Key Takeaways
- Kamala faces criticism for backing Biden’s tax reform proposals.
- Donald Trump is once again the favorite candidate to win the election in Polymarket.
- RFK Jr. is reportedly stepping out of the presidential race.
According to a senior campaign advisor, U.S. presidential hopeful Kamala Harris is now beginning to approach the crypto industry and develop a crypto policy.
Kamala Courts Crypto
As per reports, Kamala Harris may make some crypto policy announcements shortly, as reports emerge of the Harris campaign suddenly warming to crypto.
Speaking at a Bloomberg roundtable at the Democratic National Convention (DNC) in Chicago, senior policy advisor to the Harris campaign, Brian Nelson, said:
“She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow,”
His answer came in response to questions on Harris’ effort to garner support from the crypto industry. Notably, this is one of, if not the only, official statement from the Harris campaign about crypto in really any capacity.
Tax Plans
Harris’s recent economic proposals may not go down well with crypto voters, regardless of how much industry outreach she does. The controversy mainly stems from her support of Joe Biden’s 44.6% capital gains tax proposal, which includes a 25% tax on unrealized gains. Notably, this would be for taxpayers with wealth greater than $100 million.
Though it is supposed to bring a semblance of balance to the U.S. tax system, which many understand to benefit high-wealth taxpayers with a lower effective rate, many argue this could stifle business and economic activity in America.
Solana (SOL) co-founder Anatoly Yakovenko described the proposal as “beautifully communist.” He notes that it would suppress individual entrepreneurship and questions why Kamala isn’t focusing on “taxing sovereign funds investing wealth they plundered from millions of people.”
Trump on Top?
Following these developments, the crypto prediction market, Polymarket, has once again positioned Donald Trump as the favorite to win the 2024 election. It comes just a few weeks after Kamala Harris became Polymarket’s favorite, though by a very slim margin.
Perhaps fueling this flipping were Trump’s numerous high-profile interviews with Elon Musk and YouTube megastar Adin Ross and his most recent appearance on This Past Weekend with the beloved comedian Theo Von.
Kamala Harris appears to be taking a different approach, but for how long? Seemingly, she has seen Trump’s success with crypto and is now eager to emulate and replicate that to some degree.
But this may seem disingenuous to voters, who will likely see through her last-minute attempts to garner attention in a similar but not too similar fashion to Trump’s.
As rumors emerge that pro-crypto candidate RFK Jr. is exiting the race to back Donald Trump, it would appear that both Kamala and Trump have secured top billing for presidential nominees.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
