Trump's victory marks a win for the cryptocurrency sector as well: Gensler suggests that regulatory hurdles may soon vanish

Former U.S. President Donald Trump is poised to return to the White House, needing a mere three electoral votes from a state leaning towards red sentiments. Trump is set to outpace Vice President Kamala Harris, creating a more favorable environment for cryptocurrency within the world's largest economy.

Throughout this election cycle, cryptocurrency has not emerged as a significant issue, although Trump, running for presidency under the Republican banner for the third consecutive time, has actively engaged with the crypto community. He participated in a Bitcoin conference, handed out burgers at a crypto event, and made various statements appealing to the sector, including a promise to dismiss SEC Chairman Gary Gensler. In contrast, Harris, the Democratic candidate, has made some vague supportive comments about the industry but has not elaborated on her positions.

On Wednesday morning, ABC, CBS, Fox, and NBC projected that Trump would WIN Pennsylvania, a crucial state in the "blue wall" with 19 electoral votes. Alongside Alaska, which is also likely to send its three electoral votes to Trump, the former president is positioned to WIN the presidential race. The New York Times also predicted that he might WIN the popular vote, a feat no Republican has achieved since George W. Bush in 2004. At the time of this report, Trump was leading Harris by approximately 5 million votes.

Republicans have also gained control of the Senate, swapping seats in Ohio and West Virginia.

During Trump’s first term, his regulatory bodies proposed a controversial wallet initiative that was later rejected by the Biden administration, as well as a special broker-dealer license that was revised under Gensler's leadership.

Despite this track record, Trump has vowed in his current campaign to nominate a new chair for the securities regulator and promised through social media and public speeches that "Bitcoin will be produced in the USA."

He has also pledged to free Silk Road creator Ross Ulbricht, who was convicted on several charges for establishing and running a Dark Net market.

Trump has received substantial backing from the cryptocurrency community owing to his initiatives, banking on the support he gained after selling several non-fungible tokens.

“Bitcoin is not just a technological marvel; it symbolizes collaboration and human achievements along with the myriad connections being formed. They just held a meeting, a roundtable, with many leaders, and it’s incredible,” Trump stated at Bitcoin Nashville. “There's fantastic camaraderie there.”

Recently, Trump has leaned towards a more authoritarian rhetoric, warning of an "enemy within" the U.S. and promising mass deportations in the final months of his campaign. The former president's economic policy largely hinges on imposing tariffs on various imported goods from U.S. trading partners.