Will the U.S. Election Shape the Future of Crypto? Insights from Industry Leaders

Key Points

• Crypto experts are downplaying the potential impact of the upcoming U.S. presidential election on the global market.
• “Whether the U.S. is pro-crypto or not, the world is moving forward,” said Charles Hoskinson, co-founder of Ethereum.
• “Bitcoin has thrived without regulatory clarity or government approval—why would that change now?” commented Arthur Hayes, former CEO of BitMEX.

As the U.S. gears up for its presidential election, insiders from the cryptocurrency industry are weighing in on the potential implications for the market. Despite the high stakes, many in the industry are skeptical that the election will bring significant change.

Speaking at the TOKEN2049 event in Singapore, a major annual crypto conference, Charles Hoskinson, co-founder of Ethereum, shared his views. “Between Vice President Kamala Harris and Donald Trump, Trump is favored in the eyes of the crypto community,” Hoskinson noted. In July, Trump addressed the Bitcoin Conference in Nashville, pledging to ensure that the U.S. government never sells its bitcoin holdings and hinting at plans to make the U.S. a global crypto hub.

“But whether or not the U.S. supports crypto, the rest of the world is moving on,” Hoskinson emphasized. From Singapore to the European Union, regulatory frameworks are emerging, and he argues the U.S. risks falling behind. “As an American, I’d love to see us rejoin the race, but regardless of who’s in power, the world is becoming decentralized,” he added.

Anthony Scaramucci, founder of SkyBridge Capital, echoed a similar sentiment, suggesting that a Harris administration’s approach to crypto regulation may not differ greatly from Trump’s. "I’m optimistic that we'll soon see her economic policies on crypto take shape, but the reality is, much like Trump, she could take various directions," Scaramucci said during an interview.

Jeremy Allaire, CEO of Circle, offered a different perspective, suggesting that crypto is no longer a partisan issue. He pointed to recent bipartisan support in Congress, arguing that regardless of who wins, U.S. lawmakers understand the strategic importance of blockchain technologies. "The U.S. needs to compete globally in these technologies, and that's something both parties recognize," Allaire said.

Despite this, the crypto industry remains highly engaged in the political process. According to data compiled by crypto analyst James Delmore, over $190 million has been funneled into election campaigns, with contributions slightly favoring Republican candidates this cycle.

However, not all insiders are convinced that U.S. politics will have a meaningful impact on the global crypto markets. Arthur Hayes, former CEO of BitMEX, was particularly dismissive. “Bitcoin has surged from nothing to its current value without clear regulations or government support,” he remarked. “It’s irrelevant whether the U.S. government is pro or anti-crypto.”