Gemini Co-Founder’s Criticism Of Harris’ Crypto Stance Fuels Demands For Major Policy Shift

The anticipated 2024 November elections in the US have stirred discussions within the crypto community regarding the potential stance of Vice President Kamala Harris towards the industry, should she become the Democratic Party’s nominee. 

With uncertainty shrouding her position, voices from the crypto space have raised concerns about her willingness to support the crypto sector in the event of assuming the presidency.

Political Rift In Crypto

Tyler Winklevoss, co-founder of crypto exchange Gemini, took to social media to issue a pointed critique, claiming that immediate actions such as removing US Securities and Exchange Commission (SEC) Chair Gensler, halting enforcement actions, and ending Operation Chokepoint 2.0, as imperative steps for Harris to take in order to earn the support of the crypto voting block. 

Winklevoss underscored the importance of these measures for the industry’s growth, citing concerns raised by US Senator Bill Hagerty regarding regulatory stifling under the current Biden administration. However, Tyler Winklevoss also asserted that “She won’t do this so she won’t stand a chance in winning back the crypto voting block. Time for change.”

Adam Cochran, a market expert, entered the fray with a contrasting perspective, emphasizing the need for a non-partisan approach in engaging with political figures. 

Cochran argued that dismissing potential dialogue with politicians, regardless of party affiliation, could hinder progress within the crypto industry. He called for engagement with policymakers, even in cases where motives might be politically driven, as ultimately, policy outcomes would shape the industry’s trajectory. Cochran stated:

Instead of swatting down the first opening we’ve had in *YEARS* to get both sides on board with crypto – let’s grow up and make sure we have seats at the table on both sides.

In a back-and-forth exchange between the two, Winklevoss reiterated his call for swift action from the Democratic Party, while Cochran urged an inclusive approach, emphasizing the importance of seizing opportunities for cooperation across party lines.

High-Stakes Betting

According to a Bloomberg report, the upcoming 2024 US presidential election has flooded crypto betting platform Polymarket with a surge of wagers, prompting the company to upgrade its infrastructure to handle the influx of incoming funds.

As a result, Polymarket is integrating software from Miami-based MoonPay that will allow users to pay for their bets using traditional banking methods such as bank transfers and credit cards. 

This is a departure from the current process, where bettors must first purchase Circle’s USDC stablecoin on a crypto exchange before transferring it to Polymarket to place their bets.

To date, more than $366 million has been wagered on the outcome of the November election, where Trump is now likely to face off against Vice President Kamala Harris. Polymarket’s current data indicates a 61% chance of Trump winning the presidency again.

Featured image from DALL-E, chart from TradingView.com