Donald Trump has convincingly won the US presidential election and will take office in January. He ran as a pro-crypto candidate and is now empowered to implement more lenient policies.
Trump will focus on halting anti-cryptocurrency actions by federal regulators and the legislature and passing comprehensive new laws for the industry.
Donald Trump's landslide victory
In an unexpected surprise, Donald Trump won a huge lead in the US presidential election last night, heading for a confident victory. Pre-election polls had suggested a close race; however, Trump made significant gains across much of the map. He made cryptocurrency support a cornerstone of his campaign, and now the industry must weigh the benefits of his victory.
Once Gensler is out of office, Trump plans to implement a series of policies that will be productive for cryptocurrencies. First and foremost, he has promised to stop the SEC and other regulators from continuing their campaign against exchanges and other businesses. Several crypto opponents have also lost their races, which will help dilute the momentum of hostile legislation.
As a final symbol of his plan to end hostility toward cryptocurrencies, Donald Trump has also pledged to free Silk Road founder Ross Ulbricht. The nonviolent offender and early Bitcoin adopter has spent a decade in prison and has become a public figure since his arrest. If Ulbricht is released under Trump’s authority, it would be a real milestone for government reconciliation.
Crucially, Trump has promised to have a positive impact on the industry, not just reverse the negative. Policy advisers are creating a comprehensive list of executive actions he could take once he takes office, as well as a strategy for sweeping new regulation of the space. Trump has also explored innovative new uses, such as the role of cryptocurrencies in alleviating the national debt.
Overall, Trump has promised huge potential benefits for the industry. If even half of those promises come to fruition, it could permanently alter the industry’s volatile relationship with the federal government.
“The Republican Party’s commitment to clear cryptocurrency regulation and making Bitcoin a strategic reserve asset is set to be a game changer for the industry’s growth. Much like the space race or recent developments in Bitcoin mining, we have long believed that when America moves forward in adopting cryptocurrencies, it will do so with enthusiasm—and eventually lead the world. Now, we are on the cusp of seeing that shift happen, making widespread crypto adoption in the United States seem more certain than ever,”
