight behind legislation aimed at regulating stablecoins. He’s been part of discussions to create a bill that would let stablecoin issuers operate with less federal oversight, handing control to the states.
Critics argue that this could weaken consumer protections and open the door to financial chaos, but Schumer seems determined to make New York a central hub for crypto.
Now, he’s set to rally the troops, along with Democratic Representatives Yadira Caraveo, Don Davis, Adam Schiff, Josh Harder, and Ritchie Torres.
They’ll be talking at the event too, along with House candidates George Whitesides, Shomari Figures, and Sam Liccardo.
Democrats betting big on crypto votes for Kamala
Not stopping there, an advocacy group called Stand with Crypto is about to kick off a bus tour through key swing states like Arizona, Nevada, Michigan, Wisconsin, and Pennsylvania.
The tour will feature policymakers, crypto industry reps, and even musical guests, all aimed at drumming up support for Kamala among crypto enthusiasts.
The Democrats are clearly banking on the idea that if they can win over the crypto crowd, they might just tilt these battleground states in their favor.
Crypto community’s prediction markets show that their efforts are actually paying off. Back when Joe Biden was on the ticket, the Democratic party’s odds were miles away from the Republicans. But now, for the first time, Kamala is in the lead.
Circle CEO, Jeremy Allaire, has said that Kamala’s campaign is making a real effort to understand crypto-related policies.
According to Jeremy, who said he was on a video call with White House officials, Kamala campaign reps, and U.S. lawmakers, the Kamala team is trying to get a grip on the issues, players, and policies.
Jeremy pointed out that two years ago, no one would have thought crypto would be a big issue in a presidential campaign. But now, here we are, with crypto right in the middle of it.
Is Trump’s affair with the crypto community already over?
Before Joe Biden bowed out of the race, the crypto industry seemed more aligned with Donald Trump despite his Republican beliefs clashing with the Satoshi gospel on so many grounds.
But then came Kamala. Somehow, she seems to be taking all of Trump’s love for herself. At this rate, in a month, her shares on Polymarket could hit 60 cents, meaning 60%.
Initially a skeptic, Trump acknowledged the legitimacy of cryptos in March 2022 and fully embraced them this May.
At the Libertarian Party’s national convention, he promised to stop Joe Biden’s “crusade to crush crypto” and made his campaign the first major presidential campaign to accept donations in cryptocurrency.
He has already promised to fire Gary Gensler. Trump has also emphasized the need for the U.S. to adopt digital currencies to prevent China from dominating this industry.
He warned that if the U.S. doesn’t get on board, other nations might take the lead. The fact that both parties are now vying for the crypto vote shows just how influential this industry has become.
Whether this strategy pays off remains to be seen, but one thing we know for sure is that whoever ends up in the Oval next year will have to print more money, thereby pushing inflation higher.
And when the inflation is high, the Bitcoin will play.
