Donald Trump's victory: what will it bring to the US crypto industry?

Donald Trump's victory: what will it bring to the US crypto industry?

According to sources such as The New York Times and CNN, Trump is likely to win key states, giving him 306 electoral votes. Meanwhile, his opponent, Vice President Kamala Harris, is trailing in important areas such as Pennsylvania and Wisconsin.

Trump's campaign included a number of promises aimed at cryptocurrencies. Here are a few key points:

1. Removing Gary Gensler

Trump plans to fire Securities and Exchange Commission Chairman Gary Gensler on his first day in office. Gensler, who was appointed by Joe Biden, has faced criticism for aggressively regulating crypto exchanges, including Coinbase and Uniswap.

2. Support for Bitcoin mining

Trump wants to promote U.S. bitcoin mining, and proponents of the idea see his views as a positive step for the industry. This stance could reduce environmental regulations on mining.

3. Freeing Ross Ulbricht

Another significant promise is the commutation of the sentence for Ross Ulbricht, the founder of Silk Road, which could lead to his release.

4. Bitcoin Strategic Reserve

Trump is also proposing the creation of a strategic reserve of Bitcoins to help pay down the national debt by further preserving the asset.

5. Preventing central bank digital currency

Trump has pledged to prevent the creation of a central bank digital currency, which is positive news for some cryptocurrency users.

Industry caution

Despite optimistic visions, there are voices of sceptics. Many cryptocurrency experts express doubts about whether Trump's statements will actually be implemented, and warn of possible economic and legal complications. It is clear that developments in the crypto industry will depend on how many of Trump's promises he manages to fulfil in practice.

*This is not investment advice.

Coingarage team