It is also an interesting coincidence that the elections are being held during one of the best years for cryptocurrency thus far. 2024 has seen a record number of new crypto users who are attracted by the profits being made by various tokens. From established ones to newer projects, there is much money to be made from crypto investing. As Alan Draper writes, there is more interest in crypto presales, bot trading, and much more.

This isn’t even touching on the rise of crypto betting, which has become a billion-dollar industry serving the population that wants to multiply their crypto earnings. It is not unusual to see online casinos allow users to bet with all sorts of tokens and this will not be stopping anytime soon. Long story short; more voters have put their money in crypto and thus, need the industry to succeed and the next president to back it. 

Former President Donald Trump’s camp has been very vocal and clear about its stance on crypto so far. The Trump campaign accepts cryptocurrency for donations, he has been endorsed by industry figures like the Winklevoss twins, has publicly criticized the current administration for its treatment of crypto, spoke at a Bitcoin Convention, and even released a line of sneakers calling himself the crypto president. As far as political stances go, this is a very obvious one. 

However, the same cannot be said of current Vice-President Kamala Harris who, while not an outright crypto critic, has not been labeled an ally by the industry. The current administration she is at the top of has been notably tough on crypto, which is something Trump himself has called out, and she hasn’t yet done anything that would suggest she is a crypto supporter. As the election cycle has gone on, she has made few moves to change this narrative.

She was rumoured to be speaking at the same Bitcoin convention as Trump but it ultimately did not materialize. She has also been rumored to have had her aides meet with top crypto leaders to ‘reset’ the relationship between the government and the crypto sector but no concrete details have been announced. 

Overall, the Democrats and the current administration are split on cryptocurrency. On the one hand, you have SEC Chairman Gary Gensler (who Trump has promised to fire if reelected), who has seemingly gone after the crypto industry in recent years, including companies like Binance, Coinbase, and Gemini (which is founded by the Winklevoss twins). Senator Elizabeth Warren has been especially vocal about her criticisms of the industry and this has not helped its perception among crypto voters. 

On the other hand, you have Democrat supporters like Mark Cuban who is very pro-crypto, and even Harris’ own husband Douglas Emhoff, who some have branded a crypto lover himself. 

As of now, the camp seems to be split with no hard stance taken just yet. While we can acknowledge that crypto is a complex issue that needs time, the elections are only months away. And going up against someone as vocal as Trump means that intentions have to be declared fast before votes’ minds are made up.

We can watch, wait, and hope that soon, crypto voters will know if the Democrats are solidly behind or against their interests.