Bitrabo Editorial
The upcoming 2024 November elections in the US have sparked debates in the crypto community about Vice President Kamala Harris’ potential stance towards the industry if she becomes the Democratic Party’s nominee.
Amid uncertainty surrounding her views, members of the crypto space have expressed worries about her support for the crypto sector should she become president.
Political Divide in Crypto
Tyler Winklevoss, the co-founder of Gemini crypto exchange, took to social media to criticize and suggest critical actions for Harris to gain the crypto voting block’s support, including removing SEC Chair Gensler and halting enforcement actions.
Winklevoss emphasized the necessity of these steps for the industry’s advancement, pointing to concerns raised by US Senator Bill Hagerty about regulatory constraints. He insisted that failure to take these actions would jeopardize Harris’ chances with the crypto voting block.
On the other hand, market expert Adam Cochran advocated for a non-partisan approach in engaging with political figures to avoid hindering progress within the crypto sector. He stressed the importance of dialogue with policymakers, irrespective of their political affiliation, to shape beneficial policy outcomes.
High-Stakes Election Betting
The looming 2024 US presidential election has driven a substantial surge in bets on the Polymarket crypto platform, necessitating upgrades to accommodate the increased wagering activity.
Polymarket is introducing software from MoonPay, based in Miami, to enable users to pay for bets using conventional banking methods, a departure from the current process involving the purchase of USDC stablecoin before placing bets.
Over $366 million has been bet on the election outcome so far, with expectations of a Trump vs. Vice President Kamala Harris contest. Polymarket data currently indicates a 61% probability of Trump securing the presidency again.
Image credit: DALL-E, chart credit: TradingView.com