[NEWS]Trump's crypto policy could lead to an 'explosive rise'

Galaxy Research released a "Policy Scorecard" on the 15th based on the US presidential candidates' stances on the cryptocurrency industry. According to the card, if Vice President Kamala Harris wins the presidential election, the downside risk to the industry will be limited, suggesting that it will be more favorable than the current Joe Biden administration.

However, former president and candidate Donald Trump has the most favorable stance on cryptocurrencies, declaring that he will make the United States a Bitcoin (BTC) powerhouse.

Alex Thorn, head of research at Galaxy Research, said in a post on X that "Trump is undoubtedly favorable for the industry, but we are optimistic that Harris will be more supportive of the industry than Biden."

He continued, "Analysis suggests that the downside risk is limited if Harris wins, and an explosive upside is expected if Trump wins. Bitcoin should perform well regardless of the outcome, as there is little on the regulatory agenda. Altcoins face risks from Harris, and could perform better under Trump."

The analysis is based on a review of official statements, information obtained from campaign officials, and signals from public and private campaigns.

During the presidential election, Trump said he wanted to make the United States the crypto capital of the world, while Democrat Harris has been relatively quiet about the industry. Under the Biden administration, the SEC (Securities and Exchange Commission) has taken heavy-handed regulatory measures against crypto assets, filing more than 100 charges against crypto industry companies. Trump promised to fire SEC Chairman Gary Gensler in July.

In September, Harris also stepped up her efforts on crypto assets, calling blockchain technology an emerging technology that the United States should continue to dominate globally. Galaxy said, "Behind the scenes, Harris is aiming for a more constructive approach than Biden."

In October, SEC Enforcement Director Gurbir S. Grewal resigned, which means the current administration has changed its stance toward the cryptocurrency industry.

▶Quote from Alex's X

Trump overtakes Harris on Polymarket

Following the series of reports, the decentralized prediction market Polymarket has Trump ahead of Harris by 10 points. This is a major reversal from the September prediction. Polymarket's latest predictions give Trump a 55% chance of winning the presidential election, surpassing Harris' 45%.

Trump has overtaken Harris in four of the six battleground states. He is ahead in Arizona, Georgia, Michigan, and Pennsylvania.

Reference: Galaxy Research
Image: Shutterstock

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