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<p>In the early hours of Wednesday, the 6th of November, Donald Trump was announced as the winner of the 2024 race for President of the United States. While many national and international policies make headline news, we’re here to cover what this result means for crypto.</p><h2 id="header-0">Trump’s Crypto Forays and Bitcoin Promises</h2><p>Since calling Bitcoin “a scam against the dollar” <a href="https://www.bbc.com/news/business-57392734" rel="noopener noreferrer nofollow">in 2021</a>, Donald Trump’s crypto views seem to have softened. This may have started with the <a href="https://www.cbsnews.com/news/donald-trump-first-nft-collection-sells-out-in-less-than-a-day/" rel="noopener noreferrer nofollow">successful launch of his NFT collection</a>, and continued through to his <a href="https://www.youtube.com/watch?v&#61;9UxAUryUKXM" rel="noopener noreferrer nofollow">keynotes address at Bitcoin 2024</a>.</p><p>There, he pledged that the federal government would HODL its bitcoin stash but did not, however, say that it, or any other crypto, would be used as a federal reserve digital currency. In the same speech, he also said that he wanted to support the U.S. bitcoin mining industry.</p><p>Most recently, the president-elect has been the face of a DeFi project, <a href="https://www.worldlibertyfinancial.com/" rel="noopener noreferrer nofollow">World Liberty Finance</a>. Which hints at a regulatory softening toward these platforms under the incoming administration.</p><h2 id="header-1">A New Look SEC Under Trump?</h2><p>The SEC has long been a thorn in the side of crypto innovation and growth by failing to provide a concrete regulatory framework for this new class of digital assets and by suing some of the biggest names in the space.</p><p>Spearheading all of this is the Biden-appointed head of the SEC, Gary Gensler, who believes that <a href="https://finance.yahoo.com/news/sec-chair-gensler-majority-cryptocurrencies-securities-124610154.html" rel="noopener noreferrer nofollow">a &#39;vast majority’ of cryptocurrencies are securities</a>.</p><p>With Gensler vilified as one of crypto’s biggest enemies and Trump stating that he would &#34;get out of the way of innovation&#34; if elected, many expect him to fire Gensler and place a much more crypto-friendly individual at the head of the SEC. A <a href="https://www.cnbc.com/2024/07/01/donald-trump-crypto-take-aim-at-sec-as-biden-allies-raise-alarms.html" rel="noopener noreferrer nofollow">few names</a> are already being put forward to the president-elect, and such a change would favor the growth and use of digital assets in the US and abroad.</p><h2 id="header-2">Trump and Stablecoins</h2><p>One thing the president-elect has previously stated is that he would block the Federal Reserve from issuing its digital dollar, or CBDC, a step welcomed by many who see CBDCs as a step on the path toward an Orwellian future.</p><p>Add to this the fact that World Liberty Finance plans to launch its own USD stablecoin, and we get hints that the next president of the US might be ready to grant much greater acceptance of stablecoins. This could mean that stablecoins see much wider use and public exposure. Thus increasing the overall use of crypto and the public’s familiarity with it and acceptance of it.</p><h2 id="header-3">How Trump’s Win Impacts Cardano ($ADA)</h2><p>In the few days after the election polls closed, bitcoin smashed through the <a href="https://cardanospot.io/news/what-does-bitcoin-etf-approval-mean-for-cardano" rel="noopener noreferrer nofollow">ETF driven</a> highs of early 2024 to break over the $76,000 mark. Two days after the election, BlackRock’s Bitcoin spot ETF <a href="https://x.com/WuBlockchain/status/1854752125315957186" rel="noopener noreferrer nofollow">broke its own record</a> with over $1.1 billion flowing into it in a single day. There have also been double-digit gains seen in bitcoin and crypto-focused stocks since the election was called for Donald Trump.</p><p>These gains have been reflected throughout a large part of the crypto world, particularly when looking at <a href="https://coinmarketcap.com/view/layer-1/" rel="noopener noreferrer nofollow">layer one crypto projects</a>, such as Cardano. Indeed, Cardano has been one of the top gainers over the last 7 days, seeing gains of over 25% since election day—propelling it back into the CoinMarketCap top 10.</p><p>With Cardano’s heavily decentralized nature, UTxO basis, and growing popularity, not to mention the recent announcement of a new <a href="https://cardanospot.io/news/bitcoinos-x-emurgo-bitcoin-to-cardano-the-pressing-questions-answered-mvpo7kuE7nbYE4dJ" rel="noopener noreferrer nofollow">decentralized bridge between Cardano and Bitcoin</a>, the positive impact expected from a Trump presidency on bitcoin and the crypto industry could well bleed over into Cardano and $ADA.</p><h2 id="header-4">A Final Word</h2><p>There are three branches of the US government: the Judicial Branch (Supreme Court, already with a conservative majority put there by Trump), the Presidential Branch (which Trump just got elected to), and the Legislative Branch (consisting of the Senate and the House of Representatives).</p><p>The Republican Party, Trump’s party, have already won a majority in the Senate and seems to be en route to winning a majority in the House of Representatives. Having such an ideological and majority hold on all the branches of government allows the party and the sitting president to set the agenda and push through their policies with relative ease.</p><p>With the positive sentiment that Trump has shown toward cryptocurrencies and the industry in recent times, hopes are high among bitcoiners and the wider crypto industry that a new regulatory framework will emerge that will help to move crypto from a speculative, investment-based asset class and allow it to realize its full potential for the many utilities it can bring to users and the world.</p>

What Does Trump's Win Mean to Crypto?

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