Crypto Industry Divided in Endorsements as Trump and Harris Vie for 2024 Presidential Support

As the U.S. election nears, prominent figures in the crypto industry have split their endorsements between Donald Trump and Kamala Harris. While Trump leads with major support from Bitcoin advocates, Harris is also gaining backing due to her pro-crypto policy stance.

The 2024 U.S. presidential election has drawn notable endorsements from the cryptocurrency industry, as key executives and investors throw their support behind either Republican candidate Donald Trump or Democratic nominee Kamala Harris. Both candidates have sought support from the crypto sector, but with distinct advantages.

Trump Leads in Crypto Support

Former President Donald Trump, with his evolving stance on cryptocurrency, has gained extensive backing from prominent crypto figures. His early entry into the race in November 2022 gave him an advantage, drawing in supporters who favored his deregulation stance.

In May 2024, LBRY founder Jeremy Kauffman was one of the first crypto leaders to endorse Trump, with a number of high-profile industry leaders following suit. Notably, the Winklevoss twins, co-founders of Gemini, pledged $2 million in Bitcoin for Trump’s campaign, and Kraken’s co-founder Jesse Powell announced a $1 million donation.

Elon Musk, Cathie Wood, and prominent investors like PayPal’s David Marcus and Andreessen Horowitz’s Marc Andreessen have also voiced their support for Trump’s pro-crypto stance. For many, Trump’s campaign signals a commitment to the crypto community.

Harris Gathers Crypto Endorsements Despite Later Start

Vice President Kamala Harris entered the race later, securing the Democratic nomination in July 2024. Since then, she has attracted notable endorsements from industry players, who value her support for consumer protections alongside crypto innovation.

Notable endorsements for Harris include Ripple’s co-founder Chris Larsen, Cleve Mesidor of the Blockchain Foundation, and Mark Cuban, a high-profile investor in the crypto space. Laura Shin, host of the Unchained podcast, and Andreessen Horowitz’s John O’Farrell have also supported Harris, with Cuban arguing that her administration would better address industry needs.

A Divided Community with Common Goals

Some crypto executives have chosen neutrality, predicting growth for the crypto industry regardless of the election outcome. Tim Draper, a prominent investor, donated to both campaigns, expressing optimism for bipartisan support for crypto. Similarly, Coinbase CEO Brian Armstrong believes that either candidate will prove “constructive” for the industry.

Ultimately, the crypto community’s endorsements reflect an anticipation of regulatory growth and greater clarity, a shared goal across party lines that could shape the future of the industry.

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