Voters May Not Swing Kamala Harris’ Way Despite Crypto Outreach: Bernstein

Shalini Nagarajan

Last updated:

July 31, 2024, 00:37 EDT | 1 min read

Vice President Kamala Harris’s recent efforts to engage the crypto industry might not be enough to influence voters in the upcoming US presidential election, according to Bernstein analysts.

Harris has reportedly directed her aides to meet with industry officials in an attempt to “reset” relations with some of the largest crypto exchanges. The specifics of the discussions between the Harris campaign and the industry remain unclear.

However, crypto companies have long asked for the same thing. They want clear, specific rules for digital tokens that fit the crypto economy, instead of the heavy, cumbersome regulations used for Wall Street.

Bernstein observed a significant change in the political landscape regarding digital assets, highlighting the increasing bipartisan support for cryptocurrencies, Benzinga reported Tuesday.

Despite this shift, the firm remains skeptical that Harris’ late-stage shift toward crypto will effectively challenge the strong backing that former President Donald Trump has already secured within the crypto community.

“Bernstein believes that while Harris’s attempts to engage with crypto firms are noteworthy, they may not be sufficient to alter the industry’s current leanings,” analysts said.

Crypto Industry Leans Towards Trump Over Democrats Due to Clearer Crypto Support

There’s a growing feeling that the Democratic Party’s regulations have pushed away much of the crypto industry, which now prefers the Trump administration because of its clear support for crypto.

Analysts stressed that to win over the crypto sector, policies need to be substantial and timely. Harris’ recent actions, like connecting with top crypto figures and trying to reset relationships, seem more like a response than a leading move.

Trump Outshines Kamala Harris in Crypto Support at Recent Conference

Compared to Harris, Trump appears to have more support from the crypto community. Kristin Smith, Blockchain Association CEO, recently told Bloomberg that Trump made a “very strong” impression at the Bitcoin 2024 conference.

Attendees were particularly heartened by his recognition of the tough times the industry has faced under SEC Chair Gary Gensler in the last three and a half years.

During the conference, Trump declared that if re-elected, he would turn the US into the “crypto capital” of the world and stated his intention to fire Gensler on his first day back in office.

Polymarket bettors are also predicting that Trump will win this election, despite the significant progress Harris has made.

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