In a significant election outcome, Donald Trump has won a second term as U.S. President. Buoyed by donations and votes from the digital asset sector, Trump’s campaign gained strong support from the crypto community.
He now moves into office with just three more electoral votes from traditionally red states, defeating Kamala Harris, the Democratic candidate.
Trump’s Outreach to the Crypto Industry
While crypto wasn’t a major campaign issue, Trump actively courted the digital asset sector. He spoke at major crypto events, visited a crypto bar, and even pledged to replace Securities and Exchange Commission (SEC) Chair Gary Gensler, signaling a potential regulatory shift. By contrast, Harris shared only general statements about supporting innovation without delving deeply into crypto policy.
Trump’s Path to Victory and Republican Senate Control
Key projections from networks like ABC, CBS, and NBC show Trump winning Pennsylvania’s critical 19 electoral votes and Alaska’s three, securing the presidency. Trump also leads the popular vote—a rare feat for a Republican candidate. Alongside Trump’s win, Republicans have taken control of the Senate, flipping crucial seats in Ohio and West Virginia.
Pro-Crypto Promises for Trump’s Upcoming Term
During his first term, Trump’s administration proposed crypto-friendly measures like a special-purpose broker-dealer license. This time, Trump has pledged further pro-crypto policies, including promises to “make Bitcoin in the USA.” His campaign outreach to the crypto community also included pledges to free Silk Road developer Ross Ulbricht, a figure with strong support in certain crypto circles.
Authoritarian Themes and Economic Policies
Trump’s campaign also leaned into themes of “America First,” with promises of mass deportations and tariffs on imports. These economic policies signal a strong shift in U.S. relations with global trading partners, potentially impacting the broader market and crypto space.
In sum, Trump’s second term could bring new dynamics to U.S. crypto regulation, with the potential for both expanded opportunities and significant shifts in policy direction.
