Trump Wins Presidential Election Against Harris

Former president Donald Trump has won the U.S. presidential election, defeating Vice President Kamala Harris.

Trump secured victory with 277 electoral votes, pending confirmation of more votes. The cryptocurrency industry played a significant role in the election, drawing substantial cash into super political action committees for both candidates. Notably, Trump raised $21 million at the Bitcoin 2024 event, attended by Gemini co-founders Tyler and Cameron Winklevoss, and celebrities like Kid Rock and Jake Paul, as reported by Fox journalist Eleanor Terrett.

Despite previous hostility towards crypto, Trump has now openly supported the industry. He has vowed to end an "unlawful and un-American crackdown" on U.S. crypto and endorsed a project called World Liberty Financial, albeit facing skepticism. Furthermore, Trump promised to dismiss U.S. Securities and Exchange Commission (SEC) chair Gary Gensler and expressed intentions to free Ross Ulbricht, serving a life sentence for his role in Silk Road.

In contrast, Harris has taken a more cautious stance on crypto. Her administration aims to foster innovative technologies, including AI and digital assets, while prioritizing consumer protection, as emphasized in her 80-page economic plan. Recently, Harris introduced a proposal named "Opportunity Agenda for Black Men," which encompasses a cryptocurrency regulatory framework designed to protect Black investors.

The SEC plays a crucial role in regulating the crypto industry, with Gensler asserting that most cryptocurrencies are securities and that existing rules should suffice. The SEC has taken action against numerous firms over registration issues and fraud, such as the case with crypto exchange FTX.

While Gensler may continue as a commissioner under a Trump administration, sources suggest it’s likely he would resign from his chair position.