The result of this month’s election will have a considerable impact on a lot of factors from immigration and women’s rights to the economy as a whole. It will also impact the cryptocurrency industry.
Crypto is already gaining a lot of exposure, especially as Elon Musk has become Donald Trump’s de facto right-hand man. Both candidates have received substantial donations and potentially important endorsements from central figures within the cryptosphere.
Increased Exposure to Crypto
While cryptocurrency and blockchain were once the reserves of a select few blockchain technophiles, it has seeped into more and more areas of daily life. Some banks already use blockchain to speed up payments, while an increasing number of e-commerce websites and physical businesses now accept crypto payments. It has become especially popular at online casinos where players can especially benefit from its borderless, anonymous, and secure transactions (source: https://coinpoker.com/crypto-casino/). These sites accept a wide range of cryptocurrencies, from Bitcoin to Polygon.
Significant Endorsements
And with both Donald Trump and Kamala Harris having received endorsements from within the cryptocurrency industry, the disruptive technology continues to gain visibility and credence.
The election takes place on November 5 and pits Republican nominee Donald Trump against Democrat and current Vice President Kamala Harris. Both candidates are feverishly trying to drum up last-minute votes while taking swipes at the other. Earlier in the trail, Trump raised the point of cryptocurrency frequently, but since Harris has taken over from Biden, who was billed as being staunchly anti-crypto, there has been less talk of the digital currency.
Donald Trump Endorsements
Trump has had a head start when it comes to endorsements. He officially announced his intention to run more than two years ago. Despite this, it took until earlier this year for him to get his first major crypt-related endorsement, from LBRY founder Jeremy Kauffman. Since then, however, he has gone on to receive the support of some big names including the Winklevoss twins, who also pledged $2 million to his campaign.
Elon Musk, although not involved in cryptocurrency directly, is a strong proponent of the technology and has not only endorsed Trump but has joined him on stage during several legs of his campaign rally and has established a controversial rally, randomly giving a $1 million prize to voters that register in swing states.
Trump’s Stance On Crypto
Although Trump once described Bitcoin as being a “scam” and shunned its value, he has changed his stance considerably, hosting a meeting of some of the biggest names. The Trump family has even established its own cryptocurrency fund, and the former president is believed to have more than $3 million in cryptocurrencies and has raised $7 million from NFTs.
He is likely to take a more liberal approach to cryptocurrency regulation than Harris, which is likely why certain members of the industry are openly backing him. Indeed, it is widely reported that World Liberty Financial, the Trump crypto project, is set to launch its own dollar-backed stablecoin, hinting that stablecoin regulation might be on the cards if he is elected. Trump has vowed to make America the crypto capital of the world.
Kamala Harris Endorsements
In contrast to Trump, Kamala Harris has not had as long to garner support, having only secured the Democratic nomination in July this year, picking up the mantle from current President Joe Biden. But, despite her late entry, Harris has secured endorsements of her own.
Chris Larsen, co-founder of Ripple, is one such endorsement and others have followed. Ripple has connections to the fiat financial world and is used by banks and global financial institutions to speed up and reduce the costs of cross-border payments.
Harris On Cryptocurrency
Harris has vowed to progress the cryptocurrency industry but cautioned that consumer protection was the most important thing, which suggests a more measured approach might be on the cards following a Democrat victory.
Cryptocurrency’s Electoral Gains
Regardless of who wins the election, it is accepted that the cryptocurrency industry will benefit from the election. Biden and the crypto industry have clashed for years regarding industry regulation, and this stance is expected to soften no matter who is in the White House.
As such, asset managers including Bitwise are planning to launch new products in the coming months, while Ripple is said to be considering another push for cryptocurrency regulation.
Changes At The SEC
Current Securities and Exchange Commission Chair Gary Gensler is largely opposed to the regulation of cryptocurrency, frequently pointing to the collapses of exchanges and fraudulent activities that take place in the market as being reasons to avoid it.
The SEC is independent which means the newly elected President shouldn’t have the power to remove or replace any of the commissioners, but Gensler’s reign is up in June 2026 and Caroline Crenshaw, another of the current commissioners, has already seen her term expire, although she has remained in situ awaiting the result of a delayed vote. And, it has become common for the chair of the SEC to step down following the result of elections, so changes are likely to be afoot.