What does it mean for Kamala Harris’s campaign when a virtual town hall designed to appeal to the crypto crowd instead makes them feel more aligned with Donald Trump?
How did it all start?
The recent virtual town hall organized by the “Crypto For Harris” campaign, which was designed to rally support for a potential Kamala Harris presidency from the digital asset community, failed to achieve any success.
The event, which was promoted as a major event, has angered many in the industry and even sparked backlash. Notable figures like Tyler Winklevoss, co-founder of Gemini, did not hesitate to call it a “clown show.”
Over the course of more than 90 minutes, high-profile Democratic figures, including Senate Majority Leader Chuck Schumer, Sens. Debbie Stabenow and Kirsten Gillibrand, and tech mogul Mark Cuban, took the stage.
Despite their efforts, the event was largely seen as a “missed opportunity” for the vice president to strengthen her position on cryptocurrencies.
Instead, many industry leaders found themselves more aligned with former President Donald Trump, suggesting potential divisions within the party’s approach to digital assets.
Harris herself and her campaign staff were conspicuously absent from the event, which only served to fuel the criticism.
City Hall’s Mistakes in ‘Crypto For Harris’ Revealed
Harris’ absence was the elephant in the room, and it didn’t go unnoticed. Many viewers tuned in to the event, eager to get a glimpse into Harris’ potential encryption policy.
There was a strong desire to see if it would distance itself from the Biden administration’s tough stance on cryptocurrencies, particularly the aggressive tactics used by the Securities and Exchange Commission under Gary Gensler.
But instead of clarity, the audience was left with more questions than answers.
Schumer, a key Democratic figure, has done his best to fill the void. His speech was well-prepared, positioning himself as a new ally of cryptocurrencies, and pledging to push for “sensible” crypto legislation before the end of the year.
Schumer’s speech was powerful, insisting that cryptocurrencies are “here to stay no matter what” and pointing to the need for balanced regulation that fosters innovation while protecting consumers.
He even took a veiled dig at his colleagues, alluding to the show-off politics that some, like Sen. Elizabeth Warren, are known for.
Meanwhile, Cuban’s brief appearance did little to elevate the discussion, as his criticism of Republicans’ stance on cryptocurrencies did not resonate with viewers.
The town hall format itself has also drawn criticism. Jake Brockman, founder and CEO of Coin Fund, expressed frustration, statement “I thought the public meeting was to hear people’s opinions,” he told Fox Business Network. “Instead, we got a few lectures about participants’ views on cryptocurrencies and their political direction.”
Brockman shared the sentiments of many who felt the event lacked the interactive element that typically characterizes a town hall. The use of pre-recorded messages from figures like Senators Gillibrand and Schiff diminished the authenticity of the event.
“I would love to hear about Harris’s policy on crypto and what Democrats will address on how to fix the crypto demonetization problem,” He said Custodia Bank CEO Caitlin Long.
Another major issue—the SEC’s hostile treatment of the industry under Gensler—was left unaddressed, exacerbating the anger of an already skeptical public.
Ultimately, the event felt like a missed opportunity, with many industry leaders and participants feeling more disconnected than ever from a campaign that seemed out of touch with the concerns of the digital asset community.
What are Harris’ odds, and what does that mean for cryptocurrencies?
Harris’s town hall performance may have been mixed, but her chances of becoming the next president of the United States were quite the opposite.
According to Polymarket, a cryptocurrency betting platform, Harris is currently The favorite to win the 2024 election, with a 53% chance against Republican frontrunner Trump, whose odds have dropped to 44% in recent weeks.
Interestingly, while Harris is leading in the polls, the price of Bitcoin (BTC) has been affected. Is this a coincidence? Bernstein analysts don’t think so.
In a recent report, they said, Proposed Market sentiment interprets a Trump win as bullish for crypto, while a Harris win could be bearish — at least in the short term, pointing to the troubled relationship between the crypto community and the current administration, a relationship that Harris has yet to directly address.
However, Harris’s campaign is not entirely removed from the world of cryptocurrencies. Her team recently added two key advisors with close ties to the industry.
David Plouffe, an advisor to former President Barack Obama, previously served on Binance’s Global Advisory Board.
Meanwhile, Brian Nelson, who worked in the Treasury Department’s Office of Terrorism and Financial Intelligence, was involved in law enforcement actions against Binance for violating sanctions and anti-money laundering laws.
So what does all this mean for crypto? On the other hand, Harris’s rising political fortunes could point to more regulatory scrutiny, especially if her administration continues the hardline approach seen during the Biden years.
On the other hand, her close relationships with industry insiders like Plouffe and Nelson may point to a more nuanced approach — perhaps balancing regulation and innovation.
So, as we head into the 2024 election, the crypto community may find itself in a strange position — caught between the excitement of political confrontation and the uncertainty of what comes next.
Will a Harris presidency mean stricter regulatory restrictions, or could it usher in a new era of innovation in crypto? Only time will tell.