What Trump's Election Win Could Mean For Bitcoin and Crypto
The cryptocurrency industry expects better days ahead.
Specifically, Donald Trump's return to the White House is seen as a positive development for crypto regulation and the potential development of a strategic bitcoin stockpile. Those prospects lifted bitcoin (BTCUSD) today, with the leading cryptocurrency touching an all-time high above $75,000 late Tuesday and, more recently, holding just below that level.
One of the biggest concerns for the crypto industry in recent years has been the Securities and Exchange Commission's approach to enforcement. The SEC has been criticized by crypto backers for perceived jurisdictional overstepping, bringing cases against crypto exchanges Binance, Coinbase, Kraken, and others.
During his speech at the Bitcoin 2024 conference in July, Trump promised to end the current administration's «anti-crypto crusade» and to replace SEC chair Gary Gensler on «day one.» At the same event, he proposed creation of a bitcoin stockpile.
This election has also brought more crypto-friendly lawmakers into the Congress, making industry backers more optimistic. The results could mean rapid progress on bills related to stablecoins and clarification on when a crypto asset is a security, analysts at Bernstein said, according to a CoinDesk report.
They could also presage new crypto exchange-traded funds, such as the one recently proposed by crypto asset manager Bitwise for XRP.
Trump previously vowed to push for the development of a strategic bitcoin stockpile if re-elected. While such a stockpile may not necessarily involve the purchasing of additional bitcoin on top of what the country already owns, it could have second-order effects in how the cryptocurrency is viewed by other world governments.
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