The chief investment officer of crypto asset management firm Bitwise says that Trump’s landslide electoral win 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 that Trump defeating the Democrats will vastly improve the crypto industry as the previous administration hindered its growth.
According to Hougan, under the Biden administration, the crypto markets were regulated in a hostile manner, hindering their potential.
“It’s a massive game changer for the crypto industry. You have to think about this industry having spent the past four years with one hand tied behind its back, faced very aggressive regulatory prosecution, a lack of regulatory clarity and now all those headwinds have turned into tailwinds. Trump and the Republican Congress are overtly pro-crypto.”
Hougan goes on to note how Trump and a pro-crypto Congress could change the landscape of the digital assets industry.
“We’ll see regulatory clarity, we’ll see new legislation, we may even see the US building its own Bitcoin strategic reserve pile. It’s like we’ve gone from 10 miles an hour to 60 miles an hour, that’s why Bitcoin [is] at its all-time high and why we’re optimistic about where we go from here.”
The CIO then comments on a recently filed lawsuit against the SEC by 18 states who claim the regulatory agency hampered the growth of their crypto industries.
“This industry has been persecuted for the past four years. There’s been lawfare and a lack of regulatory clarity and that’s really set the US back from a crypto perspective. A lot of crypto innovation moved overseas so I think that lawsuit is sort of reflective of the level of frustration that the crypto industry and supporters of innovation have felt.”
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