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The 2024 U.S. presidential election has concluded, with Republican candidate Donald Trump defeating Democratic contender Kamala Harris in a close race. Final voting results indicate that Trump garnered 286 electoral votes, surpassing the 270 votes needed to win the presidency. In comparison. Following the elections, Republicans gained control of the Senate, overturning several key Democratic seats. In Ohio, a pro-crypto supporter, Bernie Moreno, won a competitive race against incumbent Senator Sherrod Brown, marking a significant loss for the Democrats in a traditionally red state.
Pro-Crypto Candidates Gain Ground in Congress
Coinbase CEO Brian Armstrong highlighted in his X platform the substantial political momentum gained by the crypto community in the 2024 election. Armstrong noted that a record number of pro-crypto candidates were elected to Congress, with 205 in the House and 14 in the Senate, marking a notable increase in crypto representation. This development suggests an increasingly favorable stance toward digital assets within the legislative branch, which could lead to more supportive policy initiatives in the future.
https://x.com/brian_armstrong/status/1854028856409436226
However, not all election outcomes were favorable for the crypto industry. Senator Elizabeth Warren, known for her anti-crypto solid stance, defeated pro-crypto candidate John Deaton in Massachusetts to retain her Senate seat.
Warren has consistently advocated extending anti-money laundering regulations to crypto participants, including miners and wallet providers. Her continued presence in Congress highlights an ongoing resistance to unrestricted crypto growth, balancing the optimistic outlook sparked by Trump’s victory.
What does that Mean to Crypto?
Donald Trump’s return to the White House in the 2024 U.S. Presidential election has generated optimism in the cryptocurrency community, as the former president has openly expressed support for digital assets, particularly Bitcoin.
Known as the first pro-Bitcoin U.S. president, as noted by Bitcoin Magazine via their official X account, Trump had earlier pledged to reform the nation’s cryptocurrency regulations and has indicated plans to replace current SEC Chair, Gary Gensler.
https://x.com/BitcoinMagazine/status/1854053510905757841
Trump’s victory signals a possible overhaul of the U.S. Securities and Exchange Commission’s (SEC) approach to digital assets, with SEC Reform and Regulatory Changes on the Horizon. Gensler has classified many digital assets as illegal securities, a stance that has received criticism from the crypto community for being overly restrictive.
Trump’s commitment to appointing new leadership at the SEC has raised hopes for regulatory reforms that may provide clearer guidelines and more favorable conditions for digital assets to thrive in the United States. His administration’s potential policy changes are expected to influence the direction of cryptocurrency regulation significantly.
Cryptocurrencies Performance: BTC, SOL, DOGE, PEPE, SHIB, BONK, POPCAT, FLOKI
Following the news of his massive lead during the votes data collection, some of the top-performing cryptocurrencies included Bitcoin (BTC), which hit a new all-time high of over $99,000, and Solana (SOL), which exploded to a six-month peak of approximately $256.
The meme coin niche also recorded notable gainers. The largest market cap was Dogecoin (DOGE), which exceeded $0.42, a level last observed in April this year. Its biggest rival, Shiba Inu (SHIB), saw surges, while Pepe (PEPE), Bonk Inu (BONK), Popcat (POPCAT), Floki Inu (FLOKI), and many more have charted triple-digit increases.
What about PolitiFy Memes?
The recent U.S. presidential election results have impacted meme coins associated with political candidates. PolitiFy meme coins, digital assets tied to Trump and Kamala, have seen increased volatility following Donald Trump’s 2024 election victory. Tokens associated with Republican themes have experienced notable gains, while those connected to Vice President Kamala Harris have struggled.
Several meme coins related to Donald Trump and Republican branding have surged in value. Coins such as MAGA (TRUMP), Donald Tremp (TREMP), Dark Maga (MAGA), and MAGA Again (MAGAA) have recorded impressive gains amid renewed optimism among Trump supporters and pro-crypto communities. The TRUMP coin, in particular, has captured attention, with its price climbing sharply in the wake of Trump’s victory. According to data from CoinGecko, TRUMP has been among the highest-performing meme coins linked to the former president.
On the other hand, meme coins associated with Kamala Harris have not shared the success of their Republican-themed counterparts. Tokens like Kamala Horris (KAMA) and Kamabla (KAMABLA) have been among the worst performers in the PolitiFy meme coin market.
Crypto Industry Reactions to Trump’s Win
The crypto sector responded positively to Trump’s election win, with industry leaders supporting the incoming administration. Notably, El Salvador’s pro-Bitcoin President Nayib Bukele extended his congratulations to Trump, emphasizing the importance of supportive global leadership for digital assets.
Investor Mark Cuban also voiced approval, stating that Trump had “won fair and square.” This wave of support reflects a growing expectation within the crypto community that Trump’s leadership could mitigate previous regulatory challenges and establish a more secure foundation for the industry.
Trump’s administration is expected to focus on clearer regulations. This could lead to more defined rules for stablecoins and crypto classifications, boosting market confidence. Trump has proposed creating a national “Bitcoin stockpile” and advancing U.S.-based Bitcoin mining, aiming to position the U.S. as a global crypto leader. This aligns with his broader goal of fostering innovation and competitiveness in the sector.
Overall, Trump’s presidency could bring positive changes for crypto, but the industry’s trajectory will depend on how swiftly and effectively these proposals materialize.