Kamala Harris Can’t Cede Crypto to Trump, Could be Difference in Battleground States: Think Tank

Kamala Harris cannot afford to “hand over crypto to Trump,” according to OMFIF, an independent financial think tank.

The organization said that drawing some crypto supporters’ votes and donations away from the Republican camp “could make a difference in key contested states.”

US Vice President Kamala Harris, who is expected to be the Democratic presidential nominee, cannot pass on crypto to Republican candidate Donald Trump because the support of crypto voters (not to mention their donations) “could make a difference in key swing states”, according to the independent think tank the Official Monetary and Financial Institutions Forum (OMFIF).

Last week, Trump spoke to a packed house at the Bitcoin Nashville conference, rallying crypto advocates and promising to create a strategic bitcoin reserve if elected. He said it would be a disaster for crypto if Democrats hold the White House.

“Trump, with his characteristic opportunism, has identified a segment of disaffected voters and, perhaps more importantly, potential donors,” Lewis McLellan, editor of OMFIF’s Digital Currency Institute, wrote in an article published on its website on Thursday.

“Perhaps more importantly, holding 200,000 bitcoins per year for five years would give the US a substantial share of the eventual 21 million bitcoins. This reduction in the freely circulating supply is likely to push up the asset price. This measure alone could be enough to attract campaign finance donations from those holding significant amounts of bitcoin.”

Ahead of this month’s Democratic National Convention, Harris has not stated an official position on crypto, but she is “signaling a new openness” and “her campaign has reached out to crypto representatives in recent weeks,” according to a report from Politico. That report also highlighted a crypto rift among Democrats and “policy tensions simmering beneath the surface of Democrats’ honeymoon with Harris.”

Titled “Harris can’t hand crypto over to Trump,” the commentary reads, “There’s little to lose, but potentially a lot to gain,” and “Kamala Harris must lay out her own agenda for crypto assets or risk ceding the entire field to Republicans.”

“Few will abandon Democrats for their support for the growth of the crypto industry – especially since Republicans have already done so. But shifting some of the votes and donations of crypto supporters and donors away from the Republican camp could make a difference in key contested states.”

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