The recent attempted assassination of pro-crypto US presidential candidate Donald Trump has sparked a reevaluation within the crypto community regarding his potential impact on the industry’s future.
In light of the shocking incident at a Pennsylvania campaign rally on July 13, 2024, Techopedia consulted experts to discuss Trump’s significance to the crypto industry and the potential implications should he become the 47th president of the United States.
Techopedia’s expert panel explored various aspects, including the future of US Securities and Exchange Commission (SEC) Chairman Gary Gensler under a potential Trump administration and Trump’s stance on central bank digital currencies (CBDCs).
The Importance of Donald Trump to the Future of Crypto Following the incident, new Trump-themed memecoins emerged, and crypto markets saw positive movement after assurances of Trump’s safety were provided by government officials.
Anndy Lian, intergovernmental blockchain expert and author of ‘Blockchain Revolution 2030’, noted:
Sergei Chmel, managing partner of SeQuant Capital, acknowledged Trump’s relatively favorable stance towards crypto compared to President Joe Biden. However, Chmel also pointed out that the crypto industry’s growth may transcend presidential influence after the November 2024 election.
Shiven Moodley, COO and macro strategist at 80eight Group, suggested that Trump’s potential policies, including lower taxes and favorable regulations, could have significant cascading effects on the crypto industry in the US.
Is Trump a Genuine Crypto Supporter or Testing a Political Strategy? The panel also debated Trump’s sudden positioning as a “Crypto President,” contrasting with his past criticisms of cryptocurrencies. Lian outlined reasons behind Trump’s strategic shift, including advancements in crypto regulation, the industry’s growing influence, and differentiation from Biden’s policies.
Implications for Gary Gensler under a Trump Administration Gary Gensler’s tenure as SEC chairman, known for his strict regulatory approach towards cryptocurrencies, may be at risk under a potential Trump presidency. Moodley predicted that a pro-blockchain replacement could be likely if Trump secures a second term.
Impact on Central Bank Digital Currencies (CBDCs) Trump’s opposition to CBDCs aligns with concerns in the crypto community regarding privacy and surveillance. However, experts cautioned that Trump’s ability to halt CBDC development is constrained by the Federal Reserve’s independence.
Pravin highlighted potential consequences of halting CBDC development, suggesting it could deter innovation and investment within the US crypto sector.
The Road Ahead With Trump’s political prospects bolstered by recent events, including an upcoming appearance at the Bitcoin 2024 Conference, the crypto industry is closely monitoring developments leading up to the November 2024 election.
As Chmel summarized, regardless of electoral outcomes, the crypto industry’s trajectory appears poised for rapid growth:
