Source: cryptoslate
Compiled by: Blockchain Knight
The crypto asset industry is looking forward to Trump's second election as president, ever since Trump vowed to end Biden's "crusade against crypto assets."
Trump's chances of winning the US election in November have been rising since last week's failed assassination attempt.
According to a CBS News poll released this week, 52% of voters would likely support Trump being re-elected as president.
However, while the Crypto asset industry is holding its breath, this may not be good news for overseas Crypto asset companies.
Foreign cryptocurrency exchanges such as Binance, OKX and Deribit could see their market share squeezed as their U.S. counterparts thrive during Trump’s term, Bloomberg reported on Sunday.
These overseas exchanges’ market share has risen as U.S. competitors have been forced to shut down or abandon services for some of the most popular crypto assets.
At the same time, with Trump's promise of more friendly regulation of Crypto assets, U.S. exchanges could launch trading services with higher leverage or Crypto asset futures and options contracts with more expiration dates.
The largest BTC mining manufacturer, Bitmain, could also face challenges under a potential Trump presidency.
Currently, most US-listed BTC miners use mining machines produced by the Chinese conglomerate. US competitors such as Block and Auradine selling new chips and machines to BTC mining companies will further increase the challenges facing Bitmain.
Market participants and observers believe that almost all U.S. crypto asset companies will benefit from Trump’s second election as president .
Earlier this week, analysts at Jefferies said that Trump’s “public support” for BTC and crypto assets could benefit crypto stocks.
Christian Catalini, founder of the MIT Crypto Economics Lab, said: "Almost everyone in the United States will be a winner if they are willing to operate under the new rules after they are implemented."
Potential winners include BTC miners as well as crypto asset companies that face challenges when trying to go public in the United States .
In June, Trump held a meeting with BTC miners, after which he posted on his Truth Social account that BTC miners would be “our last line of defense against CBDCs (central bank digital currencies)”.
Trump also added that his ambition is to ensure that all remaining BTC is "Made in the USA."
Crypto asset companies have been less successful in seeking initial public offerings (IPOs) during Biden’s presidency and Gary Gensler’s leadership of the U.S. Securities and Exchange Commission (SEC).
For example, USDC stablecoin issuer Circle canceled its listing plans more than a year ago but subsequently submitted an IPO application in January 2024.
Kraken, the second largest Crypto asset exchange in the United States, and Northern Data, which transformed from a Crypto asset miner to an artificial intelligence computing provider, are also planning to go public.
It’s possible that these companies could finally get the green light to go public during Trump’s presidency, especially as the former president is expected to replace Gensler with someone more friendly to crypto assets.
Notably, Kraken founder Jesse Powell donated $1 million to Trump’s campaign. Powell is one of many people in the crypto asset industry who support Trump’s re-election campaign.
Crypto asset exchanges have increasingly faced banking challenges amid tighter regulation, and their banking options could expand under Trump as regulation eases .
Additionally, Trump has vowed to never allow the issuance of a digital dollar, which is good news for the crypto asset industry, which sees CBDCs as a potential way for governments to expand financial surveillance.
In February of this year, Trump said that "CBDC is a very dangerous thing."
