Harris vs Trump: Who is the crypto industry backing?

The 2024 United States presidential election has prompted many endorsements from the cryptocurrency industry, with several executives and entrepreneurs voicing their support for either candidate.

While Republican nominee and former President Donald Trump has attracted substantial backing from the crypto community, Democratic candidate and sitting Vice President Kamala Harris has also garnered notable endorsements.

With the election on Nov. 5, Cointelegraph reviewed public crypto-related endorsements for both candidates.

Trump leads in crypto-related endorsements

Trump, who is known for his U-turn on Bitcoin (BTC) in the past few years, has received notably more crypto-related endorsements than Harris.

One reason for this could be Harris’ late entrance to the race, as she secured the Democratic nomination in July. In contrast, Trump announced his candidacy nearly two years before the election, in November 2022.

One of Trump’s early endorsements came from Jeremy Kauffman, founder of blockchain-based file-sharing network LBRY, in May 2024.

In contrast, Harris received her first crypto-related endorsements a few months later, with former Uphold CEO JP Thieriot voicing support for her in August 2024. John O’Farrell, general partner at the crypto-friendly venture capital firm Andreessen Horowitz (a16z), also endorsed Harris in August.

Crypto executives and investors endorsing Trump

Trump has received endorsements from prominent crypto figures, including executives at major exchanges like Kraken and Gemini.

In June, Gemini founders Cameron and Tyler Winklevoss pledged $2 million in Bitcoin toward Trump’s reelection, citing his “pro-crypto” stance.

Also in June, Kraken co-founder Jesse Powell announced a $1 million donation to Trump, calling him the “only pro-crypto major party candidate.”

Cathie Wood, ARK Invest founder and a major Bitcoin bull — who believes BTC will one day trade for $1 million per coin — also publicly endorsed Trump in June.

Elon Musk, whose electric vehicle company Tesla invested more than $700 million in Bitcoin, endorsed Trump and recently appeared at several of the former president’s rallies.

Other notable Trump supporters in the industry include Cardano founder Charles Hoskinson, BitGo CEO Mike Belshe, Tron founder Justin Sun, Bitcoin Foundation founder Charlie Shrem, pro-Bitcoin author and entrepreneur Robert Kiyosaki, and Messari co-founder Ryan Selkis.

Several key venture capitalists and business leaders have also endorsed Trump, including former PayPal president David Marcus, Sequoia Capital’s Douglas Leone, and Andreessen Horowitz co-founder Marc Andreessen.

Harris gains crypto endorsements despite late start

Despite a later start, Harris has also attracted support from several crypto executives. She broke her silence on cryptocurrency policy on Sept. 23, expressing support for the industry while emphasizing consumer protections.

Harris has received support from major figures in the crypto community, with Ripple CEO Chris Larsen signing a letter to endorse Harris in early September. 

Blockchain Foundation’s executive director Cleve Mesidor also backed Harris by announcing a $100,000 fundraiser for the presidential candidate in September.

Laura Shin, founder of the Unchained podcast, also expressed support for Harris in a Time magazine article in October, urging the Democratic nominee to not “just embrace crypto” but also “help it flourish.”

Mark Cuban, a billionaire venture capitalist and active crypto investor, has emerged as one of the biggest supporters of Harris, arguing that a second Trump term would be “worse” than his first. Cuban reportedly claimed he hadn’t given Harris’ campaign “a penny.”

Some executives at crypto-friendly VC firms like a16z and SkyBridge Capital also backed Kamala, with a16z’s John O’Farrell pledging to vote for Harris in August. In September, SkyBridge Capital’s Anthony Scaramucci said he was “working alongside” Harris on the campaign’s crypto policies, claiming that the process is going in the right direction.

No matter who wins?

Some crypto executives have avoided endorsing either candidate, maintaining that the industry’s growth is inevitable regardless of who wins the election.

Prominent industry investor Tim Draper disclosed donations to the US presidential campaigns of both Harris and Trump in October, expressing confidence that “both candidates have their hearts in the right place.”

Related: Robinhood launches US presidential elections bets for Harris and Trump

In August, Coinbase CEO Brian Armstrong argued that the incoming US administration will be “constructive” on crypto no matter which party wins.

According to industry enthusiasts like Quantum Economics founder Mati Greenspan, such an approach is part of the “popular Bitcoin adage that regulation doesn’t matter to coax crypto people into thinking it’s okay to vote for Harris.” Greenspan stated:

“While it’s true that nobody can stop Bitcoin, it’s pretty clear that having a President who knows what it’s like to launch an ICO will be very good for the industry.”

The community has been somewhat supportive of Greenspan’s stance on the election on social media, with MicroStrategy founder Michael Saylor’s poll picking Trump for Bitcoin 90% of 100,000 respondents on Oct. 27.

Additional reporting by Turner Wright.

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