Kamala Flips Trump on Polymarket As Dems Open Up To Crypto

Democratic presidential candidate Kamala Harris is leading the polls on prediction market Polymarket against her Republican contender Donald Trump by 10 points.

Over $600 million have been wagered on the upcoming Nov. 5 election in the U.S., with 54% of bets placed for Kamala Harris. Trump, who held the lead for months against President Joe Biden, trails Harris with 44% of the preferences.

Flipping Trump by a 10-point margin less than a month after Biden stepped down as the presidential candidate for the Democrats is impressive. On July 17, as Polymarket saw a record $116 million wagered during the first month of July, Trump surged ahead, favored by 69% of bettors, while Biden’s odds stagnated at 18%.

However, other polls placed Harris and Trump in a much closer vicinity. According to FiveThirtyEight, Harris is ahead of Trump by less than three percentage points, 46.2% versus 43.5%.

Democrats Warm Up To Crypto

Years of aggressive anti-crypto policies pushed by Democrats including Elizabeth Warren could mean Harris’s lead is bad news for crypto. But there are signs that the tide is turning, triggered in part by Trump.

After Trump embraced digital assets, Democrats had no choice but to open up to conversations with leaders and enthusiasts of the crypto industry.

That said, Harris has been reluctant to state her position on crypto, raising concerns that her administration will be equally hostile to the industry as Biden’s has been.

But lawmakers aligned with her party were present at an online event on the night of Aug. 14 that was dubbed Crypto4Harris. Harris did not attend, and she wasn’t present for a recent call with crypto industry leaders and representatives of her campaign either.

Senate Majority Leader Chuck Schumer and Michigan Democratic Senator Debbie Stabenow, along with billionaire Mark Cuban spoke to the audience, hoping to convince them of an allegedly more pro-crypto persuasion.

Schumer said he wants to pass sensible legislation that would help the U.S. maintain its status as the most innovative country in the world, adding that he aims for these to come into effect by the end of 2024.

Meanwhile, Michigan Democratic Senator Debbie Stabenow added that she wanted to reaffirm the fact Democrats are committed to keeping innovation in the United States, supporting the growth and at the same time protecting the interests of consumers.

Anti Crypto Army Defection

In May this year, Democrats began breaking ranks with regards to the anti-crypto army led by Senator Warren.

Dozens of Democrats, including Schumer, but also Cory Brooks of New Jersey and Sean Casten of Illinois among 32 other representatives voted with Republicans to support a rollback on the SEC’s guidelines that discourage banks from holding digital assets, Politico reported.

Biden said he would not veto the bill, in what was a major win for digital asset advocates.

Trump the “Crypto President”

But Trump has been more clearly courting the crypto industry of late.

He attended the Bitcoin2024 conference in Nashville in late July, promising to fire Gary Gensler on day one of his administration, and making a commitment to end Operation Choke Point 2.0, an alleged concerted effort by the Biden administration to bring down crypto in the U.S.

Trump has also launched his Bitcoin-branded line of sneakers which sold out in minutes, and now his two sons are opening up to crypto, teasing a new platform that’s ready to “take on” the banks.

It has been a whirlwind for cryptocurrency enthusiasts to witness the industry become a central part of a major U.S. election. What each party will do if elected is yet to be seen.