Kamala Harris’ Presidential Bid Gains Crypto Industry Momentum

US Vice President Kamala Harris is making significant strides toward the cryptocurrency industry as her presidential bid develops.

Her recent efforts have focused on mending her strained relationship with the cryptocurrency sector.

Harris Makes Advances Towards Crypto Industry

Harris’ campaign is actively working to rebuild ties with the crypto industry. Despite industry support leaning heavily toward former President Donald Trump, who recently addressed the Bitcoin 2024 conference in Nashville and criticized current SEC Chair Gary Gensler’s stance on crypto, there is growing interest in Harris among industry players.

This follows support from J.P. Theriot, co-founder of Uphold, who recently endorsed Harris on X (formerly Twitter). Theriot, the first crypto executive to back the Democratic candidate, criticized Trump’s promises as insubstantial and praised Harris for her potential to understand emerging technologies.

He emphasized that Harris’ campaign must demonstrate a genuine commitment to resetting relations with the crypto industry. He noted that adopting a common-sense approach could garner significant support. However, Theriot clarified that his support is personal and not reflective of Uphold’s stance.

“In a 50/50 game, the only priority is having a seat at the table when policies are being formulated by the next Pres, regardless of who that is. We need to clear up misperceptions and reverse retrograde policies, in order to unleash the power of digital asset innovation,” Theriot stated.

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Additionally, California Congressman Ro Khanna is scheduled to host a crucial meeting to facilitate Harris’ efforts to improve crypto relations. According to Fox Business’ Eleanor Terret, this meeting will involve key crypto industry figures and members of the Harris campaign.

Besides, reports indicate that Harris’ campaign has enlisted David Plouffe, a former advisor at crypto firm Alchemy Pay and a member of the Binance Global Advisory Board, as a Senior Adviser. Plouffe, who previously worked on former President Obama’s team, is known for advocating regulatory clarity in the crypto space.

Further, her campaign reported raising $310 million in July — more than double her Republican rival’s fundraising — and currently holds $377 million in cash reserves.

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These developments appear to be bolstering Harris’ White House bid. Data from the blockchain-based predictions platform Polymarket showed that her election chances have risen to now tie with Joe Biden’s peak election odds at 45%.