Trumps victory could “shake things up” in crypto industry
Author: Content Editor
Donald Trump's victory in the United States presidential election could have significant implications for the crypto industry. Trump positioned himself as an ally of the crypto industry during his campaign, promising measures such as no tax on crypto and making the US the "crypto capital of the world." He discussed dismantling regulatory frameworks, reducing regulatory hurdles, and creating a strategic Bitcoin reserve. His victory could legitimize Bitcoin as a key asset and attract institutional investment. Under the Biden administration, the SEC cracked down heavily on crypto firms, but Trump vowed to fire the SEC chair on his first day in office. While there may be some anti-crypto sentiment, Trump's lack of regulatory interference and pro-business rhetoric could favor Bitcoin's growth as an unregulated, decentralized store of value. The relaxation of regulations against builders in the crypto space and the potential relaxation of US citizen restrictions against protocol use could benefit DeFi. Moreover, the election of over 219 pro-crypto candidates to the House of Representatives and Senate is making the market bullish. Since the election, the crypto market has seen a surge, with Bitcoin reaching new all-time highs.