The US presidential election is coming up this week, and polls suggest it could be the tightest race in decades, so what does this mean for the future of cryptocurrency policy in the US?

Despite the uncertainty over who will win, most crypto industry leaders are confident of one thing - whoever wins will likely adopt more crypto-friendly policies than the current administration.

According to a report from Reuters , the CEOs of many crypto companies, including Bitwise, Canary Capital, and Ripple, are pursuing plans based on the belief that the next administration - whether it's Trump or Harris - will be much more supportive of cryptocurrencies.

Gary Gensler is also expected to step down as chairman of the Securities and Exchange Commission (SEC), regardless of who wins. A change in leadership at the SEC could lead to the repeal of the infamous Staff Accounting Bulletin 121 (SAB 121), opening up the possibility for financial institutions like banks to hold their customers’ crypto assets and likely dramatically increasing crypto adoption.

Trump and Harris Endorse Crypto

Anyone with even the slightest interest in cryptocurrency already knows that Donald Trump has positioned himself as the “crypto president” and has said he will make the U.S. the “crypto capital of the planet.”

Trump’s stated policies on digital assets include exploring a Bitcoin Strategic Federal Reserve — similar to the federal government’s gold reserves, but with Bitcoin. He has also hinted that there will be tax breaks for cryptocurrency and vowed to block any plans to introduce a central bank digital currency (CBDC) in the U.S.

Harris has been more reserved when it comes to specific policies, but she has spoken warmly about cryptocurrencies throughout her campaign, saying she believes the U.S. should “dominate blockchain” and writing in her economic plan that her administration will “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”

Companies believe change is coming, no matter who wins

Cryptocurrency firms Bitwise and Canary Capital have moved forward with plans to launch an XRP ETF, expecting better conditions. A Bitwise spokesperson told Reuters:

“We believe that no matter who wins on Tuesday, crypto markets will be looking forward to a more favorable regulatory environment under a new administration in the new year.”

Canary Capital takes a similar stance, with a spokesperson saying the firm “continues to see encouraging signs of a more progressive regulatory environment,” adding that the move toward more crypto-friendly policies “will drive investor demand for exposure to cryptocurrencies beyond Bitcoin and Ethereum.”

The view that post-election policy changes on cryptocurrency will be positive is shared by entrepreneur and Harris campaign adviser Mark Cuban, who told Reuters that “it will certainly be more friendly under a Harris administration.”

Despite the general consensus that both candidates will be more pro-crypto than Biden, some worry that Harris’s lack of clarity on cryptocurrency could mean she is unwilling to go as far as necessary to support the industry’s growth.

Erik Finman, an entrepreneur who has made millions investing in Bitcoin, told Cointelegraph that he believes Biden’s digital asset policies are “terrible for crypto,” and he’s concerned that a Harris administration could largely continue in the same vein. Basel Ismail, CEO of crypto company Blockcircle, said Harris’s lack of discussion of digital assets and scant policy details during her campaign were a missed opportunity.

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