Donald Trump’s win in the 2024 election has brought optimism to the market, suggesting that the influence of crypto is growing in US politics, and that the US SEC might end its lawsuits against crypto. Investors are closely following the election results, with Coinbase executives noting the increasing role of crypto in politics this year. Coinbase CEO Brian Armstrong pointed out the rising pro-crypto sentiment in the market, while CLO Paul Grewal urged the SEC to change its position on digital assets.
Armstrong highlighted the growing number of pro-crypto lawmakers in Congress, noting that 205 pro-crypto candidates were elected to the House, compared to just 99 who oppose it. A similar trend is seen in the Senate, where more pro-crypto senators have gained ground. Armstrong emphasized that digital assets have broad support across party lines, and many voters are calling for crypto-friendly regulations. This growing influence could push the SEC to adopt a new approach to digital assets.
With the Republicans gaining control of the Senate, there may be increased pressure on regulators to provide clearer crypto policies. Analysts believe the election results could mark the beginning of new crypto regulations in the US.
Following Trump’s victory, there is speculation that the SEC might ease its stance on crypto. Trump has criticized the SEC’s overreach in regulating crypto and even suggested that he would fire the SEC chair, Gary Gensler, if he wins. This has led many to believe that clearer regulations could be on the way, potentially boosting crypto prices. Coinbase’s Paul Grewal also called for the SEC to reconsider its position, urging for a more open conversation about crypto rather than lawsuits.