Democratic candidate Kamala Harris has overtaken Republican runner Donald Trump on Polymarket, a Polygon-powered decentralized prediction market.

Less than a month ago, Trump was leading the U.S. presidential race with a high probability of winning. Surviving an assassination attempt in Pennsylvania and delivering a Bitcoin reserve speech in Nashville boosted Trump’s odds to over 70% on Polymarket.

However, the situation has shifted, and Trump’s chances now seem less certain according to users of the on-chain prediction platform. Harris currently holds a 52% chance of winning the November elections, compared to Trump’s 46%. The remaining 2% is spread across other options, including individual candidate Robert F. Kennedy Jr.

Skepticism surrounds Trump’s ability to implement his promised crypto policies, and even less is known about Harris’ stance on digital assets. Trump and Republican politicians like Wyoming Senator Cynthia Lummis advocate for retaining America’s Bitcoin reserves. Lummis’ bill also includes provisions for purchasing more Bitcoin.

Harris recently announced Minnesota Governor Tim Walz as her running mate, drawing criticism from crypto industry stakeholders. Figures like VanEck’s head of digital asset research, Matthew Sigel, pointed out that Walz previously lobbied for stricter crypto oversight to protect U.S. financial stability.

Crypto enthusiasts also expressed concerns about the future of blockchain technology if Democrats secure a second consecutive term in the White House.

The ongoing “Operation Choke Point 2.0” has sparked outcry from the Web3 community. Regulators like the Securities and Exchange Commission (SEC) have intensified their clampdown on several crypto businesses, including Coinbase, Kraken, and Ripple.

Moreover, the crypto industry has criticized efforts to debank digital asset businesses and disconnect blockchain services from the traditional financial system. Recently, the Federal Reserve scrutinized crypto-friendly Customers Bancorp, Inc., and its subsidiary, Customers Bank, over compliance with the Bank Secrecy Act and anti-money laundering rules.

For more updates on cryptocurrency and finance news, stay tuned to Global Crypto News.

Post Views: 4