The crypto industry is trying to win over the Democratic Party, especially ahead of the 2024 presidential election. A new group called “Crypto for Harris” is leading the charge, hoping to counter former President Trump’s growing influence among crypto supporters.
Democrats and Crypto: A Shifting Landscape
The last election saw a lot of campaign money coming from crypto, especially from Sam Bankman-Fried and his now-defunct company FTX. But after Bankman-Fried’s downfall, Democrats distanced themselves from him and became more cautious about crypto.
Meanwhile, Republicans have become strong supporters of crypto, even passing two bills in the House. Many in the crypto industry blame the Biden administration for the tough stance regulators like the SEC have taken.
The Trump Factor
Former President Trump, who once called Bitcoin a “scam,” has become a big fan of crypto. He even gave a speech at a Bitcoin conference, which has made it harder for Democrats to win over the industry.
Vice President Kamala Harris hasn’t taken a strong stance on crypto, but her team has met with industry leaders. However, some people are skeptical about a change in the Biden administration’s stance, pointing to advisors who have been critical of crypto in the past.
“Crypto for Harris” Takes Action
“Crypto for Harris” is hosting a virtual town hall with Democratic politicians and crypto leaders. They hope to show that Democrats can be champions of crypto. While no one from the Harris campaign is attending, the group plans to continue their efforts, including fundraising and events.
The goal is to start a conversation and show that Democrats can be the party of crypto, especially since Trump has gained so much support in the industry.
