Donald Trump defeats Kamala Harris in a US presidential election that put crypto in the public eye

Former president Donald Trump has won the U.S. presidential election, beating his opponent, Vice President Kamala Harris.

Trump won the race, which was declared on the Associated Press and various media outlets, with 277 electoral votes — and more still to be confirmed. 

The crypto industry became a hotly contested election issue as cash flooded into super political action committees and crypto executives for Harris and Trump. The latter reportedly raised $21 million, for example, during the Bitcoin 2024 event at a roundtable. Attendees included Gemini co-founders Tyler and Cameron Winklevoss as well as celebrities Kid Rock, Jake Paul and Billy Ray Cyrus, according to Fox journalist Eleanor Terrett.

Trump was previously hostile toward crypto, but has since been very vocal on his feelings about the industry. Trump made a pledge to end an "unlawful and un-American crackdown" on the U.S. crypto industry and has backed a crypto project called World Liberty Financial, which has drawn skepticism.

He has also said he would fire U.S. Securities and Exchange Commission Gary Gensler and said he would free Ross Ulbricht. Ulbricht is serving a life sentence without the possibility of parole for his role in creating and operating the dark web marketplace Silk Road.

Harris has been less outspoken than Trump and has taken a measured approach when discussing crypto. Harris has said her administration would encourage innovative technologies like AI and digital assets while protecting consumers and investors," according to her 80-page economic plan. Last month, Harris unveiled a proposal called the "Opportunity Agenda for Black Men" which included a cryptocurrency regulatory framework that gives protections to Black men who invest and own crypto.

The SEC has been an integral part of how the crypto industry is regulated. Gensler has asserted that most cryptocurrencies are securities, that new rules are unnecessary, and has called on crypto entities to register and follow its current rules. The SEC has also brought a number of cases against big firms and individuals over the years over issues tied to not registering and as in the case of crypto exchange FTX, fraud.

Gensler could decide to stay on at the SEC as a commissioner instead of leading as chair in a Trump administration, though sources have said it is likely Gensler would step down.