Is Trump Just Using Crypto Voters? Harris isn’t Innocent Too

Trump’s crypto plans look great on paper, but what’s the catch? Could Harris’ understated approach hold the key to a safer, smarter crypto future?

As the 2024 US presidential race enters its final stages, both Donald Trump and Kamala Harris are stepping up their efforts to woo a growing but often overlooked group of voters: crypto voters.

Trump has positioned himself as a vocal supporter of crypto and decentralized finance with his newly launched World Liberty Financial (WLF) token and plans for a “Bitcoin (BTC) and Crypto Advisory Council.”

Vice President Harris, meanwhile, has quietly begun outlining policies aimed at protecting crypto investors, especially in communities of color, through her Opportunity Agenda.

Let’s take a deeper look at what Trump and Harris have to offer the crypto community, how their policies stack up, and what this means for voters hoping to see clearer regulations and perhaps a little more digital money in their pockets.

Trump’s passion for cryptocurrency

Donald Trump has shifted his stance on crypto in a way that appeals directly to a key group of voters; This was a calculated move to capitalize on the growing influence of the crypto community in America.

It all started in May when Trump’s campaign started accepting crypto donations; this was a remarkable change from his earlier skeptical views. This was followed by several strategic moves aimed at convincing the crypto community that he was the candidate.

By June, Trump publicly threw his support behind Bitcoin miners, expressing hope that the remaining Bitcoin would be mined “right here in America”; This was an important message for those concerned about the spread of mining activities to countries such as Russia and Kazakhstan.

But Trump didn’t stop there. His appearance at the Bitcoin Conference in Nashville at the end of July was a pivotal moment in his crypto campaign.

Standing in front of a room full of crypto advocates, Trump not only promised to establish a national Bitcoin reserve if elected (an unprecedented move), but also vowed to oust SEC Chairman Gary Gensler.

This remark, which was met with a standing ovation, caught the attention of crypto voters; Many see Gensler as an impediment to the industry’s growth due to his staunch stance on regulating digital assets such as stocks and bonds.

His promises to create a national Bitcoin reserve and establish a Bitcoin and Crypto Advisory Council have set him apart from his rivals, especially in the political arena where other candidates have been wary of crypto.

Beyond his policy promises, Trump has also made highly visible gestures to show his support for crypto. During a campaign stop at Pubkey, a Bitcoin-themed bar in New York, Trump purchased a dozen hamburgers using Bitcoin, becoming the first former US president to use the cryptocurrency in a transaction.

At the center of Trump’s crypto efforts is his personal project WLF, a DeFi platform launched in September 2024. Marketed as a crypto bank where users can borrow, lend and invest, WLF is clearly designed to attract crypto voters by offering them something tangible. .

The platform’s native token, WLFI, was introduced with much fanfare and aims to raise $300 million at a $1.5 billion valuation. But the project has struggled to meet its ambitious goals, raising only $12.9 million so far.

More controversial is the token distribution — Trump and his family are set to receive 75% of the net protocol revenue, raising questions about transparency and how much of the project benefits its users versus the Trump family.

The WLF claims to be apolitical, but the timing and Trump’s heavy involvement make it clear that this is as much a political game as a financial one. The project’s road map contains bold promises, but its slow progress and huge financial benefits to the Trump family have led to skepticism.

Still, Trump’s supporters see the project as part of his broader narrative of financial independence and America’s economic strength, tightly tied to his political messaging.

Harris’ cautious approach to crypto

While Trump took an aggressive and hands-on approach to influence the crypto community, Kamala Harris chose a more measured path.

Current Vice President Harris hasn’t made crypto a focus of her campaign, but her recent moves show she’s aware of the growing importance of digital assets and their impact on voters.

The first real signs of Harris’ approach came at a roundtable at the Democratic National Convention in Chicago, when senior campaign adviser Brian Nelson shed light on her potential policies.

Nelson made clear that Harris plans to support policies that allow emerging technologies like crypto to grow while ensuring they are adequately regulated. Although the message was vague, it marked Harris’ first public stance on the issue.

This careful dance became even more evident when Harris recently introduced the “Opportunity Agenda,” a broader economic plan aimed at improving financial inclusion.

An important aspect of this agenda is the protection of crypto investors, especially Black Americans, of whom more than 20% own or own digital assets.

Harris promised to create a regulatory framework to ensure the benefits of cryptocurrency can be enjoyed safely without risks of fraud, volatility or market manipulation.

But even as Harris has begun to put her views on paper, her direct relationship with the crypto community has been rocky at best.

The virtual town hall hosted by the ‘Crypto For Harris’ campaign was supposed to be a moment to rally support from the digital asset space, but the event fell flat.

The town hall, which lacked interaction and Harris was notably absent, disappointed prominent figures such as Tyler Winklevoss and Jake Brukhman.

Winklevoss went so far as to call it a “clown show”; Brukhman, however, criticized the format for failing to capture the essence of the town hall (connection and dialogue).

The event instead relied on pre-recorded speeches from political allies like Senators Gillibrand and Schiff, making the event feel more like a lecture than a conversation.

Despite the misstep, Senate Majority Leader Chuck Schumer, a key Democratic figure, did his best to fill the gap and emerged as a surprise ally for crypto. Schumer vowed that cryptocurrency “is here to stay, no matter what” and vowed to push for sensible regulation before the end of the year.

Interestingly, Harris’ campaign also received muted support from major cryptocurrency figures. Ripple (XRP) co-founder Chris Larsen donated more than $1 million in XRP to Harris’ campaign and expressed confidence that she would bring a “more pragmatic approach and clear rules” to the crypto industry; believes this is lacking under the current administration led by SEC Chairman Gensler.

While Harris hasn’t gone as far as Trump in embracing crypto, she has made subtle moves to distance herself from anti-crypto voices within the Democratic Party, such as Senator Elizabeth Warren.

His cautious approach may not get the standing ovation like Trump’s promises to fire Gensler or create a Bitcoin reserve, but it offers a path toward stability and investor protection for crypto and appeals to voters looking for progress without chaos.

What are the possibilities?

As the 2024 presidential race intensifies, each candidate’s chances of winning have changed significantly over the past few days, and the crypto market’s bullish trend may be playing a role.

Trump currently has a 60.1% chance of victory compared to Harris’ 39.8%, according to a popular betting contest on Polymarket that has attracted more than $2.06 billion in bets.

This is in stark contrast to just a few weeks ago when the two were neck and neck at around 50%. In fact, in mid-September, Harris was leading by 52% compared to Trump’s 46%.

A lot has changed in the last few days, especially in the crypto market. The newfound rise in digital assets, particularly Bitcoin, appears to be influencing voter sentiment.

As of October 18, Bitcoin is trading just under $70,000 and hovering around $68,700, its highest levels in months, reflecting the growing influence of the crypto market on political outcomes.

As we get closer to Election Day, the tide may turn again depending on the performance of the crypto market and breaking developments in both campaigns. The coming days will be critical in determining both the race and the future of crypto policy in the US