Donald Trump has emerged as the winner of the U.S. presidential election held on November 5. Major outlets, including The Associated Press, Fox News, and NBC, have announced Trump’s victory after he secured crucial swing states such as Pennsylvania, Michigan, North Carolina, and Georgia—states he previously lost in 2020. As Donald Trump is set to return to the White House, 247 pro-crypto candidates have been elected to the US House of Representatives, and 15 have been elected to the US Senate so far.
Trump’s Victory: Revival of Crypto in the US
Following Trump’s victory, the “anti-Bitcoin movement” in the U.S. has “died”, according to Dennis Porter, co-founder of the Satoshi Action Fund. In a post on X, Porter claimed, “The USA will be the most pro-Bitcoin nation in the world”, referencing the presidential outcome. The 2024 U.S. elections have also seen a large number of pro-crypto candidates winning across the country as election results continue to come in.
At this writing, data from Coinbase’s Stand With Crypto (SWC) website shows pro-crypto officials elected in most states, with only New Mexico, Alaska, Hawaii, Vermont, and Maine yet to choose a pro-crypto candidate. SWC data indicates that 247 pro-crypto candidates have been elected to the House of Representatives, compared to 113 anti-crypto officials. In the Senate, 15 pro-crypto candidates have been elected, while 10 anti-crypto candidates have secured seats.
The cryptocurrency community is celebrating the victory of former President Donald Trump in the 2024 United States presidential election.
Trump and the Crypto Industry: 11 Promises
According to a recent post on Spot On Chain, Trump has outlined 11 key promises to strengthen his support among Bitcoin advocates. These commitments include regulatory updates designed to create a more favorable environment for digital currencies.
Donald Trump’s proposed crypto policy agenda includes significant changes aimed at positioning the U.S. as a global leader in digital assets. A key priority is to replace SEC Chair Gary Gensler with a pro-crypto figure, possibly SEC Commissioner Hester Pierce, to create a more favorable regulatory environment for the industry. Trump also envisions establishing a national Bitcoin stockpile, treating Bitcoin as a valuable national asset similar to gold.
Additionally, he plans to make the U.S. a global hub for crypto businesses, encouraging firms to operate domestically with secure protections on the government’s Bitcoin holdings, ensuring they are safeguarded as part of a national reserve. In a bid to boost investment and adoption, Trump aims to eliminate capital gains taxes on Bitcoin, which would make the asset more appealing to both individual and institutional investors.
To further strengthen the domestic crypto ecosystem, Trump has pledged to support American-based Bitcoin mining, aligning with his vision for U.S. energy independence. He also intends to end current anti-crypto policies and establish a fair regulatory landscape for digital assets. His administration would set up a Crypto Advisory Council composed of industry experts to shape effective policies. Protecting Americans’ rights to self-custody of their digital assets is also a priority, ensuring citizens have full control without third-party intermediaries.
Trump opposes the implementation of a Central Bank Digital Currency (CBDC), citing concerns over privacy and financial autonomy. Lastly, he has promised to review and possibly commute the sentence of Silk Road founder Ross Ulbricht, signaling an openness to reevaluating past legal actions in the crypto space.
Donald Trump’s return to the White House, along with a surge in pro-crypto lawmakers, has created a wave of optimism in the cryptocurrency community. His 11-point agenda signals a potential transformation in the U.S. approach to digital assets, from regulatory reform and tax incentives to national support for Bitcoin as an asset.
