{"id":59546,"date":"2024-07-25T06:00:06","date_gmt":"2024-07-25T10:00:06","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=59546"},"modified":"2024-08-19T09:02:41","modified_gmt":"2024-08-19T13:02:41","slug":"trumps-crypto-friendly-stance-a-boon-for-bitcoin-and-beyond","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2024\/07\/trumps-crypto-friendly-stance-a-boon-for-bitcoin-and-beyond\/","title":{"rendered":"Trump's Crypto-Friendly Stance: A Boon for Bitcoin and Beyond?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As former President Donald Trump prepares to<\/span><a href=\"https:\/\/b.tc\/conference\/2024\"> <span style=\"font-weight: 400;\">speak this week at the Bitcoin 2024 conference in Nashville<\/span><\/a><span style=\"font-weight: 400;\">, the big event is creating the most excitement in the crypto community. Bitcoin USD (BTC) has surged more than 9% over the past month and nearly 58% year-to-date, crossing the $66,500 mark and nearing its all-time high set earlier this year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, this week, crypto investors are gearing up for several exciting developments, including the anticipated<\/span><a href=\"https:\/\/finance.yahoo.com\/news\/sec-greenlights-exchanges-to-list-ether-etfs-still-needs-to-approve-money-manager-filings-215623899.html\"> <span style=\"font-weight: 400;\">approvals from the Securities and Exchange Commission<\/span><\/a><span style=\"font-weight: 400;\"> (SEC) for eight exchange-traded funds (ETFs) that hold Ethereum (ETH), the world\u2019s second-largest cryptocurrency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These ETFs can become staples in 401(k)s, IRAs, and pension plans, thereby boosting their mainstream acceptance. Notably, many money managers awaiting these approvals already manage ETFs that invest directly in Bitcoin, which sets a precedent for the new ether-focused funds.<\/span><\/p>\n<p><b>Crypto-Friendly Stance From the Trump Administration<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The cryptocurrency industry hopes the upcoming U.S. presidential election will usher in a softer approach to enforcement, potentially ending prolonged battles with Wall Street\u2019s primary regulatory body. Former President Donald Trump has recently warmed up to the $2.5 trillion crypto industry and is hosting a Bitcoin-focused fundraiser on July 27.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the Republican nominee was previously critical of cryptocurrencies, calling bitcoin a \u201cscam,\u201d Trump\u2019s recent remarks have been more supportive, referring to cryptos as \u201camazing\u201d in an<\/span><a href=\"https:\/\/www.bloomberg.com\/features\/2024-trump-interview-transcript\/?sref=eeq6exxF\"> <span style=\"font-weight: 400;\">interview with Bloomberg published last week<\/span><\/a><span style=\"font-weight: 400;\">. Legal experts predict a less aggressive stance on the digit-asset space from the SEC should he be elected.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to<\/span><a href=\"https:\/\/polymarket.com\/event\/presidential-election-winner-2024?tid=1721199448285\"> <span style=\"font-weight: 400;\">data from the betting application Polymarket<\/span><\/a><span style=\"font-weight: 400;\">, there is a 62% chance of Donald Trump beating Kamala Harris. Following the assassination attempt on Trump last Saturday, July 20, the odds of him winning the U.S. presidential 2024 election have surged considerably.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, Trump<\/span><a href=\"https:\/\/www.coindesk.com\/policy\/2024\/07\/15\/pro-crypto-ohio-senator-jd-vance-is-donald-trumps-vice-president-pick\/\"> <span style=\"font-weight: 400;\">chose crypto-friendly Sen. J.D. Vance<\/span><\/a><span style=\"font-weight: 400;\"> (R-Ohio) as his vice-presidential candidate. In 2022, Vance held over $250,000 worth of Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Michael Selig, partner at Willkie Farr &amp; Gallagher LLP, suggests that a Trump administration would likely seek to \u201creset and rethink the SEC\u2019s crypto regulatory policy,\u201d which would involve<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-20\/crypto-industry-wants-trump-to-win-and-call-off-the-sec\"> <span style=\"font-weight: 400;\">resolving ongoing enforcement actions<\/span><\/a><span style=\"font-weight: 400;\"> and investigations initiated under the current administration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under President Joe Biden, the SEC, led by Chair Gary Gensler, has intensified its regulatory efforts, particularly following the collapse of crypto exchange FTX in 2022. The SEC has launched numerous enforcement cases against exchanges and broker-dealers for failing to register properly under securities laws.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gensler maintains that most cryptocurrencies are securities and should, therefore, register with the agency, a stance that has led to several high-profile legal battles. While the SEC has settled some cases, litigation involving firms like Kraken,<\/span><a href=\"https:\/\/quotes.ino.com\/search\/?s=NASDAQ_COIN\"> <span style=\"font-weight: 400;\">Coinbase Global, Inc. (COIN)<\/span><\/a><span style=\"font-weight: 400;\">, and Binance is still tied up in court. Also, the SEC has closed some investigations, including one into Ethereum and another about BUSD, a Binance-branded crypto issued by New York-based Paxos.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cRemember, if Trump gets elected, the Republicans can immediately change who the chair is,\u201d stated Austin Campbell, a blockchain consultant and adjunct professor at Columbia Business School. \u201cWhat this means in practical terms is that many of these cases \u2014 which have been shotgunned out at highly variable degrees of quality and generating highly variable decisions that are increasing confusion \u2014 could all be settled instead of having to go forward.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The GOP, in its<\/span><a href=\"https:\/\/cdn.nucleusfiles.com\/be\/beb1a388-1d88-4389-a67d-c1e2d7f8bedf\/2024-gop-platform-july-7-final.pdf\"> <span style=\"font-weight: 400;\">16-page party platform<\/span><\/a><span style=\"font-weight: 400;\"> last week, explicitly criticizes the current administration\u2019s approach to cryptocurrencies, stating, \u201cRepublicans will end Democrats\u2019 unlawful and unAmerican Crypto crackdown.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the election approaches, the crypto community remains optimistic that a Trump administration could herald a new era of regulatory clarity and support for digital assets.<\/span><\/p>\n<p><b>Bitcoin to Surge as Trump\u2019s Chances of Winning Election Rise<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Robert Kiyosaki, author of \u201cRich Dad Poor Dad,\u201d predicts that Bitcoin<\/span><a href=\"https:\/\/coinedition.com\/robert-kiyosaki-predicts-bitcoin-to-hit-105000-if-trump-wins-2024-election\/\"> <span style=\"font-weight: 400;\">could surge to $105,000<\/span><\/a><span style=\"font-weight: 400;\"> by August 2025 if Donald Trump wins the upcoming U.S. presidential 2024 election. Trump\u2019s pro-crypto stance could drive up the prices of major cryptocurrencies, including Bitcoin and Ether, as well as other altcoins.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, regulatory clarity and support could pave the way for more financial products, such as ETFs and derivatives, further integrating cryptocurrencies into traditional financial markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, Bitcoin traders anticipate<\/span><a href=\"https:\/\/www.coindesk.com\/markets\/2024\/07\/17\/bitcoin-bulls-eye-70k-amid-donald-trumps-rising-chances-of-returning-as-president\/\"> <span style=\"font-weight: 400;\">prices reaching up to $70,000 in the near term<\/span><\/a><span style=\"font-weight: 400;\">, driven by positive sentiment in the broader crypto sector ahead of the U.S. elections and a decrease in selling pressure from key wallets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment,\u201d said Lucy Hu, senior analyst at Metalpha, in a message to CoinDesk. \u201cThe market was encouraged by Trump\u2019s vice president pick, which indicates a more crypto-friendly administration and policies.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBTC could hover around the 120-day moving average, and the price may have the momentum to go up to $68k or even $70k, but we need to continue to monitor closely the Fed policies and implications of Mt Gox,\u201d Lucy Hu added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cA change in perspective on the digital assets industry in the US is creating expectations of more favorable policy toward Bitcoin and crypto as the elections look to capture single issue voters and special interest groups,\u201d stated Nick Ruck, head of growth at BitU Protocol.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ruck added, \u201cThere\u2019s also less expected sell pressure in the long term as Mt Gox distributes funds to creditors.\u201d<\/span><\/p>\n<p><b>Bottom Line<\/b><\/p>\n<p><span style=\"font-weight: 400;\">With his pro-crypto stance, the potential of Trump winning the U.S. presidential 2024 elections could mark a significant shift in the regulatory landscape. A supportive regulatory environment could provide much-needed clarity for the crypto community, encouraging innovation and attracting more investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The anticipated SEC approvals for Ether ETFs further suggest a growing acceptance of digital assets in mainstream financial products like 401(k)s, IRAs, and pension plans, paving the way for broader adoption.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With Trump\u2019s friendly crypto stance and the possibility of a more favorable regulatory environment, digital assets like Bitcoin and Ether could see a substantial surge in the near term. The potential changes underscore the importance of regulatory support in driving the growth and adoption of cryptocurrencies.<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>As former President Donald Trump prepares to speak this week at the Bitcoin 2024 conference in Nashville, the big event is creating the most excitement in the crypto community. Bitcoin USD (BTC) has surged more than 9% over the past month and nearly 58% year-to-date, crossing the $66,500 mark and nearing its all-time high set [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":46981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1418,34539,34541,34546,34543,33327,34540,34544,33326,34545,34538,34542,34547],"class_list":["post-59546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-1418","tag-000-in-the-near-term","tag-16-page-party-platform","tag-approvals-from-the-securities-and-exchange-commission","tag-chose-crypto-friendly-sen-j-d-vance","tag-coinbase-global","tag-could-surge-to-105","tag-data-from-the-betting-application-polymarket","tag-inc-coin","tag-interview-with-bloomberg-published-last-week","tag-prices-reaching-up-to-70","tag-resolving-ongoing-enforcement-actions","tag-speak-this-week-at-the-bitcoin-2024-conference-in-nashville"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump&#039;s Crypto-Friendly Stance: A Boon for Bitcoin and Beyond? - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) surges again on a new wave of political support as former President Donald Trump gears up to speak at a Bitcoin conference in Nashville this week. 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