Harris and Trump: How the 2024 Election Could Shape U.S. Crypto Regulations

Harris and Trump Debate: No Mention of Cryptocurrency

Harris and Trump – In the highly anticipated debate on Sept. 10, United States Vice President Kamala Harris and former President Donald Trump avoided any mention of cryptocurrency, despite its growing relevance in global markets. The debate, held in Philadelphia, focused largely on key topics like the economy, abortion rights, immigration, and foreign policy. Notably, crypto regulation was left out, even as major stakeholders in the industry closely watched the event.

Trump’s Odds Slip on Polymarket Betting Platform

As the debate unfolded, Trump’s odds of securing the presidency in the upcoming election dropped by as much as 3% on the decentralized betting platform Polymarket. His probability of winning the election dipped to 49%, placing him and Harris in a tight race for the first time on the platform. Harris remained calm throughout the debate, while Trump, according to PolitiFact data, struggled with a barrage of fact-checked inaccuracies.

Adding to the post-debate buzz, pop icon Taylor Swift voiced her support for Harris to her 284 million Instagram followers, endorsing her as a “steady-handed” leader, which could further influence younger voters in Harris’ favor.

The Crypto Market’s Potential Shift Under Harris or Trump

Cryptocurrency, although unmentioned in the debate, remains a focal point for analysts who tie the crypto market’s performance to the outcome of the November 2024 presidential election. A Sept. 9 investment note from Bernstein analysts predicts that a Trump victory could propel Bitcoin’s price to as high as $90,000 by year-end. Trump’s public statements, including his pledge to end Biden’s “war on crypto” and make the U.S. the “world capital of crypto,” have been well-received in crypto circles.

However, the future of crypto under a Harris presidency remains uncertain. Analysts are cautious, pointing out that Harris’ stance on crypto is largely undefined. Should Harris win, Bitcoin’s price could see a sharp decline, potentially falling to $30,000, according to market predictions.

Crypto PACs and Their Influence on the 2024 Election

The absence of crypto talk in the debate comes as surprising given the involvement of crypto-backed super political action committees (PACs) in the 2024 election cycle. Over $202 million has been raised by these PACs, with $93.6 million already spent to influence the election. Leading the charge is Fairshake, the largest crypto PAC, which has raised $177.8 million and spent $70.8 million primarily targeting Democratic candidates.

Despite the significant financial influence from crypto PACs, Gallup polls from May indicate that American voters are more concerned with issues such as the economy, inflation, and immigration, rather than cryptocurrency regulation.

Polling Data Aligns with Betting Markets

The Sept. 10 poll from FiveThirtyEight showed Harris leading Trump by 2.7 percentage points (47.1% to 44.9%) even before the debate. As the election nears, the debate’s impact on public opinion and the crypto market remains to be seen. Investors and crypto enthusiasts will be paying close attention to how the candidates approach economic issues in future discussions, as well as any potential shifts in cryptocurrency regulation policies.

What to Expect Moving Forward

With crypto playing an increasingly important role in global finance, its absence from the Harris-Trump debate was notable. However, as the election season progresses, the industry’s future will likely become a more prominent topic. The differences between Harris and Trump’s potential policies could significantly affect not only the Bitcoin price but also the overall direction of U.S. cryptocurrency regulation.

FAQ: Kamala Harris and Donald Trump Debate Impact on Crypto