The Biden administration’s reelection seems uncertain, leading top Democratic officials to consider Kamala Harris as a potential successor. Biden has faced criticism for his stance on cryptocurrency, while Harris has gained support in polls.
As the upcoming election draws nearer, President Joe Biden is facing increasing criticism, particularly intensifying after the first presidential debate.
Amid this uncertainty, Vice President Kamala Harris has emerged as a leading candidate to succeed Biden.
Will Kamala Harris replace Joe Biden?
This sudden shift seems to stem from Biden’s consistent anti-crypto stance, particularly his veto of the repeal of Statement of Financial Accounting Standards No. 121 (also known as SAB 121).
The ongoing scrutiny of cryptocurrency companies by SEC Chair Gary Gensler further impacts Biden’s standing in the upcoming election. Billionaire entrepreneur Mark Cuban put it best, saying, “Biden must choose between Gensler and the crypto voters, or he may lose the White House.”
Additionally, according to a recent Reuters report, several high-level sources within Biden’s campaign team, the White House, and the Democratic National Committee are actively considering replacing him with Kamala Harris.
However, Biden dismissed all these speculations in a recent conversation with staff, stating, “Let me be as clear and as simple as I can: I am running. No one’s going to push me out. I’m not going anywhere. I’m going to stick this out and we’re going to win.”
Things may not change significantly, though, as many believe that replacing Biden with Harris might not bring about substantial changes. Isaac Boltansky, Director of Policy Research at BTIG, pointed out similar reasons, saying, “In all intent and purpose, Harris’ presidency would be a continuation of the Biden administration.”
Despite skepticism towards Harris, predictive data from Polymarket shows that Kamala Harris leads Joe Biden in the “2024 Presidential Election Winner” polls. However, former President Donald Trump still maintains the lead.
Impact on meme coins
The potential replacement of Biden with Harris can also be analyzed through the performance of meme coins inspired by them. On July 4th, the meme coin Kamala Horris [KAMA], based on Kamala Harris, surged by nearly 250%.
According to Dex Screener data, KAMA rose by 12.90% in the past 24 hours. In contrast, meme coin Jeo Boden, inspired by Biden, continued its downward trend, dropping by 24.2% during the same period.
