Trump or Biden, Here’s Why It Won’t Matter for the Crypto Industry, Galaxy Digital CEO Says

Industry experts expect positive crypto regulations regardless of the 2024 U.S. presidential outcome, with progress already evident in bipartisan legislative support.
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Key Insights

  • Regardless of the next POTUS outcome, industry leaders like Galaxy Digital's Mike Novogratz believe the crypto industry will see positive regulatory changes.

  • This is considering how former President Donald Trump has courted the industry with promises, including support for miners and more transparent regulations.

  • However, without Trump, the House of Representatives passed several pro-crypto bills, like the FIT21 Act of 2024, with significant bipartisan support.

  • This begs the question: Does the crypto industry even need Trump?

  • Novogratz predicts that Bitcoin's price might remain range-bound between $55k and $73k.

For months during the ongoing US presidential campaign, former US president Donald Trump has been hailed as a "crypto president" based on his crypto-centric campaign promises to support miners, promote "clear" crypto regulation in the US, and support the industry in general.

The Trump campaign team even went as far as announcing that it would be accepting crypto donations.

In fact, Donald Trump's $7 billion net worth is comprised of about $3 million in crypto, according to Forbes' estimates, after months of courting the industry, hosting dinners for crypto supporters at his Mar-A-Lago residence in May, and stating that they "better vote" for him or face more regulations from the Biden administration.

However, what if Donald Trump isn't the "crypto messiah" that social media is painting him to be?

According to Galaxy Digital CEO Mike Novogratz, regardless of who wins the upcoming US presidential elections, the industry will still see "positive legislative developments".

Who knows… Does the industry even need Trump at all?

Crypto Legislation: A Bipartisan Issue

During a CNBC Squawk Box interview this week, Novogratz stated that he believes the advancement of crypto laws and regulations isn’t tied to a single political party.

In the interview, Novogratz expressed confidence that positive crypto developments are incoming, regardless of the election outcome. While he is not a single-issue voter, the future of crypto in the US appears promising.

Long before now, the Biden administration faced harsh criticism from industry leaders like Novogratz, Consensys, Ripple, and several other crypto advocates/companies for its "crypto regulation by force" approach, which was under the supervision of the current SEC boss, Gary Gensler.

Most of these advocates have supported former President Trump, who, in contrast, seems more welcoming towards crypto.

The odds for a US president

The odds for a US president

So far, we have bets from PolyMarket, with increasing odds of Biden dropping out of the elections, a Trump victory, and increasing speculation that Vice President Kamala Harris might replace Biden as the Democratic nominee.

Crypto Really Doesn’t Need Trump

"No matter who wins the next election, we're gonna get positive crypto legislation," Novogratz said during the interview. "I would tell you that most democrats outside Elizabeth Warren and a small group of people are pretty pro-innovation and pro-crypto.

There might be some truth to this, considering the recent legislative actions in the US this year.

For example, in May, the House of Representatives passed several pro-crypto bills, like the FIT21 Act, to provide clear regulations for crypto companies operating within the US.

The bill received massive bipartisan support, with 208 Republicans and 71 Democrats in favour.

However, while the support for crypto is mainly from the Republicans (Donald Trump's side of the table), it means that the broader acceptance of crypto in the US is already starting, with or without Trump.

“I think we are going to be in a $55 - $73k range until we get some new news, or until the government stops spending like ‘drunken sailors’," Novogratz went further to say.

This means we may see Bitcoin stuck within a range until further notice.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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