Kamala Harris to Back Crypto Regulations in Bid to Mine Industry Support: Reports

• 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.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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