It was in 2016 that Donald Trump became the president of the United States of America for the first time. At that time, the cryptocurrency industry was in its nascent stage. In the previous election, he was defeated by Joe Biden. During the Biden administration, the crypto industry suffered a lot, especially in the form of regulatory crackdowns.
At the beginning of the 2024 presidential campaign, not many crypto enthusiasts expected Trump to portray himself as a saviour of the crypto market, as he was then known for his anti-crypto views. However, It took no time for crypto lovers to change their views about Trump, as he openly expressed his support for the industry and promised to revise the crypto regulatory framework in favour of the sector.
At this moment, when Trump has almost confirmed his victory, the crypto sector has gained fresh impetus.
In Trump’s first public appearance after the initial result, he says: “We are going to help our country heal.” Could the Trump administration mend the wounds created by the Biden administration on the crypto industry?
Trump’s Victory: The US Election 2024 Latest Update
As of now, Republican candidate Donald Trump has won at least 267 electoral votes, against Democratic candidate Kamala Harris’s 224 electoral votes. Unlike what we saw in 2016, this time Trump has attained a clear edge in the popular vote as well. He has gained at least 51% of the popular vote compared to Harris’s 47.5%.
The counting is still progressing. To win the presidency, Trump requires a minimum 270 electoral votes. The latest trend indicates that Trump will win the election with more than 300 electoral votes. In his first address to the public, Trump also has expressed his confidence about winning 300+ electoral votes.
Key Promises for the Crypto Sector from Trump
Establishing a national Bitcoin reserve, supporting US-based crypto mining, and promoting self-custody rights for crypto holders in the US are the three important promises Trump has made during this election season.
He has also promised to remove the present US SEC president, and create crypto-friendly regulatory policies.
Potential Impact of Trump’s Presidency on U.S. Crypto Policies
The crypto community believes that the new Trump administration will bring new crypto policies to reduce regulatory pressure on the crypto landscape. This positive sentiment could help the market to achieve strong bullish momentum in the near future.
Stay tuned to Coinpedia for more updates on the US election and its impact on cryptos!
