Ripple co-founder Chris Larsen joined 87 other corporate leaders in endorsing Vice President Kamala Harris for the White House, as reported by CNBC on Sept. 6.

The letter included several other high-profile signatories, including Aaron Levie (Box CEO), Jeremy Stoppelman (Yelp CEO), philanthropist Lynn Forester de Rothschild, private equity billionaire José Feliciano, Twilio co-founder Jeff Lawson, DC sports magnate Ted Leonsis, Snap chairman Michael Lynton, and former 21st Century Fox CEO James Murdoch.

Letter Overview

According to CNBC, the letter emphasized that electing Harris as president is the best way to support democracy and the economy’s strength, security, and stability.

The signatories believe Harris would implement fair policies that uphold the rule of law and foster a stable business environment.

The letter was not aimed at swaying the public but rather positioned as a political statement to boost Harris’s profile, especially with the first presidential debate just days away.

Harris and crypto

Larsen’s backing for Harris is notable due to Ripple’s consistent advocacy for blockchain innovation and drive to ensure that pro-crypto candidates are elected. Due to this, the firm has contributed millions to Fairshake, a federal super PAC supporting pro-crypto and pro-innovation candidates.

However, Larsen’s endorsement of Harris may seem unexpected since she has not publicly shared her position on the crypto sector.

Nevertheless, Larsen’s endorsement also signals Harris’s growing support within the crypto industry.

Although much of the sector favors former President Donald Trump for his pro-crypto policies, there is increasing interest in Harris. Recently, crypto executives and advocates reportedly discussed raising $100,000 for Harris’s campaign, hoping to influence her stance on crypto regulation if she wins.

J.P. Theriot, co-founder of Uphold, also voiced his support for Harris on X (formerly Twitter). Additionally, Harris’s campaign has begun accepting crypto donations via Coinbase.

Despite this support, Harris currently trails Trump in the decentralized prediction market Polymarket.

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Former President Donald Trump’s engagement with the crypto community is significantly bolstering his chances to win the 2024 presidential race, according to a Fairleigh Dickinson University (FDU) poll released on Aug. 30.

The FDU poll indicated that Trump holds a notable lead among voters who own crypto or related assets, outpacing Vice President Kamala Harris by 12 points in the 2024 US Presidential race.

According to the Poll:

“Trump leads by 12 points among likely voters who own crypto (50 to 38), while Harris leads by 12 among those who say that they don’t own crypto (53 to 41).”

Dan Cassino, a professor of Government and Politics at Fairleigh Dickinson and the Poll’s Executive Director, emphasized that Trump’s outreach to the crypto community appears to be paying off. He noted that the underlying ideology of crypto, rooted in a distrust of established power structures, aligns with Trump’s political messaging.

US crypto owners

The survey also revealed that 15% of registered US voters have owned crypto, NFTs, or similar digital assets, with this group largely comprising men, younger voters, and racial minorities.

The Poll further showed that Republicans are marginally more likely than Democrats to own crypto. However, this does not fully account for the 24-point difference in presidential support between crypto owners and non-owners.

Interestingly, individuals across the political spectrum—self-identified liberals, moderates, conservatives, progressives, and MAGA supporters—are equally likely to report owning digital assets.

Cassano stated:

“The fact that crypto owners aren’t conservatives or liberals or MAGA voters means that they’re up for grabs, and in an election that’s expected to be close, they’re too big a group to ignore.”

Trump’s crypto moves

In recent months, Trump has actively positioned himself as a pro-crypto candidate in contrast to Vice President Harris. He has launched several initiatives to strengthen this image, including the recent launch of his fourth non-fungible token (NFT) project.

Before this move, the former President became the first major presidential candidate to accept crypto donations in May. In July, he headlined the most significant Bitcoin event of the year in Nashville, Tennessee, where he promised to make BTC a federal reserve asset.

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Former US President Donald Trump‘s fourth NFT collection has generated over 22,000 transfers on the Polygon network, translating to more than $2 million in sales, according to on-chain data.

This level of interest is noteworthy, mainly since these NFTs cannot be sold on secondary markets until Jan. 31, 2025.

However, this performance starkly contrasts his earlier collections, which sold out swiftly after their launch. Current figures indicate that Trump has only sold about 6% of the 360,000 total NFTs more than 24 hours after the collection’s release.

If the collection eventually sells out, it could generate $36 million in revenue, with each trading card priced at $99.

On Aug. 27, Trump unveiled the new set of NFTs issued by NFT International LLC. The trading cards feature images of a younger version of Trump depicted in various victorious poses or dressed as a superhero.

Trump also offered several incentives to buyers, such as a physical card for purchasing 15 NFTs, autographed cards, and a chance to dine with him in Jupiter, Florida, for those who buy 75 NFTs.

The former president has earned over $7 million from his previous NFT collections.

Trump’s election prospects

Trump’s latest NFT venture coincides with his tightening race against Vice President Kamala Harris in the upcoming election.

On the Polymarket decentralized prediction market, crypto bettors estimate Trump’s chances of winning at 50%, just ahead of Harris at 49%.

In a bid to boost his appeal, Trump has intensified his pro-crypto stance and added independent presidential candidate Robert F. Kennedy Jr. to his transition team. Kennedy recently backed out of the presidential race to support Trump’s bid for the Oval Office while remaining on the ballot in some states.

Meanwhile, Trump faces a new federal indictment from a grand jury in Washington, DC. The indictment, filed on Aug. 27, accuses him of attempting to overturn the 2020 presidential election results.

The charges include conspiracy to defraud the US, conspiracy to obstruct an official proceeding, obstruction of — and attempt to obstruct — an official proceeding, and conspiracy against rights.

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Vice President Kamala Harris may need to attract more support from the crypto community to strengthen the Democratic Party’s chances of winning the November elections, according to a recent survey by crypto investment firm Paradigm.

The survey, which polled 804 registered Democrats, found that 13% are undecided about voting for Harris. Of these, 18% have invested in crypto, while 21% of these crypto investors feel the Biden administration has been “too hostile” toward the industry.

Overall, the survey indicated that due to the Biden administration’s perceived hostility toward crypto, a small but notable fraction of Democrats —between 1% to 2% — may be leaning toward Republican candidate Donald Trump.

The poll was conducted between July 25 and Aug. 1, shortly after Biden announced his withdrawal from the Democratic nomination. It has a 3.5% margin of error.

Democrats crypto

Meanwhile, the survey also revealed a growing interest in crypto among Democratic voters.

According to the report, 18% of Democrat voters have invested in crypto, with expectations that this figure will rise over the next year.

Among this demographic, 9% are “very likely” to invest in crypto in the coming year, and 18% are “somewhat likely.” Conversely, 54% indicated they are “not at all likely” to invest in the emerging industry.

Justin Slaughter, Paradigm’s policy director, pointed out that Democrats want the US to lead the world in high-tech software innovations “including cryptocurrency.” He said:

“If you think everyone dislikes crypto, that’s a sign you’re in an information bubble.”

Meanwhile, support for crypto is notably higher among non-white Democrats. While 18% of all Democratic voters reported owning crypto, the percentage is 22% among Black Democrats, 25% among Hispanic Democrats, and 27% among Asian American and Pacific Islander Democrats.

The survey also reveals that only 8% of respondents owned more than $1,000 in crypto, while only 5% owned more than $10,000.

Slaughter highlighted that the size of crypto holdings can influence election decisions. He noted:

“Among the 5% of Democrats who own more than $10,000 in crypto, 33% say it will be a voting issue for them, along with 23% of all crypto owners.”

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Former US president Donald Trump’s Bitcoin-themed sneakers have already sold out, according to the Trump Sneakers website.

Launched on July 31, the 1,000 pairs of the bright orange version of the Bitcoin-themed sneakers were priced at $499 per pair for pre-order and, within a few hours of their release, were all sold out.

The site also offers several other sneaker models, including black high-tops, priced at $299, and orange low-tops, also at $299. Fifteen pairs of the black model and four pairs of the orange low-tops will feature Trump’s signature.

Notably, pre-orders for these sneakers are already being resold on eBay for up to $2,500, with sellers promising delivery between September and November.

In addition to the sneakers, Trump’s website offers various Trump-themed items, including perfumes and other merchandise featuring Trump’s slogans and American flag designs.

The website shows that CIC Ventures LLC is licensed to use Trump’s name and likeness. However, it clarified that it is not connected to Trump’s political campaign, and the sneakers are neither designed nor sold by Trump or his associates.

Trump’s pro-crypto move

This release follows Trump’s recent speech at the Bitcoin 2024 conference in Nashville, where he vowed that the US government would “never sell” its 210,000 Bitcoin holdings and any future acquisitions. He also promised policies to elevate America as a Bitcoin and crypto “superpower.”

Over the past months, Trump has made a strong pivot towards the emerging industry in his bid to get re-elected to the White House. Notably, he promised to fire the US Securities and Exchange Commission (SEC) chair, Gary Gensler, and initiate several pro-crypto policies to strengthen its growth.

These promises have positively impacted his standing among major crypto stakeholders, including Gemini co-founders Cameron and Tyler Winklevoss, Ark Invest CEO Cathie Wood, and others who have supported him.

Furthermore, Polymarket, the prominent crypto betting platform, shows that Trump remains in the pole position to win the November elections despite a recent decline. According to the platform, Trump retains a significant 55% odds of being president, down from the 72% recorded on July 16.

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Russian lawmakers pass bill legalizing Bitcoin mining, crypto payments for international trade

Adoption 14 hours ago

The bill, which was first introduced a few years ago, is expected to take effect on Sept. 1,  pending final approval from the federation.

Former US President Donald Trump has dismissed reports suggesting he is considering JPMorgan Chase’s CEO Jamie Dimon or BlackRock’s Larry Fink for the Treasury Secretary position.

On July 23, Trump posted on his Truth Social account, stating he didn’t know who suggested that Fink or Dimon was under consideration for a role in his administration. He speculated that “perhaps the Radical Left” made these suggestions.

He wrote:

“I don’t know who said it, or where it came from, perhaps the Radical Left, but I never discussed, or thought of, Jamie Dimon or Larry Fink for Secretary of the Treasury.”

This denial follows several reports that suggested that Trump might consider Dimon for the Treasury Secretary role. While Trump hasn’t explicitly mentioned Fink, a separate report indicated that he sought economic insights from the BlackRock CEO.

These speculations arose despite Trump’s contentious relationship with the CEOs, which is marked by their differing economic and political views. Last year, Trump described Dimon as a “highly overrated globalist” because he believed the banking executive was supporting Nikki Haley’s presidential campaign.

Crypto unites

There are thoughts that the three may find common ground with their recent interest in crypto. Notably, Trump, Dimon, and Fink previously held hostile stances toward the emerging industry, but the sector’s enduring maturity appears to be changing their views.

Dimon previously called Bitcoin a “Ponzi scheme” and a fraud. However, Trump said Dimon had significantly softened his stance on crypto as his company, JPMorgan Chase, has advanced its interaction with the sector.

On the other hand, Fink has become a strong proponent of crypto. His company is among the issuers of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum and is also behind the fast-rising Ethereum-based money market fund BUIDL.

Meanwhile, Trump’s crypto posture has won him support from industry stakeholders, who believe his presidency would usher in an era of solid regulatory clarity and growth for the burgeoning sector.

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US President Joe Biden resigned from the upcoming November 2024 Presidential Election on July 21 and immediately endorsed Vice President Kamala Harris’s candidature.

Biden said:

“I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year.”

Biden’s move was entirely not surprising as he had been facing increasing pressure to drop out over the past few weeks after his disastrous showing at the debate against former US President Donald Trump.

Crypto platform Polymarket was praised by many, including Ethereumm’s Vitalik Buterin, for its ability to predict Biden’s move ahead of time.

“Really impressive showing from [Polymarket]. Not just predicting the outcomes well in advance, but also (through making conditional odds of different candidates visible) serving as an active input into collective decision making.”

Crypto community members have pointed out that Biden’s withdrawal from the presidential race presents the Democratic Party an opportunity to win back the crypto votes that have predominantly tilted towards the Republicans due to President Trump’s newfound pro-crypto stance.

On July 21, Variant Fund’s chief legal officer, Jake Chervinsky, emphasized that capturing crypto votes should be the “new nominee’s top priority in an election that will be won on the margins in states where crypto is a live issue.”

He added:

“I believe the Democrats have a huge opportunity, but only the new nominee can decide whether to take it.”

The Cedar Innovation Foundation, a crypto policy group, agreed. They suggested that with SEC Chair Gary Gensler and Senator Elizabeth Warren having influenced past White House policies, it’s time for fresh leadership. Colin McLaren, the Engagement Director of the Cedar Innovation Foundation, told CryptoSlate:

“A new generation of Democratic candidates in the House and Senate have made innovation-friendly policies a part of their policy platforms, and we hope that Vice President Harris and any other candidates who run for the nomination will do the same.”

How Democrats can win back crypto votes

Chervinsky provided five recommendations for the new candidate to win back crypto voters:

1. Recognize crypto’s importance to the US economy.
2. Acknowledge the failures of current regulatory approaches.
3. Propose balanced policies for innovation and consumer protection.
4. Suggest crypto-friendly appointees for key agencies like the SEC and CFTC.
5. Engage with crypto industry stakeholders

Cinneamhain Ventures partner Adam Cochran noted that while Harris has no public stance on crypto, she could sell herself to the industry by appointing a pro-crypto running mate. He further pointed out that the potential candidates for this role—Pete Buttigieg and Josh Shapiro—are pro-crypto.

He concluded:

“Given the backlash they’ve seen on the matter, and the field of moderates who have reasonable crypto takes, I think you’d expect an attempt to distance themselves from Gensler, Warren and Biden era policy on crypto.”

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Former US President Donald Trump almost banned Bitcoin in 2020, according to Mike Brock, the CEO of TBD, a division of Jack Dorsey‘s fintech firm Block Inc.

In a July 18 post on social media platform X (formerly Twitter), Brock stated:

“Trump tried to ban Bitcoin in 2020, until Steve Mnuchin and a group of people in the administration slow-walked his wishes, to preserve American competitiveness and innovation.”

Mnuchin served as the 77th United States Treasury Secretary during Trump’s presidency. At the time, Trump was a major critic of digital assets and had publicly stated that he was not a “fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on thin air.”

Brock’s statement comes amid Trump’s recent pivot toward the emerging crypto industry, where he is gaining strong support. He has also garnered support in Silicon Valley for his progressive stance toward technology.

While some stakeholders, like Messari CEO Ryan Selkis and Ark Invest CEO Cathie Wood, have backed him, skeptics like Brock remain.

According to Brock, Trump doesn’t care about Bitcoin and only sees the sector’s support “as an easy fundraising and constituency win.” He added:

“He will walk into the White House and immediately begin the process of doing to them, what he’s done to every other constituency he’s courted: leaving them out to dry.”

When asked if Trump’s view on crypto might have evolved, Brock disagreed, stating:

“Trump doesn’t believe in anything but himself.”

Brock’s perspective aligns with Arthur Hayes, the co-founder of the BitMEX exchange, who recently warned that Trump’s recent pro-crypto stance was false.

Hayes stated:

“I am dismayed that many crypto pundits who should know better are now blindly throwing fancy fundraisers for the Trump campaign. Trump is an astute politician, he will say whatever to whoever is to be re-elected. Once in office, anything related to crypto will be a distant memory.”

Notably, the upcoming November elections have created an industry-wide political awareness, with Ethereum co-founder Vitalik Buterin recently warning voters about supporting pro-crypto candidates who may be making empty promises.

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Former US President and Republican Presidential Candidate Donald Trump has hinted at the possibility of launching a new NFT collection, following the success of his previous ones.

In an interview with Bloomberg Businessweek, Trump highlighted the strong demand from his supporters for more digital assets. This demand could influence his decision to release a new collection. He stated:

“We had one year to sell it out and it sold out in one day. The whole thing sold out: 45,000 of the cards. And I did it three times [and] I’m going to do another one, because the people want me to do another one.”

Over the past few years, Trump has launched three NFT collections, generating both success and criticism from the community.

His first NFT collection, launched in December 2022, received much acclaim but experienced significant value losses, similar to his Series 2 collection launched in April 2023 and the Mugshot edition in December 2023.

These projects have also faced broader complaints. Early reports suggested that the company controlling the project reserved several NFTS for the team. It was also alleged that many card designs plagiarized stock images from popular websites like Amazon.

Meanwhile, Trump mentioned that his involvement in NFTs changed his views about the crypto industry. He said:

“I did things like NFTs and, you know, stuff. And I noticed that 80% of the money was paid in crypto. It was incredible…The thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency. And it opened my eyes.”

Reports from last year indicate that Trump has earned around $5 million from his NFT collections.

Maintaining US crypto dominance

Trump explained that his pro-crypto stance aims to position the US as a leader in the industry.

He believes the industry is young and here to stay, making government intervention essential. He emphasized the importance of not letting another country take the lead.

Trump said:

“If we don’t do it, China is going to pick it up and China’s going to have it—or somebody else, but most likely China. China’s very much into it. Also, it’s not going away. It’s amazing.”

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US crypto stocks started the week on a high note after Bitcoin reversed weeks of negative performance by trading near $63,000 today.

This boost followed a strong weekend for the top crypto asset, driven by news of the assassination attempt of pro-Bitcoin candidate former President Trump.

Yahoo Finance data showed notable gains for leading crypto companies during pre-market trading. Coinbase, MicroStrategy, and publicly traded mining companies like Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 saw significant price increases.

Coinbase, the largest US-based crypto exchange, reported a 5.22% rise in its COIN stock. MicroStrategy, the largest public Bitcoin holding company with over 210,000 BTC, saw its MSTR stock climb by 8%.

Additionally, publicly-traded Bitcoin mining companies, including Marathon Digital, Riot Platforms, and Bit Digital, experienced more than 7% pre-market gains.

Why are the stocks rising?

Market observers have linked the rise in crypto-related stock prices to the strong performance of the broader crypto market during the reporting period.

Data from CryptoSlate shows that major digital assets, including Bitcoin, Ethereum, BNB, and XRP, have all posted gains of more than 5%.

Singapore-based crypto trading firm QCP explained that the market was pricing in a Donald Trump win in the impending November elections. It stated:

“This whole move seems to be caused by the market pricing in a Trump win at the coming election (similar to Reagan after a failed assassination attempt in 1981) and this is positive for crypto prices because of his overtly pro-crypto stance.”

Blockchain intelligence platform Santiment corroborated this view, adding that a bullish bias is now visible around the presumptive Republican candidate.

Santiment added:

“As we near elections this fall, the cryptocurrency community has generally shown bullish responses toward pro-Trump news, due to his recent pro-crypto comments. It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred as a result.”

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Bitcoin price soared above the $60,000 mark over the weekend following a failed assassination attempt against former US president Donald Trump.

According to CryptoSlate’s data, the flagship digital asset rose to a multi-week high of $62,980 during the early trading hours of July 15, with experts pointing out that the Trump situation re-awakened the market.

Blockchain intelligence platform IntoTheBlock stated:

“Bitcoin reclaimed the $62,000 support level after a strong weekend. While resistance is strong above, enough bullish momentum can prevent selling pressure.”

On July 13, Trump suffered an assassination attempt at a campaign rally in Pennsylvania. The presumptive Republican candidate was shot in the right ear but sustained no other significant injury.

Bitcoin conference

Despite the recent attempt at his life, Trump still plans to deliver his speech in person at the forthcoming Bitcoin Conference in Nashville.

On July 14, David Bailey, the CEO of BTC Inc., stated:

“I have just spoken with the President’s team. He is in good spirits and is excited to see you all in Nashville and deliver a speech that is heard around the world.”

The Bitcoin Conference corroborated this in a separate social media post while promising to provide additional security measures. It wrote:

“We know you have questions about security and what to expect at this historic event. We are actively engaged with our security teams and are fully cooperating with all the relevant parties to ensure a safe event.”

The Bitcoin Conference is the largest gathering of BTC enthusiasts globally, attracting around 35,000 guests in 2022. The event has a strong history of pro-crypto political attendance, with independent presidential candidate Robert F. Kennedy Jr., former Republican presidential candidate Vivek Ramaswamy, and Senator Bill Hagerty slated to speak this year.

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Editor Editor

Liam ‘Akiba’ Wright

Senior Editor at CryptoSlate

Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

Online bettors on blockchain-based betting platform Polymarket are predicting that US President Joe Biden will withdraw from the upcoming US elections after his spotty performance during the presidential debate against Donald Trump.

Punters rate Biden’s chances of dropping out of the races at 38 cents against 63 cents. The bet has attracted over $7 million worth of bets as of press time.

Similarly, forecasting startup Manifold shows a similar sentiment. The firm reports that the odds of Biden being the Democratic candidate for the forthcoming election plummeted to 68% from 94% within the past day.

Jim Bianco from Bianco Research noted the exceptionally high volume of bets placed, stating that prediction markets are “real-time, so when events like last night happen, they can measure how much things have changed… Biden’s odds (blue line) fell much more than Trump’s odds (red line) rose.” He further commented,

“Our interpretation is that Biden is in a deep hole that he may be unable to climb out of. However, if Biden is replaced with someone acceptable, Trump might not win either.

In other words, Trump may have had a pyrrhic victory last night.”

Why are people betting on a Biden dropout?

The bettors’ actions on prediction markets reveal the extent of the reaction to Biden’s performance at the first presidential debate.

Market experts noted that replacing Biden just months before the election is unprecedented in modern times and would be recently considered unthinkable. Yet, his debate performance has sparked many questions about his health and cognitive ability.

Demetri Sevastopulo, the US-China Correspondent for Financial Times, reported:

“Democratic lawmaker tells me a wide cross section of House Democrats were texting each other during the debate with same conclusion [of] Biden must dropout of the race. They are suggesting an open convention to excite voters.”

Who could replace Biden?

Data from Polymarket indicates that bettors are speculating on potential candidates to replace Biden. The “Democratic Nominee 2024” market on the site has drawn nearly $62 million in bets, with Biden still leading.

Interestingly, California Governor Gavin Newsom’s odds have risen to 15%, reflecting growing support. Newsom, a Biden supporter, praised the President’s debate performance.

Meanwhile, Michelle Obama, former US First Lady, has a 9% chance of being a contender, while Biden’s Vice President Kamala Harris is also a strong possibility, with 8% odds.

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