Regardless of the Election Outcome, the Cryptocurrency Market Is Optimistic About a More Supportive Stance From Washington

The 2024 presidential election presents a unique scenario for the cryptocurrency market. Bitcoin BTC/USD has remained stable, with prices fluctuating

The cryptocurrency industry is hopeful for a more supportive regulatory environment from Washington, regardless of who wins the White House.

As the U.S. presidential election approaches, industry leaders are preparing for potential shifts in policy that could benefit the sector.

The U.S. cryptocurrency sector is optimistic about a more supportive stance from Washington, regardless of the upcoming presidential election outcome, with industry leaders anticipating a shift in regulatory approaches, according to a report by Reuters on Thursday.

Executives from firms like Bitwise and Canary Capital are preparing new offerings, anticipating a crypto-friendly administration.

“We do think that, whoever wins on Tuesday, crypto markets will be looking at a more favorable regulatory environment in a new administration in the new year,” a Bitwise spokesperson said.

At the same time, Ripple (XRP) plans to advocate for new crypto legislation in Congress. A fresh approach is necessary, irrespective of the election's victor, said Rebecca Rettig of Polygon (MATIC) in the report.

Republican candidate Donald Trump has promised to be a “crypto president,” while Democratic candidate Kamala Harris is expected to adopt a more lenient stance than President Joe Biden. Harris has not detailed her crypto plans, but her commitment to digital asset innovation has encouraged industry leaders, according to Reuters.

“For the crypto industry, this election isn’t about choosing one party over another – this is about supporting candidates who recognize that the U.S. needs to support innovation,” said Lauren Belive, Ripple's head of U.S. policy.

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Harris supporter Mark Cuban has criticized current SEC Chair Gary Gensler, whose numerous SEC actions on the crypto sector have largely been in the name of protecting investors from the risks involved. Trump plans to remove Gensler, but Harris has not indicated a similar intention.

In the meantime, crypto firms have invested over $119 million in pro-crypto candidates, aiming to advance legislation that supports stablecoins.

Impact on crypto: The 2024 presidential election presents a unique scenario for the cryptocurrency market. Despite the proximity of the election, Bitcoin (BTC) has remained largely stable, with prices fluctuating between $55,000 to $65,000.

This stability comes after a spike in July when Trump was shot at a rally, boosting his election prospects, and President Joe Biden subsequently withdrew, endorsing Harris.

Standard Chartered predicts that BTC will hit $73,000 by the election day, with potential to surge beyond $80,000 if Trump wins. Trump's growing lead in key polls is boosting investor confidence in the cryptocurrency market, indicating potential positive outcomes for the industry irrespective of the election result.

At the last check, BTC was trading at $72,250.90, Ethereum (ETH) at $2,636.04 and Dogecoin (DOGE) at $0.1712, according to Benzinga Pro.

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