Crypto Set to Thrive Under Trump: Industry Heavyweights Favor Trump Over Harris for Digital Assets Boom

As the 2024 presidential election looms, the cryptocurrency industry is closely watching the political landscape—and most industry insiders believe that a Donald Trump administration would be a boon for the sector. Trump, who has publicly embraced Bitcoin and other digital assets in recent months, is being hailed by some of the most influential figures in the industry as the ideal leader to foster innovation and growth in the crypto space. In contrast, a Kamala Harris presidency is seen by many as potentially continuing the more cautious and regulatory-heavy approach of the current administration.

Notable figures supporting Trump include billionaire hedge fund manager Bill Ackman, tech mogul Elon Musk, former Congresswoman Tulsi Gabbard, political scion Robert Kennedy Jr., and Cantor Fitzgerald CEO Howard Lutnick. All have spoken out in favor of policies that promote innovation while reducing regulatory burdens on the crypto sector, positioning them as key players in a potential Trump administration’s efforts to boost the industry.

Crypto’s Rising Stars Rally Around Trump

Elon Musk, a vocal advocate of decentralized finance and cryptocurrencies like Bitcoin and Dogecoin, has hinted that a Trump administration would be less inclined to stifle innovation with heavy-handed regulations. Musk, who has often sparred with government agencies over their involvement in business, believes that Trump’s deregulation agenda could allow crypto companies to flourish in ways they couldn’t under more progressive administrations.

Bill Ackman, a Wall Street heavyweight, has also thrown his weight behind Trump’s crypto-friendly stance. He has publicly supported a less restrictive regulatory environment, which he argues is crucial for the crypto industry to unlock its full potential. Ackman believes that under Trump, the U.S. can become a global leader in blockchain technology, outpacing countries with stricter regulatory frameworks.

Tulsi Gabbard and Robert Kennedy Jr., both with substantial followings among crypto enthusiasts, have positioned themselves as defenders of financial freedom. They argue that a Trump administration would place fewer constraints on the crypto space, allowing it to grow organically and thrive. Kennedy Jr., a fierce critic of excessive government oversight, has gone as far as to suggest that blockchain technology could play a pivotal role in safeguarding individual freedoms, a view that resonates strongly with the crypto community.

Howard Lutnick, another high-profile Trump backer, sees cryptocurrency as an essential part of the future financial ecosystem. Lutnick has argued that Trump’s pro-business approach will lead to more investment in digital currencies and blockchain technologies, while a Harris administration could continue policies that prioritize increased oversight and regulatory hurdles.

Crypto Industry Players Brace for Regulatory Relief Under Trump

For many in the crypto industry, the contrast between a Trump and Harris administration is stark. Trump’s embrace of Bitcoin and his promises to cut red tape align with the goals of many in the sector who see regulation as the biggest obstacle to growth. Trump has repeatedly voiced his opposition to the SEC’s aggressive enforcement actions under current chair Gary Gensler, which has targeted numerous crypto exchanges and firms. With Trump in office, it’s expected that the SEC would shift away from Gensler’s punitive stance, likely easing the regulatory burden on the industry.

Moreover, Trump’s potential appointments—should he win in 2024—could reshape the Securities and Exchange Commission and other regulatory bodies that currently oversee crypto. Trump could elevate pro-crypto voices such as Hester Peirce, a current SEC commissioner and known advocate for the industry, to positions of greater influence. Peirce has long criticized the SEC’s enforcement-first approach, and under Trump’s leadership, the regulatory environment could shift toward policies that encourage innovation while still protecting consumers.

In contrast, Kamala Harris, the Democratic nominee, is expected to maintain a more regulatory-focused approach. While Harris has shown some openness to the growth of digital assets, her campaign has not embraced the industry with the same enthusiasm. Many in the crypto space fear that a Harris administration would continue the Biden administration’s focus on regulatory oversight, potentially stifling growth by imposing stricter rules on trading platforms, blockchain companies, and crypto-based financial products.

Industry Optimism and Momentum

The optimism surrounding Trump’s candidacy reflects a broader sentiment within the crypto industry, which sees a regulatory reprieve as crucial for the next phase of growth. The crypto world has evolved rapidly, with major players like PayPal, BlackRock, and Fidelity entering the space. However, continued growth depends heavily on the regulatory environment—and many believe that Trump’s policies would be conducive to creating a more open, less restrictive market.

The 2024 election will have a profound impact on the direction of the crypto industry. With heavyweights like Musk, Ackman, and Kennedy Jr. pushing for a Trump presidency, and a clear vision of deregulation and support for innovation, it’s clear why many in the crypto world are banking on Trump to pave the way for the next era of digital assets. Meanwhile, the future under a Harris administration remains uncertain, with the potential for continued regulatory scrutiny that could slow the momentum the industry has been building over the past few years.

For now, all eyes are on the upcoming election, as the stakes for the future of cryptocurrency in the U.S. have never been higher.

Terry Jones
Digital Assets Desk