The cryptocurrency lobby aligned with the Democratic Party launched a “Crypto for Harris” campaign, aiming to build political support for the incumbent Vice President to counter former President Donald Trump’s ongoing outreach to the expanding demographic.
What Happened: As reported by Fox Business Wednesday, the advocacy group was planning to schedule a virtual town hall meeting for next week. The event will feature influential Democratic-leaning cryptocurrency voices, including billionaire entrepreneur Mark Cuban and SkyBridge Capital founder Anthony Scaramucci.
Additionally, leading Democratic Senate figures have been invited to address the meeting, which will explore strategies to back the Harris campaign and boost fundraising efforts. The group, currently comprising around 50 members, is primarily made up of industry participants and policy experts, the report revealed.
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The campaign’s launch coincides with the tightening race for the White House between Trump and Harris, the respective Republican and Democratic nominees.
However, Democratic lawmakers and crypto industry Democrats aim to persuade the 40 million Americans who own digital assets that Trump and the Republicans are not the crypto party. “We're not giving this issue to Trump,” stated Rep. Wiley Nickel, (D-N.C.), who is scheduled to speak at the meeting.
Why It Matters: The “Crypto for Harris” campaign comes at a time when cryptocurrencies have emerged as a significant political issue in this year’s elections.
Trump has taken a 360-degree pivot from its earlier stance, vowing to make the U.S. the “crypto capital of the planet.” The former president advocated for a strategic national Bitcoin BTC/USD stockpile at a recent conference and slammed the Joe Biden-Harris administration for its hostile policies toward the industry.
Furthermore, the Republican Party officially declared its backing for the cryptocurrency industry and its stakeholders in its 2024 election manifesto.
That said, some experts believe the Democratic Party has a significant opportunity to win back a large portion of the cryptocurrency vote after Biden’s withdrawal from the race but it is contingent on Harris declaring a genuine commitment to the industry’s growth in the U.S.
In fact, the changing sentiment was reflected on the cryptocurrency-based prediction market Polymarket, where Harris was tied with Trump in election betting odds.
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