NewsletterDonald Trump Victory is a Win for Crypto Too, But What Could Be Next?
Highlights
- Crypto enthusiasts see Donald Trump's victory as the key to witness crypto regulations
- Coinbase Chief Legal Officer, Paul Grewal, called Trump's win as Crypto's win as Bitcoin hit ATH at $89K.
- Investors await better crypto reforms and pro-crypto candidates into power to eliminate crypto service providers' fear of shutdown.
Donald Trump gained a historic win in the 2024 US Elections on November 6, but it might become more historic for the crypto industry as the investors are excited to see Trump’s pro-crypto promises turn into reality. Since the beginning of the year, Trump has embraced crypto and promised to implement the much-needed crypto regulation.
From attending the Crypto Blockchain event to visiting the Bitcoin Bar, PubKey, in New York, Trump has succeeded in winning over the crypto investors. In this, his promise of making crypto Made in America and even firing the SEC Chair Gary Gensler to a much more crypto-friendly character has helped with his win. However, the industry is now focused on the first and the most important step of his presidency.
Crypto Leader Says Donald Trump’s Win is Crypto’s Win
Not only has Donald Trump won the investor’s trust, but the pro-crypto leader Elon Musk and many popular financial advisors like Robert Kiyosaki have also openly supported him in the elections. And the biggest reason behind this is his pro-crypto stance and US development-driven approaches.
Even Paul Grewal, the Coinbase Chief legal officer, called his win the crypto’s win. He even questioned the SEC over its unfairness against crypto, claiming that votes need change. His claims of a crypto win have definitely come true, as ever since the voting result, the Bitcoin price has surged almost 25%, creating a new ATH of $89,956.88, currently trading at $86,010.51.
I hope @SECGov understands what has happened tonight. On many, many issues, the voters said loud and clear that they want change. Crypto is no exception.
Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait.
— paulgrewal.eth (@iampaulgrewal) November 6, 2024
More importantly, the entire crypto market is growing with bull’s dominance, as major cryptos are witnessing new gains, but this is just a start. With this, crypto analysts believe BTC will surpass $100K and initiate a bull run. Some, like Peter Brandt, predict Bitcoin price will hit $200K after considering Trump’s presidency and ongoing price rally.
Even Crypto.com CEO Kris Marszalek claims that ‘the future of crypto has never looked brighter than today. The same is true for crypto investors, as their sentiments have turned into a strong greed zone since Donald Trump’s win.
What Crypto Industry Needs From Trump First?
Other than the continuation of the ongoing crypto market rally, the industry leaders and crypto enthusiasts are awaiting much more clarity on crypto regulations. Trustless Media’s founder Zack Guzman, perfectly put this into words, saying that the rules for the crypto industry have been unclear and need clarity so people can live without fear of shutting down or facing legal troubles.
The rules have been extremely unclear. There is this hope that good faith efforts can kind of come back to the forefront, where rules can be provided and companies can operate without fear of just being shut down for operating in this gray area of trying to deliver upside to people
This indirectly suggests positioning more crypto-friendly authorities in higher regulatory positions. The Blockchain Association report reveals that Gary Gensler initiated 104 enforcement actions against crypto service providers. More importantly, this led to a loss of $429 Million in the SEC battles and defensive litigation. However, this report only concluded the data till last year, but a lot is happening this year as well, creating the demand for clarity on crypto regulations. Interestingly, Donald Trump began selecting pro-crypto candidates, getting a head start with his promises.
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