Cryptocurrency owners in the US have become so numerous that this mass of votes will definitely affect the outcome of the election. Trump's team realised this at the beginning of the year, and as a result, Donald has been voicing actual promises regarding the regulation of cryptocurrencies for several months now.

Democratic candidate Kamala Harris’ camp, on the other hand, still doesn’t have a clearly stated position on crypto. With that in mind, digital asset enthusiasts saw Trump as the best option for crypto and blockchain specifically.

Former U.S. President Donald Trump

What will happen to cryptocurrencies because of the election

Famous investor and Shark Tank TV show host Kevin O’Leary shared an important thought with the election coming up in November. According to him, the outcome of the vote may not have an impact in the long run. Here is the quote that Decrypt cites.

The issue of cryptocurrency regulation has come up on both parties’ agendas. We will have a new system for regulating digital assets no matter who exactly takes the presidency in the White House.


Such a comment seems logical, because laws in the US are passed in Congress. Well, its representatives have been mentioning the digital asset industry and the importance of proper regulation of this sphere more and more often lately.

For example, Senator from the state of Wyoming Cynthia Lummis spoke at the Bitcoin 2024 cryptocurrency conference in Nashville on 27 July. During the event, she presented her own bill that would involve the U.S. government purchasing about a million bitcoins. According to Lummis, these coins will serve as the basis for the country's national reserve, and the crypto should be stored without moving for at least twenty years.


According to the politician’s version, the only exception may be the sale of coins for the sake of paying the U.S. national debt in case of growth of digital assets.

U.S. Senator Cynthia Lummis

That said, O’Leary admitted that Trump does give the impression of a politician who would like to influence the adoption of cryptocurrencies. Here’s a quote from the host.

I know Trump is in favour of crypto. I had a chance to talk to him about this topic.


Donald Trump is indeed a strong supporter of the digital asset industry. This was emphasised by his speech during the already mentioned Bitcoin 2024 conference, which was positively received by the audience. Especially warmly received was the politician's promise to fire the current chairman of the Securities Commission, Gary Gensler, who has caused a lot of problems for the niche in recent years.


Presenter and entrepreneur Kevin O’Leary

Nor is O’Leary panicking about the lull on Harris’ part. The fact that she hasn’t yet announced a clear position on crypto doesn’t mean she’s indifferent on the issue, according to Cavin. Overall, Kamala Harris has a chance to change everything that the administration of current President Joe Biden has done.

She has no record at all, which is perhaps to some extent an advantage. Harris can start from scratch and approve new policies exactly the way she wants to.


Such a comment doesn't seem convincing, because Kamala Harris has been the Vice President of the United States since January 2021. And since during all this time she has not decided to contribute to the normalisation of the situation with crypto in the state, it means that she was satisfied with the attitude of the presidential administration towards digital assets and the position of the Securities Commission itself. Why now Harris will suddenly change everything abruptly is unknown.


US presidential election results forecast on decentralised platform Polymarket

Last week, Senate Majority Leader Chuck Schumer promised to pass new regulation for cryptocurrencies by the end of the year. At the Crypto4Harris virtual conference, he said that politicians cannot continue to “stick their heads in the sand” in the context of the problems that need to be addressed with the crypto market.

Accordingly, regulations for cryptocurrency companies in the US, taking into account the real needs of the industry, may indeed be getting closer.

Vice President Kamala Harris

Billionaire Mark Cuban was also present at the Crypto4Harris event. He confirmed that representatives of the Harris team had dialogues with the CEOs of major cryptocurrency companies. According to O’Leary, this is clearly a good sign – it is hoped that Harris’ actions could well change the sharply negative attitude of coin enthusiasts towards the actions of the US Democratic Party.

For now, though, the prospect of Harris being elected as president raises big questions for the coin niche. As it turned out the day before, Bharat Ramamurthy, a former economic adviser to the Biden administration and a prominent critic of cryptocurrencies, is working with Kamala’s team.

It is believed that he is one of the ideologists of the so-called “Operation Strike 2.0”, the existence of which was previously confirmed by Galaxy Digital CEO Michael Novogratz.

We are talking about certain actions of the authorities, which previously made life much more difficult for the niche of digital assets. For example, in the spring of 2023, some banks that work closely with the digital asset industry were closed in the United States. Examples are Silvergate and Signature.

SEC Chairman Gary Gensler.


Kevin O'Leary's comments seem like an attempt to propagate the view that Kamala Harris's victory will not impede the development of the digital asset industry. However, there's no reason to think that right now. Harris has been the Vice President of the United States for more than three years and is not remembered for her friendly stance on crypto. Well, some people associated with her campaign are already hinting that the situation with the attitude towards coins can only get worse.