There is a noticeable buzz in the crypto community as the US presidential election draws near. Both Democratic and Republican candidates have expressed their intentions to pursue pro-crypto policies, sparking a surge in US political betting.

This is evident in Polymarket’s trading volumes breaking records and surpassing $380 million in July 2024 alone. Moreover, the platform’s monthly user count has grown to nearly 44,000 traders, up from roughly 4,000 in January.

That same summer, during a campaign event at the Fiserv Forum in Milwaukee, Vice President Kamala Harris vowed that if she were the US president-elect, she would “focus on cutting needless bureaucracy and unnecessary regulatory red tape” regarding cryptocurrencies. This rhetoric came against the backdrop of her opponent, Donald Trump’s longtime support for the crypto industry. It raised reasonable suspicion within the community, as many view Harris as the heir to the policies of the Biden administration, known for its strict attitude toward regulating crypto.

It became clear that digital finance would be one of the main areas of contention for both candidates. As things developed, everyone was anticipating the September 2024 debate between Trump and Harris. Before the event was announced, Trump declared that the United States would become the “crypto capital of the planet” if he were to return to the White House. Yet, either candidate’s lack of a definite stance on digital currencies during their discussion frustrated the crypto community.

It begs the question: are Harris and Trump merely after votes, or do they genuinely aim to incorporate cryptocurrency into people’s everyday lives? After all, according to the U.S. Federal Reserve survey, 18 million or 7% of adult Americans owned or used cryptocurrency in 2023. This percentage may not seem like it could impact the

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Author: Editorial