Crypto Companies Could See More US Listings if Trump Wins: Report

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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November 5, 2024 00:44 EST

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If Donald Trump returns to presidency, he could halt the trend of crypto companies leaving the US and attract many to pursue public listings, according to a research report from HTX Ventures.

The report, published Tuesday, suggests that a Trump administration would likely bring clearer and more relaxed regulations to the industry. Meanwhile, under President Biden, SEC Chair Gary Gensler’s strict regulatory stance has limited crypto IPOs in recent years.

Meanwhile, the Biden administration has issued executive orders to create regulations for the cryptocurrency market. It focuses on protecting consumers and reducing risks tied to illegal financial activities and national security.

The Treasury Department, for instance, has ramped up enforcement against exchanges and imposed sanctions on platforms linked to criminal activities. This creates uncertainty for legitimate businesses.

Crypto Firms Face Funding Struggles Amid Tight US Regulations

As a result, crypto companies are struggling to secure traditional institutional funding. The study cited Coinbase’s 2021 listing, which initially attracted many traditional funds to the crypto space, prompting them to establish crypto divisions. However, Coinbase remains the only crypto company featured on the Forbes 2024 Midas List.

Meanwhile, several countries are becoming attractive options for crypto companies seeking to leave the US due to increasing regulatory uncertainty. Dubai, in particular, has emerged as a top destination for digital asset businesses.

Trump Aims to Position US as a Crypto Leader with Bitcoin Reserve Plan

Trump is now pushing a set of crypto-related policies as he campaigns for the 2024 presidential race, marking a notable change from his past doubts about cryptocurrencies. During a key crypto event in Nashville, he shared his ambition for the US to lead the world in crypto, with the goal of turning it into a “Bitcoin superpower.”

He suggested that under his leadership, the government would hold onto a Bitcoin reserve, arguing that the US should retain any Bitcoin it possesses or might come to own in the future.

Also, he floated the idea of setting up a Bitcoin and crypto presidential advisory council, made up of industry supporters rather than regulators who might be seen as opposing the crypto industry.

The US presidential election will take place on Nov. 5, 2024. Polls in various states will open from 6:00 AM to 9:00 AM and close between 6:00 PM and midnight EST. So far, over 78m Americans have already cast their votes early.

Polymarket recently showed Trump’s odds at 57.7% and Harris at 42.3%. This marks a slight recovery for Trump after a period where Harris had been gaining ground.