The U.S. presidential race is now between two major contenders: Donald Trump for the Republican Party, and Kamala Harris, who took over after Joe Biden stepped down earlier. While many polls have tried to predict the winner, the outcome remains uncertain.
Billionaire Elon Musk has publicly endorsed Trump, but he believes Polymarket, a decentralized prediction market, is more accurate than traditional polls. According to Musk, Polymarket is more reliable because people put their money on the line, showing what they really believe.
Currently, Polymarket shows Trump leading Harris by about 3%. Over $311 million has been wagered in favor of Trump, compared to $256 million supporting Harris.
Musk is actively using his influence to rally voters in key swing states. Today, he announced that his America PAC will give $47 to each registered voter who refers another voter to sign a petition supporting free speech and gun rights. His goal is to get 1 million voters from swing states to participate.
“Goal is to get 1M voters in swing states to show support for free speech & right to bear arms,”
With more than 50 million registered American voters invested in the digital space, the crypto issue is expected to play a crucial role in the upcoming U.S. general election. The Biden administration through the US SEC has been criticized for regulating crypto space through enforcement.
For instance, the US SEC has apologized in a court of law for using the term ‘crypto securities’ without course. Nonetheless, the US SEC continues to go after crypto companies led by Ripple Labs for ostensibly offering unregistered securities.
Trump has promised to support the crypto space if elected. His plans include firing SEC Chair Gary Gensler and creating a crypto-focused committee in his administration. Additionally, Trump has pledged to commute the sentence of Ross Ulbricht, who is currently serving a double-life sentence.
As the race for the White House heats up, one thing is clear—2024 will be a battle not just for the presidency, but for the future of crypto in America.
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