Crypto Industry Awaits Change as Trump’s Victory Sparks Optimism

The election of Republican candidate Donald Trump as President of the United States is seen as a catalyst for the development of the digital asset sector in the country, according to participants in the crypto industry.

Gemini co-founder Cameron Winklevoss expressed satisfaction with the outcome of the race.

Time to build baby build! ??

— Cameron Winklevoss (@cameron) November 6, 2024

“Time to build, baby, build!” the entrepreneur reacted.

In June, he and his brother Tyler Winklevoss donated $2 million in bitcoin to Trump’s presidential campaign following the opening of cryptocurrency donations.

The Winklevoss brothers’ enthusiasm reflects the perception of the Republican as a supporter of digital assets, a reputation built on his repeated statements of support for the industry.

Ryan Selkis also expressed satisfaction, who, after his emotional reaction to the attempted assassination of Donald Trump, stepped down as CEO of Messari.

In early July, the expert declared the start of a battle against the “illegitimate and corrupt” SEC. He had previously noted that the industry had no future in the U.S. if then-Democratic candidate Joe Biden were re-elected for a second term.

I fucking love America.

We’re back.

— Ryan Selkis (d/acc) ?? (@twobitidiot) November 6, 2024

“I fucking love America. We’re back,” Selkis succinctly stated.

Castle Island Ventures partner Nic Carter expressed similar sentiments.

they tried to assassinate him. they impeached him. they made him a felon. they tried to imprison him for the rest of his life. they tried to bankrupt him with bogus lawsuits. they slandered him. they deplatformed him. and he persisted.

greatest comeback story of all time.

— nic carter (@nic__carter) November 6, 2024

“He persisted [against Democratic pressure]. Greatest comeback story of all time,” he wrote.

The Fate of the SEC

Democratic presidential candidate Kamala Harris supporter and billionaire Mark Cuban congratulated Trump on his victory, calling it “fair and square.”

Congrats @realDonaldTrump. You won fair and square.

Congrats to @elonmusk as well. #Godspeed

— Mark Cuban (@mcuban) November 6, 2024

In September, the businessman expressed his ambitions to become the head of the SEC if the White House administration remained consistent. Cuban criticized Gary Gensler for his enforcement-based regulatory approach.

In July, Trump promised to fire the official and establish a strategic bitcoin reserve.

TRON Foundation founder Justin Sun seized the opportunity created by the election buzz. He offered Gensler a job should Trump follow through on his threat to dismiss him, provided the official is willing to work “sincerely” with the industry.

As an industry, we should have an inclusive heart, no matter who it is. I’m open to hiring Gensler if he can genuinely treat the crypto industry with sincerity.

— H.E. Justin Sun?(hiring) (@justinsuntron) November 6, 2024

Ripple CEO Brad Garlinghouse, who supported Harris, did not comment on Trump’s success but noted the role of Fairshake, a pro-cryptocurrency coalition sponsored by his company.

The organization helped Republican Senate candidate from Ohio Bernie Moreno secure the seat of incumbent Democratic lawmaker and digital asset skeptic Sherrod Brown.

“Being anti-crypto is simply bad politics,” reacted Coinbase CEO Brian Armstrong.

Being anti-crypto is simply bad politics pic.twitter.com/Y6mPMSE3C0

— Brian Armstrong (@brian_armstrong) November 6, 2024

Coinbase’s Chief Legal Officer Paul Grewal expressed hope for the Commission to adopt a regulatory framework favoring open dialogue and innovation over litigation.

Besides a change in SEC leadership and a review of the regulator’s enforcement stance, industry participants anticipate an expansion of exchange-traded funds based on other cryptocurrencies.

Syncracy Capital co-founder Daniel Cheung predicted the approval of a SOL-ETF as early as the first quarter of 2025.

I believe that crypto is potentially headed for a biblical bull market in the coming months that could surpass 2021 — some thoughts on the current market setup under a Trump Administration:

1) Trump presidency is a 4 year call option on crypto markets (i.e. Gensler fired, US…

— Daniel Cheung (@HighCoinviction) November 6, 2024

Early Beneficiaries

At present, it is clear that hodlers who awaited a new ATH in bitcoin are among the winners.

Those confident in victory reaped significant rewards on the Polymarket prediction platform.

According to Lookonchain, trader Theo4 earned a profit of ~$20.4 million on a ~$40 million bet. Another whale, Fredi9999, made ~$15.6 million from ~$28 million. Yet another, zxgngl, gained ~$11 million, risking $30 million.

Congratulations to @realDonaldTrump!

And congratulations to the whales who bet on #Trump!

“Theo4” makes a profit of $20.4M!

“Fredi9999” makes a profit of $15.6M!

“zxgngl” makes a profit of $11M!https://t.co/qZJOfUapGv pic.twitter.com/IDcENABNHD

— Lookonchain (@lookonchain) November 6, 2024

The volume of bets on the presidential race winner on Polymarket reached $3.68 billion. On November 5, traders made deals worth a record $157.4 million.

As reported by ForkLog, opinions from crypto industry participants regarding the future prospects of the digital asset market have been gathered.