Bitcoin community celebrates victory as Donald Trump and allies elected to reshape US crypto policy Bitcoin community celebrates victory as Donald Trump and allies elected to reshape US crypto policy
Pro-crypto candidates' success in the US election signals a new dawn for digital assets and regulatory reform.
2 min read
Updated: Nov. 6, 2024 at 11:57 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The 2024 US presidential election has brought a new wave of optimism for the cryptocurrency industry, with former President Donald Trump re-elected as the 47th president.
Known for his support of Bitcoin and blockchain innovation, Trump gained significant backing from the crypto community during his campaign by making substantial promises to bolster the sector. Promises to build a national Bitcoin reserve and “end the war on crypto” effectively endeared him to the industry advocates and marked a stark departure from his previous hostility towards the space.
Beyond Trump’s win, pro-crypto candidates also made substantial progress in the US elections. Early results indicate that 220 pro-crypto politicians have secured seats, with Republicans, notably supportive of crypto policies, reclaiming control of the Senate from Democrats and gaining strength in the House of Representatives.
These outcomes have sparked enthusiasm across the crypto space, with community leaders viewing them as a win for digital assets. Some have even described Bitcoin as a key winner in this election.
Crypto industry celebrates
Crypto leaders responded promptly to these developments. Justin Sun, founder of the Tron network, congratulated President Trump and expressed hope for policies that would drive industry growth and contribute to America’s prosperity.
Sun stated:
“Congratulations to President Trump on becoming the new U.S. President! We hope for crypto-friendly policies that promote industry growth. These changes can make America even greater. Looking forward to success in the crypto space under this leadership.”
Coinbase co-founder Brian Armstrong highlighted the significance of crypto voters in this election, calling it a pivotal moment for bipartisan crypto support. Armstrong emphasized that Americans, irrespective of political affiliation, want clear regulatory guidelines for digital assets and voiced eagerness to work with the incoming Congress to shape these rules.
Ripple CEO Brad Garlinghouse echoed this sentiment, noting that the voice of crypto supporters is now impossible to ignore.
Meanwhile, Paul Grewal, Coinbase’s Chief Legal Officer, called on the US Securities and Exchange Commission (SEC) to heed the election’s message and adjust its approach to digital asset regulation. He urged the SEC to shift from litigation to collaboration, highlighting the need for immediate rulemaking to foster a clear regulatory path for crypto in the US.
Jameson Lopp, the co-founder of Bitcoin-focused firm CasaHODL, stated:
“Bitcoin was born to operate in an adversarial environment. Foolish politicians thought they could wage war against us. Today they received our response.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.