Crypto Insiders Downplay U.S. Election Impact on Market

While some cryptocurrency insiders believe former President Donald Trump is more crypto-friendly than Vice President Kamala Harris, the potential impact of the upcoming U.S. presidential election on the global crypto market is expected to be minimal.

Charles Hoskinson, co-founder of the Ethereum blockchain, expressed optimism about a Trump presidency for cryptocurrency adoption. However, he emphasized that regulatory frameworks are being developed worldwide, regardless of U.S. policies.

Anthony Scaramucci, founder of SkyBridge Capital, predicted that Harris would maintain a similar approach to crypto regulation as Trump. He praised Harris’s economic policies and expressed confidence in her leadership.

Jeremy Allaire, CEO of Circle, noted that cryptocurrency regulation has garnered bipartisan support in Congress, suggesting that the U.S. election will not significantly impact industry development.

Despite the downplaying of political influence, crypto individuals and firms have contributed over $190 million to various candidates and PACs ahead of the election. While spending has been relatively balanced between the two parties, Republican candidates and PACs have received a slightly higher share of these contributions.

Arthur Hayes, a prominent crypto trader, dismissed the idea that U.S. politics would significantly affect the global crypto markets. He argued that Bitcoin’s success has been achieved without clear regulations or government acceptance, rendering U.S. policies largely irrelevant.