- Schumer advocated for bipartisan pro-crypto legislation amid Harris’ campaign.
- Harris gained traction over Trump in a crypto-focused Polymarket prediction.
As a seasoned crypto investor with a knack for spotting political trends, I find myself intrigued by the recent turn of events in Washington. The unexpected alliance between Senator Chuck Schumer and the crypto community, particularly the Crypto4Harris initiative, has caught my attention.
Instead of Alex Thorn’s recent worries about Vice President Kamala Harris’ firm stand on cryptocurrency contrasting sharply with expectations, it turns out that Democratic Senator Chuck Schumer is unexpectedly supportive of the crypto sector.
Schumer backs Harris
At the Crypto4Harris community event, which advocates for a pro-cryptocurrency stance within the Harris campaign, Senator Schumer – the current Senate Majority Leader – underscored the importance of adopting cutting-edge crypto technology in the United States.
He said,
“As a crypto investor, I can’t afford to remain idle any longer, or else I might miss out as crypto gets transferred to countries with minimal or no regulations. This could potentially expose me to unnecessary risks.”
The rise in crypto adoption
Reflecting on the notable surge and influence of cryptocurrencies during the last ten years, I anticipate that, much like me, Senator Schumer may foresee a Harris administration that is not entirely dismissive of the crypto landscape.
As an analyst, I too am eagerly advocating for pro-cryptocurrency laws within the United States. Should Senator Kamala Harris be elected as President, I intend to work diligently to ensure these measures are enacted by the year’s end.
I aim to bridge the gap between representatives from different political parties within the Senate, fostering cooperation to advance reasonable laws that support America’s continued leadership as a global innovation powerhouse.
Crypto handled in the US to date
Let’s revisit the approach taken by the Biden administration concerning cryptocurrencies, an area that has sparked political debate, notably during the approval process of the substantial SAB 121 legislation.
It’s worth mentioning that while the Crypto4Harris event took place, Vice President Harris hasn’t clearly expressed her views on pro-cryptocurrency policies as of now.
Instead, it’s worth noting that during his campaign, former President Donald Trump showed a keen interest in cryptocurrency. This ranged from Bitcoin-themed footwear to hosting NFT dinners, attending significant crypto gatherings such as the Bitcoin Conference, and making appearances at these events.
However, Harris has managed to gain significant traction with just one event.
Harris tops Polymarket
Through the Crypto4Harris movement, she climbed to the summit of the Polymarket forecasting platform, sharing equal chances (49%) with Trump to emerge victorious at first.
After the recent occurrence, it appears that Harris has been pulling ahead of Trump. Current data indicates that she now leads with approximately a 54% probability, while Trump’s backing has declined from 72% to 45%.
That being said, billionaire investor Mark Cuban also took the opportunity to criticize Trump and the Republican Party during the Crypto4Harris event, when he stated,
“Republicans couldn’t care less. They just want to see the Bitcoin maxis get richer.”
What’s more to it?
However, based on Schumer’s words, it seems clear that,
“Congress has a responsibility to provide common-sense and sound regulations for crypto.”
As is evident, my stance here does not necessarily mean I endorsed Trump. Quite the contrary, I have unequivocally expressed my backing for Harris, as clearly articulated when I declared, “[Trump] doesn’t speak for me, Kamala Harris does.”
“Today, we gather with a shared conviction: we’re backing Vice President Kamala Harris as our potential future president. Our collective hope also lies in the promise of cryptocurrency.”
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2024-08-15 13:37