The chief investment officer of crypto asset management firm Bitwise says Trump’s landslide election victory against Kamala Harris is a game changer for the crypto industry.
In a new interview on the Leading Indicator YouTube channel, Bitwise CIO Matt Hougan says Trump defeating Democrats will vastly improve the crypto industry as the previous administration stunted its growth.
According to Hougan, crypto markets were regulated in a hostile manner under the Biden administration, hampering their potential.
“It is a huge game changer for the crypto industry. You have to remember that this industry has spent the last four years with one hand tied behind its back, faced very aggressive regulatory prosecution, a lack of regulatory clarity, and now all of those headwinds have turned into a tailwind. Trump and the Republican Congress are openly pro-crypto.”
Hougan further notes how Trump and a pro-crypto Congress could change the landscape of the digital asset industry.
“We will see regulatory clarity, we will see new legislation, we may even see the US building its own strategic Bitcoin reserve pile. It’s like we went from 10 miles per hour to 60 miles per hour, that’s why Bitcoin [is] at its all-time high and why we are optimistic about where we are going.”
The CIO then comments on a recently filed lawsuit against the SEC by 18 states that claim the regulator has stunted the growth of their crypto industries.
“This industry has been persecuted for the past four years. There’s been some legal stuff and a lack of regulatory clarity, and that’s really set the US back from a crypto perspective. A lot of crypto innovation has moved overseas, so I think this lawsuit kind of reflects the level of frustration that the crypto industry and innovation advocates have felt.”
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