All Eyes on U.S. Presidential Elections: How Will the Crypto Market Be Affected?

Today’s U.S. presidential elections are drawing global attention, including from the crypto market. In a tight race, Republican candidate Donald Trump and Democratic candidate Kamala Harris have presented contrasting stances on crypto policies. Similar to the 2016 and 2020 elections, final results may take a few days to be confirmed. According to Santiment, this period of uncertainty could lead to increased volatility in the cryptocurrency market.

Trump’s Stance on Cryptocurrency

Trump has made bold promises regarding cryptocurrencies. In July 2024, during the Bitcoin 2024 conference, he proposed establishing a national Bitcoin reserve. He also vowed to remove current SEC Chairman Gary Gensler and create a more crypto-friendly regulatory environment.

In September 2024, Trump’s sons, Donald Trump Jr. and Eric Trump, launched a cryptocurrency exchange named World Liberty Financial, showcasing the family’s interest in the crypto sector. Trump’s crypto-positive outlook has garnered substantial support within the industry.

Harris’ Approach to Crypto

Democratic candidate Kamala Harris supports the growth of the crypto industry, but her approach emphasizes consumer protection. In a September 2024 event, she expressed intentions to promote crypto while advocating for a protective regulatory framework, which she later detailed in October.

While Harris acknowledges the potential of blockchain technology and is open to innovative tech, her stance on crypto is viewed as more measured compared to Trump’s approach.

Potential Impact of the U.S. Election on the Crypto Market

As in past elections, the effect of the U.S. election on the crypto market remains uncertain. Investors are watching closely for the candidates’ policies and how these may shape the market’s future. The crypto industry largely agrees that the election outcome could significantly impact the trajectory of digital assets.

For further insights into the crypto market and election effects, keep following Dey There.

U.S. presidential elections, cryptocurrency market, Bitcoin, Donald Trump, Kamala Harris