4 weeks ago
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The meme coin Kamala Horris (KAMA) has seen a significant drop, losing nearly 25% of its value. This downturn comes despite speculation that U.S. Vice President Kamala Harris may endorse pro-crypto legislation. The news follows criticism of the Democratic National Convention for not mentioning cryptocurrencies in their platform.
As the U.S. presidential elections draw near, cryptocurrencies are becoming a hot topic in political circles. Both major parties are beginning to recognize that the crypto community could play a key role in the upcoming November election.
Harris’ Potential Pro-Crypto Stance
Brian Nelson, a senior advisor on Harris’ campaign, indicated that she may back pro-crypto policies if elected. This shift marks a new direction for Harris, who had previously been hesitant to support digital assets. The Democrats seem to be working to strengthen their connection with the crypto community, hoping to attract support.
A move towards friendlier regulations could bring more investment into the U.S., especially from countries with clearer crypto laws. The U.S. Securities and Exchange Commission (SEC) has been criticized for its strict approach, which many in the crypto space believe is hindering innovation.
There are growing concerns, however, about the possibility that Harris might appoint current SEC Chair Gary Gensler as treasury secretary. Gensler’s hardline stance on digital assets has made many in the crypto world nervous about future regulations under a Harris administration.
Despite these developments, the market remains cautious. Charles Hoskinson, founder of Cardano, dismissed the news as “just talk,” reflecting a broader sense of skepticism.
Political Reactions and Market Impact
Senator Cynthia Lummis, known for her strong support of Bitcoin, remains doubtful that Harris would be beneficial for the crypto industry. During the SALT Wyoming Blockchain Symposium, Lummis pointed out that former President Donald Trump has been more consistently supportive of digital assets and has promised to push for progress in this area.
Lummis highlighted the contrasting approaches between the two parties. According to BeInCrypto, Trump has vowed to back the crypto sector, including plans to remove Gensler and establish a Bitcoin reserve in the U.S., showing a clear difference in strategy.
Trump Leads in Election Predictions
As the election nears, Trump is leading Harris on Polymarket’s prediction dashboard, with 53% to her 46%.
Recent reports from Lookonchain revealed that on Monday, a user withdrew 205,000 USDC from Binance to buy 417,252 “Yes” shares, betting on Trump’s victory. With Trump gaining ground in certain polls, this investor has seen up to $15,000 in unrealized profits.
Harris’ drop in support is partly due to rumors that Robert F. Kennedy Jr. might endorse Trump. His running mate, Nicole Shanahan, hinted at this possibility on the Impact Theory podcast. However, some reports suggest Kennedy is also considering a role in a potential Harris administration.
All eyes are on Arizona this Friday, where Kennedy is expected to announce his next move. His decision could significantly affect the voter landscape.
Meanwhile, despite the buzz around Harris’ possible crypto support, the KAMA coin continues its downward slide. CoinGecko data shows a 25% drop, with Fox Business reporter Eleanor Terrett noting that Brian Nelson did not explicitly mention “crypto” or “digital assets” in his statements, leading to continued investor skepticism.
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