Harris vs. Trump: Who is the crypto industry backing?
As the U.S. presidential election nears, the crypto industry faces a notable split in candidate endorsements, with leading figures in the sector supporting both Donald Trump and Kamala Harris. Each candidate has positioned themselves with unique views on cryptocurrency, and as a result, some of the industry’s most influential figures are rallying around their chosen nominee.
Trump, the Republican candidate and former president, has gathered widespread support among prominent crypto advocates, while Democratic candidate and current Vice President Kamala Harris has also secured a number of endorsements since clarifying her stance on digital assets.
Trump Dominates in Crypto Endorsements
Former President Trump holds a strong lead in endorsements from the crypto industry, a position solidified by his pro-crypto stance. Known for reversing his once skeptical view of digital currencies like Bitcoin, Trump has won support from industry leaders who favor limited regulation and an open market for digital assets.
In June, the Winklevoss twins, founders of the Gemini cryptocurrency exchange, expressed their endorsement of Trump with a substantial $2 million Bitcoin donation to his campaign. They cited his policies as “pro-crypto,” signaling a belief that his administration would prioritize growth for digital assets. Jesse Powell, Kraken’s co-founder, also backed Trump with a $1 million contribution, labeling him “the only pro-crypto major party candidate” in the race. These high-profile endorsements reflect a confidence among some in the industry that Trump’s re-election would safeguard cryptocurrency’s future in the U.S. by fostering a regulatory environment that encourages growth.
Cathie Wood, CEO of ARK Invest and a vocal Bitcoin advocate, has also endorsed Trump. Wood’s optimistic views on Bitcoin’s future align with Trump’s approach to regulation, and she anticipates that his policies would protect crypto from restrictive laws. Joining her are other notable names in the industry, such as Cardano’s Charles Hoskinson, BitGo CEO Mike Belshe, and even Elon Musk, Tesla’s CEO and a long-time Bitcoin proponent, who made appearances at Trump’s rallies. Musk’s public support aligns with Tesla’s own crypto investments, underscoring a business-friendly outlook on Trump’s policies.
Other notable figures backing Trump include Robert Kiyosaki, author and entrepreneur, who praises his regulatory perspective, and Justin Sun, the founder of Tron, who believes a Trump administration would better accommodate blockchain innovations. Ryan Selkis, co-founder of the crypto research firm Messari, also publicly endorsed Trump, further illustrating a common thread among supporters who see his leadership as favorable to the industry.
Harris Gains Traction with Key Endorsements Despite Later Start
Vice President Kamala Harris’s entrance into the race was notably later than Trump’s, only securing the Democratic nomination in July 2024. However, her campaign has since rallied a following in the crypto community, particularly among those advocating for consumer protections alongside industry innovation. Harris’s stance became clearer in September when she publicly addressed her view on cryptocurrency, promoting innovation while prioritizing protective policies.
Among her early supporters is Chris Larsen, co-founder of Ripple, who endorsed Harris in September. Ripple has long advocated for regulatory clarity that protects users without stifling innovation, a stance that resonates with Harris’s emphasis on consumer protection. Laura Shin, founder of the Unchained podcast, also voiced support for Harris in October, calling on her to encourage crypto development responsibly. Billionaire investor Mark Cuban has also emerged as a key supporter of Harris, warning that a second Trump term could prove detrimental to the country and the crypto industry. Cuban, a long-time investor in cryptocurrency, highlighted the need for balanced regulation, which he believes Harris could deliver.
SkyBridge Capital’s Anthony Scaramucci also joined Harris’s ranks of supporters in September. Scaramucci noted that he was actively working with Harris’s campaign on crypto-related policies, emphasizing the potential for constructive regulation under her leadership. Andreessen Horowitz’s general partner, John O’Farrell, expressed similar sentiments, endorsing Harris in August and indicating that her approach to regulation could allow for sustained growth while protecting users. These endorsements signify a growing base within the crypto community that values Harris’s commitment to oversight in crypto markets.
Industry Observers Adopt Neutral Stance
While the majority of endorsements have tilted toward one candidate or the other, some influential figures have opted to maintain a neutral stance, donating to both campaigns. This bipartisan support reflects a belief that crypto can flourish regardless of the election’s outcome, with an optimistic view that the industry’s growth is inevitable in the long term.
Tim Draper, a well-known venture capitalist and crypto enthusiast, donated to both the Harris and Trump campaigns in October. Draper’s contributions underscore a balanced view that “both candidates have their hearts in the right place,” signaling his confidence in the resilience of the crypto industry. Coinbase CEO Brian Armstrong shared a similar perspective, expressing hope that the incoming administration, regardless of party affiliation, would adopt a constructive stance toward digital assets.
This neutral approach also aligns with Mati Greenspan, founder of Quantum Economics, who remarked that “regulation doesn’t matter” for some crypto advocates. Greenspan emphasized the idea that while regulatory clarity can be beneficial, the decentralized nature of assets like Bitcoin may lessen the impact of any one administration.
Meanwhile, prominent industry voices like Michael Saylor, founder of MicroStrategy, have taken to social media to gauge public sentiment. In a recent poll conducted by Saylor, Trump emerged as the preferred candidate for Bitcoin supporters, with nearly 90% of 100,000 respondents backing him. This overwhelming support among Bitcoin advocates highlights the appeal of Trump’s pro-crypto stance and reflects a sentiment within the community that favors minimal interference from regulators.
As the election draws nearer, the divergent endorsements within the crypto industry underscore the complexities of crypto regulation and its potential impact on the industry’s future. With both candidates presenting distinct visions for the role of digital assets, the outcome of the election will likely shape the trajectory of crypto in the U.S. for years to come.
Harris vs. Trump: Who is the crypto industry backing?
