Advocates of “Crypto for Harris” may find the political terrain tricky, as some sectors have labeled the US election campaign as fraudulent.

According to opponents of US Vice President Kamala Harris, the group lobbying for her, which uses the word “crypto” as a kind of rallying cry, believes it is aimed at swaying voters in favor of digital currencies in this year’s US presidential election.

The campaign coincides with the Democratic Party’s call for a “reset” of Vice President Kamala Harris’ crypto stance.

Crypto advocates like Balaji Srinivasan, who previously served as Chief Technology Officer at Coinbase, lament the campaign’s lack of substance.

A ‘Democratic Scam’?

Srinivasan didn’t beat around the bush against Harris, claiming that the Democratic Party was wrong to try to win over the crypto industry without changing their policies. He called their effort a “DEM SCAM” and said their focus on crypto votes showed they didn’t care about politics.

Srinivasan added that if the current administration under the Biden administration wants to help the crypto sector, they should fire SEC Chairman Gary Gensler to stop the agency’s “show trials.”

The difference between “crypto for Trump” and “crypto for Harris” is that Trump approached crypto, he didn’t let us come to him and beg https://t.co/9BkLQBeLCQ

—Preston Byrne (@prestonjbyrne) August 7, 2024

Crypto lawyer Preston Byrne noted that the political figures have different views on crypto. According to Byrne, Trump is involved in the industry in some ways, while Harris seems completely detached from it.

Trump, who has previously called bitcoin a “scam,” is now emerging as the candidate who embraces cryptocurrency.

Additionally, he has said that if elected, his administration will keep all bitcoins that the US government already owns or acquires going forward.

Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com

US Elections: The Unlikely Alliance

Harris could be threatened in the 2024 battle by the combination of Trump and billionaire Elon Musk, who recently endorsed him for president. While Musk’s financial backing for Trump’s campaign remains unknown, the two have become unusual allies for the far-right, which includes a significant number of crypto supporters.

Many see the US election campaign “Crypto for Harris” as a desperate attempt to restore the confidence of crypto voters disillusioned by the Democratic Party’s perceived lack of support for the sector. Critics argue that it is too little, too late, even as the White House just held a roundtable of crypto CEOs.

The Threat of Trump and Musk

Trump’s embrace of the medium and his pledge to support government ownership of bitcoin could be quite enticing for crypto enthusiasts. Musk’s support for Trump and his future financial aid could further increase the former president’s chances of winning over the crypto community.

Source: Polymarket

Meanwhile, as the 2024 US elections approach, the Harris campaign’s recent involvement in crypto matters has boosted her chances of a potential victory in November to 49% on crypto prediction marketplace Polymarket, putting her directly up against Trump.

Main image from The Texas Tribune, chart from TradingView