The 2024 U.S. Presidential election is fast approaching, set for November 5. On this day, voters will choose whether to elect current Vice President Kamala Harris, a Democrat, for her first full term, or return Republican Donald Trump to the White House.

In Crypto Moves #28, we highlighted how this year’s presidential election is more centered on the crypto industry than ever before. This is primarily due to Donald Trump’s recent and significant shift toward becoming a strong crypto advocate. That edition covered Trump’s stance and statements up until mid-May, and since then, he has only solidified his support for the crypto sector.

While Trump’s pro-crypto position has remained unchanged since the mid-May analysis, two significant changes have occurred.

Firstly, just after the publication of that note, U.S. Ethereum spot ETFs were approved on May 23. This approval, which came as a surprise to many in the market, appeared to be a dramatic shift by President Joe Biden and his administration, aiming to win over pro-crypto voters in response to Trump’s demonstrated support for the industry, as discussed in this Crypto Nugget note.

The second major change is in the presidential race itself. President Joe Biden is no longer in the running for a new term, having withdrawn on July 21 and endorsing Vice President Kamala Harris, who officially became the Democratic Party’s nominee on August 5. Since her nomination, Harris has proven that she is more than capable of challenging Donald Trump for the presidency. In fact, current bookmakers’ odds place her as the most likely candidate to win the election, surpassing even the peak odds that Joe Biden held back in April.

Chart 1: Bookmarkers’ 2024 U.S. Presidential Election

With Kamala Harris currently leading the race, it is more crucial than ever to understand her perspective on crypto and how she may approach regulating the industry if elected as the 47th President of the United States.