Donald Trump convincingly won the US Presidential election and will assume office in January. He ran as a pro-crypto candidate on the campaign trail and is now empowered to enact sweeping, friendlier policies.
Trump will focus on halting anti-crypto actions from federal regulators and the legislature and passing comprehensive new laws for the industry.
Donald Trump’s Total Blowout
In a surprising upset, Donald Trump significantly overperformed in last night’s US Presidential election, coasting to a confident victory. Polling beforehand suggested a tossup election; however, Trump made substantial gains across nearly the entire map. He made crypto advocacy a cornerstone of his campaign, and now the industry must assess the benefits of his win.
Read More: Crypto Regulation: What Are the Benefits and Drawbacks?
Areas Trump Outperformed His 2020 Campaign. Source: The New York TimesPresident Trump made a vast array of pro-crypto campaign promises, supporting Bitcoin in particular. For example, he vowed to create a Bitcoin reserve and halt attempts to sell off the US government’s holdings.
However, he also lambasted the notion of supporting an official “digital dollar” CBDC. In other words, it looks like he will focus more on existing crypto assets.
Other than this, his promises have generally included the broader industry. In August, he vowed to make the US a “crypto capital,” offering to enact a suite of friendlier regulations. A cornerstone of this new strategy is his promise at Nashville’s Bitcoin Conference to fire SEC Chair Gary Gensler. This pledge drew raucous applause, and he seems very likely to enact it.
“I didn’t know he was that unpopular! I didn’t know he was THAT unpopular. Let me say it again: on day one, I will fire Gary Gensler!” Trump claimed in July, reacting to the crowd’s outsized approval.
A New Legal Paradigm for Crypto
Once Gensler is out of office, Trump plans to enact a series of productive crypto policies. First and foremost, he promised to stop the SEC and other regulators from continuing their crackdown on exchanges and other businesses. Several crypto opponents also lost their races, which will help blunt the momentum of hostile legislation.
Read More: Who Is Gary Gensler? Everything To Know About the SEC Chairman
As a final symbol of his plan to end crypto hostility, Donald Trump also pledged to free Silk Road founder Ross Ulbricht. This non-violent offender and early Bitcoin adopter has spent ten years in prison since his arrest and has become a cause célèbre in the community. If Ulbricht is released under Trump’s authority, it will be a real milestone for government reconciliation.
Critically, however, Trump has vowed to make positive impacts on the industry, not just reverse negative ones. Policy advisors are creating a comprehensive list of executive actions he could take once in office, as well as a strategy for a comprehensive new regulation for the space. Trump has also explored more novel use cases, such as crypto’s role in alleviating national debt.
Overall, Trump campaigned on a certifiable bonanza of possible benefits to the space. If even half of these promises get fulfilled, it could permanently alter the industry’s mercurial relationship with the federal government.
“The GOP’s commitment to clear crypto regulations and making Bitcoin a strategic reserve asset is set to be a game-changer for industry growth. Just like with the space race or recent Bitcoin mining developments, we’ve always believed that when America steps up in crypto adoption, it’ll do so with gusto—and ultimately take the lead globally. Now, we’re about to see this shift happen, making widespread U.S. crypto adoption feel more like a sure thing than ever before,” Jean-Marie Mognetti, CEO of CoinShares, told BeInCrypto.
