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  • Crypto on the Ballot: How Trump vs. Harris Could Reshape XRP and BTC
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Crypto on the Ballot: How Trump vs. Harris Could Reshape XRP and BTC

vivian 28 October 2024
Cardano v XRP- bitcoin rippple ADA
  • The upcoming US Presidential Election could significantly impact cryptocurrency regulation, with a Trump victory potentially softening the SEC’s stance on XRP and boosting Bitcoin’s demand if BTC were considered part of the US strategic reserve.
  • Meanwhile, bipartisan support in Congress suggests that regardless of the election outcome, crypto-friendly legislation may gain traction, fostering a more favorable environment for digital assets.

As the US Presidential Election nears, investors in the cryptocurrency space are keeping a close eye on potential regulatory shifts. Both Ripple’s XRP and Bitcoin (BTC) are positioned for significant impacts based on the election’s outcome, as a Trump or Kamala Harris win could dramatically shape the SEC’s approach to crypto regulation. Here’s a closer look at how these political developments could impact the crypto market.

XRP’s Legal Battle and Regulatory Uncertainty

The Securities and Exchange Commission (SEC) vs. Ripple case has been a focal point in crypto regulation. While the SEC filed a civil appeal earlier, they requested an extension to submit their opening brief until after the election. This delay implies that the election result could directly influence the SEC’s decision-making on Ripple and possibly lead to a more favorable regulatory climate for XRP.

  • Trump’s Stance: A Trump victory could lead to the dismissal of SEC Chair Gary Gensler, who has been a firm advocate of strict crypto regulations. Trump has openly expressed his intention to replace Gensler, a move that might soften the SEC’s position and potentially result in a withdrawal of the appeal against Ripple’s previous favorable ruling.
  • Harris’s Position: On the other hand, Kamala Harris has shown openness to innovation in the crypto space. Reports suggest that she may appoint a new SEC Chair more supportive of investor protection balanced with innovation. Ripple co-founder Chris Larsen’s significant XRP donation to her campaign further highlights the bipartisan traction XRP and crypto in general are gaining.

The Role of Congress and Legislative Shifts

The regulatory landscape could also be reshaped by Congress. Senators like Cynthia Lummis and Kirsten Gillibrand are championing the Responsible Financial Innovation Act, which would favorably place digital assets under the Commodity Futures Trading Commission (CFTC) rather than the SEC. This could lead to regulations that are more innovation-friendly, thereby supporting companies like Ripple.

BTC Approaches $70,000 with Election-Driven Demand

BTC’s price movement has also been influenced by election speculations. Bitcoin has recently neared $70,000, fueled by a combination of increasing demand from spot ETFs and hopes of a Trump administration considering BTC as part of the US strategic reserve. Such a move could alter BTC’s supply-demand balance and add substantial value to Bitcoin’s market appeal.

  • BTC Spot ETFs: The US BTC-spot ETF market has seen significant net inflows, with $997.6 million flowing in last week alone. If Trump’s policies favor BTC’s adoption in US reserves, these inflows could sustain BTC’s upward trajectory, potentially pushing the coin to new all-time highs.
  • Market Sentiment: Increased demand from BTC spot ETFs may be crucial in maintaining BTC’s momentum. Should the election favor a pro-Bitcoin stance, BTC could see a major price boost, possibly eyeing the $100,000 mark if the trend persists.

Conclusion

The upcoming US election holds profound implications for XRP, BTC, and the broader crypto landscape. A Trump victory might encourage crypto-friendly regulatory changes, while a Harris win could still see innovation-forward reforms. Either way, the bipartisan interest in cryptocurrency suggests that 2025 could be a defining year for digital assets, setting the stage for new highs and greater adoption across the market.

Continue Reading

Previous: Bitcoin Steadies, XRP Falls: Key Crypto Moves and Ripple’s SEC Response
Next: Bitcoin Holds Strong at $66K: Can Ethereum and Solana Catch Up?

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