{"id":15429,"date":"2024-07-23T10:49:57","date_gmt":"2024-07-23T07:49:57","guid":{"rendered":"https:\/\/forklog.com\/en\/crypto-firms-pin-hopes-on-a-second-trump-presidency\/"},"modified":"2024-07-23T10:49:57","modified_gmt":"2024-07-23T07:49:57","slug":"crypto-firms-pin-hopes-on-a-second-trump-presidency","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/crypto-firms-pin-hopes-on-a-second-trump-presidency\/","title":{"rendered":"Crypto Firms Pin Hopes on a Second Trump Presidency"},"content":{"rendered":"

Bitcoin miners and cryptocurrency companies, previously hindered from going public in the US, stand to benefit from a second term of Donald Trump. This is according to Bloomberg<\/a>.<\/p>\n

\n

\u201cAlmost everyone in America will benefit if they choose to operate under new rules after their implementation,\u201d says Christian Catalini, founder of the MIT Cryptoeconomics Lab.<\/p>\n<\/blockquote>\n

In June, Trump met with miners and stated that bitcoin mining should become \u201cthe last line of defense against CBDC.\u201d He added that he wants all remaining bitcoin to be \u201cmade in the USA.\u201d<\/p>\n

Following Joe Biden’s poor debate performance and a failed assassination attempt on the Republican candidate, bitcoin’s price rose by 10%, while shares of the two largest public miners \u2014 Marathon Digital and Riot Platforms \u2014 increased by 30%. Cipher Mining’s stock surged nearly 50%, and the firm is exploring acquisition offers.<\/p>\n

For the first time since the crypto market crash in 2022, industry companies are planning initial public offerings. USDC stablecoin issuer Circle filed for an IPO in January with a valuation of $33 billion. Crypto miner Northern Data, actively developing AI computing, is considering a US listing, with the company potentially valued at $16 billion. Kraken, the country’s second-largest exchange, is also preparing to go public.<\/p>\n

These companies faced obstacles due to digital asset transactions, which hindered approval from the US Securities and Exchange Commission. It is anticipated that Trump, upon victory, would appoint a more crypto-friendly head of the agency to replace Gary Gensler.<\/p>\n

Under a second Republican presidency, the banking system is expected to become more accommodating to industry companies. Digital asset trading platforms have faced a shrinking pool of financial institutions willing to provide services. The bankruptcy of industry-friendly entities like Silvergate and Signature has only exacerbated the issues.<\/p>\n

However, while American industry players could potentially benefit from Trump’s victory, their overseas counterparts might face adverse effects. Offshore platforms like Binance, OKX, and Deribit risk losing market share as US competitors could offer services not permitted under current regulations.<\/p>\n

Bitmain may encounter significant challenges under a Trump presidency. The politician initiated a trade war with China during his first term, and the creation of mining chips by American companies such as Block<\/a> will only add difficulties for the largest ASIC<\/span> manufacturer for bitcoin mining.<\/p>\n

Earlier, Bernstein stated that bitcoin has yet to fully appreciate the positive regulatory shift that could occur with a Trump victory.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin miners and cryptocurrency companies, previously hindered from going public in the US, stand to benefit from a second term of Donald Trump. This is according to Bloomberg. \u201cAlmost everyone in America will benefit if they choose to operate under new rules after their implementation,\u201d says Christian Catalini, founder of the MIT Cryptoeconomics Lab. In […]<\/p>\n","protected":false},"author":1,"featured_media":15428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,991,842,36,26],"class_list":["post-15429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-donald-trump","tag-politics","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15429"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15429\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15428"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}