Crypto Candidates Achieve Success in Recent Election Results
It was a late night for many Americans, including the author, as they awaited the election outcome.
Election Results
President-elect Donald Trump took an early lead, with results favoring him. No swing state showed Kamala Harris securing an easy win, even in counties that previously supported Biden.
Crypto Twitter indicated Trump's victory based on Polymarket's odds, which quickly favored Trump over Harris.
Trump's Remarks
In a pre-victory speech, Trump described his campaign as the “greatest political movement of all time” and expressed intentions to help the country heal. He stated, “We made history for a reason tonight,” indicating his anticipated win.
Trump highlighted Tesla CEO Elon Musk as a significant supporter, emphasizing the need to protect influential figures.
Harris' Response
Vice President Kamala Harris did not address the public that night. Instead, her co-chair Cedric Richmond informed attendees at Harris HQ that counting votes would continue.
Impact on Bitcoin and Crypto
Bitcoin's price surged, reaching new all-time highs multiple times within an hour. Analysts had anticipated a bump but were surprised by the scale of the increase following Trump's lead.
Katherine Snow, general counsel at Thesis, stated that Trump's win could result in a favorable regulatory environment for crypto, anticipating a shift in SEC oversight.
The election marked a notable win for pro-crypto advocates, supported by Coinbase’s CEO Brian Armstrong and CLO Paul Grewal.
Pro-Crypto Wins and Losses
Pro-crypto victories included Trump's election, which could signal potential changes in SEC leadership and regulations. In Ohio, pro-crypto Republican Bernie Moreno unseated anti-crypto Democrat Sherrod Brown.
A crypto super PAC, Defend American Jobs, significantly funded Moreno's campaign. However, pro-crypto candidate John Deaton lost to Senator Elizabeth Warren in Massachusetts despite substantial financial support.
The results indicate a long night of anticipation, with future implications for campaign promises and crypto policy yet to unfold.