Donald Trump and Kamala Harris remain locked in a tight race in the betting markets.

Odds are tilting in favor of one of the two.

Crypto industry support is mounting for Harris.

The upcoming U.S. elections have become a hot topic in the crypto industry, with leading candidates Donald Trump and Kamala Harris increasingly turning to the sector for support. With both sides presenting themselves as champions of industry growth, debate is intensifying on which candidate is better suited to drive the future of the asset class.

As the discussions continue, one candidate appears to be gaining a stronger foothold than the other.

Trump Has the Edge on Election Bets

With the November presidential elections fast approaching, crypto industry predictions are heating up. According to prediction platform Polymarket on Monday, September 9, 2024, Republican candidate Donald Trump leads the ongoing election forecast. Sponsored

At the time of writing, the former president’s odds stand at 52%, surpassing Kamala Harris by 5% and securing a 4-to-2 advantage in state-level data.

Another key focus is predicting which candidate will remain the preferred choice after the debate. Trump leads with 83% odds of continuing as the favored candidate, compared to Harris’s 63%.

The present numbers for Trump build on his months-long campaign and self-styled title as the “crypto president,” which has seen him chart bold regulatory promises and engage in business ventures centered around industry initiatives. However, Trump has faced harsh criticism for his recently unveiled DeFi family venture and prior anti-crypto stance.

Meanwhile, Harris’ 47% odds represent a decline from her previously surging chances despite growing industry support for her campaign.

Kamala Harris Lands Crypto Backing

In recent weeks, Harris has intensified pro-industry efforts, which have been marked by the growing advocacy of her position as an innovation advocate.

The renewed focus has attracted significant support from key figures in the crypto space. In a recent letter, Ripple co-founder Chris Larsen endorsed Harris for her commitment to stable business practices and fair regulation, positioning her as a better candidate for navigating the complexities of blockchain regulation and technological advancement.

The Future Forward political action committee (PAC) has also recently opened up a Coinbase Commerce-powered crypto donation campaign to support Harris, opening the doors to donations in several popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and more. 

Despite the growing support, however, industry figures have pointed out the Vice President’s lack of vocal support for the industry, raising concerns that the silence casts doubts on her commitment to a crypto reset.

On the Flipside

Kamala Harris previously surpassed Trump on Polymarket bets.

Some skeptics argue that Harris and Trump’s pro-crypto agendas might be politically motivated rather than reflecting a genuine interest in the industry.

Why This Matters

Regardless of the shifting odds in the ongoing election forecasts, the outcome of the upcoming presidential election carries significant implications for the crypto industry. Having navigated an unclear and unfriendly regulatory landscape, the industry’s future will depend on a new administration setting favorable policies and offering a supportive stance.

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