Kamala Harris Meme Coin Falls 25% Despite Pro-Crypto Shift

Kamala Horris (KAMA) meme coin has plummeted nearly 25%, even as reports circulate that Vice President Kamala Harris may support pro-crypto legislation. The potential shift follows intense criticism of the Democratic National Convention’s platform, which notably excluded any mention of cryptocurrencies.

As the US presidential elections approach, cryptocurrencies are becoming increasingly central to political discussions. Both major parties are beginning to acknowledge that crypto-focused voters could significantly influence the upcoming November election.

Kamala Harris to Support Pro-Crypto Legislation

Brian Nelson, a senior advisor on Vice President Harris’ campaign, revealed that she plans to support pro-crypto policies if elected. The move comes as Democrats seek to strengthen ties with the crypto community. Harris, who initially avoided backing digital assets, now appears more receptive to embracing emerging technologies.

“They’ve expressed that one of the things that they need are stable rules, rules of the road…focus on cutting needless bureaucracy and unnecessary regulatory red tape… innovative technologies while protecting consumers and creating a stable business environment with consistent and transparent rules of the road,” Bloomberg reported, citing Nelson.

Implementing regulatory changes and removing restrictive legislation would signal a positive shift, potentially attracting investments from nations with clearer crypto guidelines. For starters, the US Securities and Exchange Commission (SEC) has faced criticism for its enforcement-driven approach, which crypto leaders argue stifles innovation.

Read more: Who Is Gary Gensler? Everything To Know About the SEC Chairman

Concerns have heightened due to rumors that Kamala Harris may consider appointing current SEC Chair Gary Gensler as treasury secretary, a move that has sparked anxiety within the crypto community. Gensler’s tough stance on digital assets has led many to worry about the future regulatory environment under a Harris administration.

Despite the Democrats’ stance shift, market sentiment remains cautious. Cardano founder Charles Hoskinson dismissed the news as “just talk,” reflecting broader skepticism.

“No specific policy or proposal. Just talk. Will Gary be fired? What legislation do you support? What executive actions will be issued? Why haven’t you changed the policy RIGHT NOW since you are president? I am sorry there is ZERO trust. We need specific, tangible actions,” Hoskinson remarked.

Senator Cynthia Lummis, a vocal Bitcoin supporter, remains unconvinced that Kamala Harris would benefit the crypto industry. “There’s no indication she would be good for crypto,” Lummis said during the SALT Wyoming Blockchain Symposium. She noted that former President Donald Trump has consistently spoken favorably about digital assets and aims to drive progress in this area.

Lummis contrasted the differing crypto approaches between Democrats and Republicans. According to BeInCrypto, Trump has pledged to support the crypto sector, promising to remove Gary Gensler from his position and establish a Bitcoin reserve in the US, highlighting a stark contrast in strategy.

Donald Trump Takes Lead on Polymarket

Amid US election anticipation, Trump is back in the lead on Polymarket’s prediction dashboard. He stands at 53% against Harris’ 46%.

Lookonchain reported that on Monday, a user withdrew 205,000 USDC from Binance to purchase 417,252 “Yes” shares in favor of Trump winning the election. With Trump now leading in certain polls, the prediction market participant has accumulated up to $15,000 in unrealized profit.

“On Polymarket, Trump’s chances in the US Presidential Election rose to 53%, surpassing Harris. 3 days ago, someone registered on Polymarket and withdrew 205K USDC from Binance to buy 417,252 ‘Yes’ shares for Trump in the election. Now, this person has an unrealized profit of $15,000,” Lookonchain noted.

Read more: How Can Blockchain Be Used for Voting in 2024?

One factor contributing to Harris losing her lead is speculation that Robert F. Kennedy Jr. might endorse Trump. His running mate, Nicole Shanahan, hinted at this during an appearance on the Impact Theory podcast. However, uncertainty remains, as reports suggest Kennedy is also considering roles within a potential Harris administration.

The crypto market’s focus will be on Arizona this Friday, where Robert F. Kennedy Jr. is set to announce his future plans. His decision could significantly impact voter dynamics.

Meanwhile, CoinGecko data shows the Kamala Horris (KAMA) meme coin has dropped 25%, despite reports suggesting Harris may support crypto legislation. Fox Business reporter Eleanor Terrett noted that senior advisor Brian Nelson didn’t explicitly mention “crypto” or “digital assets” in his statements, fueling skepticism among investors.

“Harris campaign adviser Brian Nelson said Kamala Harris will support policies that ensure emerging technologies can continue to grow. I’ll probably get yelled at for pointing out that he didn’t say the words crypto or digital assets, just “that sort of industry,” Terrett observed.