On November 11, Fox Business journalist Eleanor Terrett posted on social media, highlighting that Bessent holds a “very friendly” stance on cryptocurrencies. Bessent is reportedly in favor of Trump’s plan to make the US the “crypto capital of the world.” His statement, “Crypto means freedom, and the crypto economy is here to stay,” has stirred significant interest in the crypto community.

Bessent emphasized that one of the most exciting aspects of Bitcoin is its ability to bring young people and those who have not previously participated in financial markets into the fold. He said: “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”

Trump, in his search for a Treasury Secretary, recently met with Bessent and another investor, John Paulson, on November 8. Both Bessent and Paulson have long supported Trump’s presidential campaign financially, making them prominent candidates for this position. According to Reuters, Trump wanted Paulson to be appointed as Treasury Secretary, but if that did not work out, he would likely choose Bessent.

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Paulson, who served as an economic advisor to Trump during his 2016 campaign, has previously expressed skepticism about cryptocurrencies. In 2021, he criticized Bitcoin and other cryptocurrencies, stating they have “no intrinsic value” and expressing concerns about their volatility compared to traditional markets. In contrast, Trump himself had also criticized Bitcoin, calling it a “scam” and “just another currency competing with the US dollar.” However, during his 2024 campaign, Trump has embraced a more pro-crypto stance, declaring that “Crypto is the future.”

Once in office, Trump will not only need to appoint a new Treasury Secretary but also select officials for key financial institutions such as the US Securities and Exchange Commission (SEC). According to the Washington Post, potential candidates for SEC chair include Daniel Gallagher, Hester Peirce, and Mark Uyeda.

The crypto world is eagerly waiting to see which figures Trump will work with in his second term and how their influence will shape the crypto economy moving forward.

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Polymarket estimates that Harris’s chances of winning improved over the weekend from roughly 46% last Thursday to attain equilibrium in the market with over $732 million bets. Two weeks before, the Democratic Party nominee had led over Trump, suggesting that the election prospects have stayed erratic this month.

On July 16, before current U.S. President Joe Biden’s departure and later support of Harris, Trump had earlier registered a majority of 72%.

While Harris led in Michigan and Wisconsin, Trump surpassed Harris in Georgia, Arizona, and Nevada in terms of Polymarket’s election odds among important swing states. Pennsylvania tied the two contenders.

Independent party candidate Robert F. Kennedy Jr. declared last Friday that he was suspending his campaign in the 2024 race and voiced support for Trump, with whom he has similar crypto-friendly opinions.

Throughout his campaign, Trump has claimed to be a crypto enthusiast and declared his support for a distributed finance initiative headed by two of his sons. Today, the initiative changed the name of their Telegram channel to “World Liberty Financial.” The Republican candidate had stated he pledged to stop an “unlawful and un-American crackdown” on the U.S. crypto sector.

Harris has not yet specifically expressed her support for the blockchain and crypto sector, although her top campaign adviser apparently claimed Harris intends to support policies helping the expansion of the digital asset sector.

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In an interview with Reuters, Trump said he would, “if he would do it,” hire Musk for such a role. The Republican nominee did, however, also mention eliminating a $7,500 tax incentive for some new electric automobiles. That would influence Tesla’s business as it markets electric vehicles.

After a campaign function in York, Pennsylvania, Trump told Reuters, “Tax credits and tax incentives are not generally a very good thing.” In July, Musk supported Trump just after the former president almost escaped an attempted murder at a western Pennsylvania campaign rally.

Impact on the Crypto Market

Following Trump’s statement, ‘If elected, I will appoint Elon Musk as a minister or advisor,’ Elon Musk said, “I am ready to serve. D.O.G.E Government Efficiency Department“, Dogecoin rose 5% and Bitcoin rose 4%.

Former president Donald Trump seems quite determined to implement a pro-crypto policy.

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Following the change in Polymarket odds and polls in Harris’s favor, the broker observed that bitcoin has lost value, so it expects the world’s biggest cryptocurrency to “remain rangebound until there is a clearer election signal.” Republicans have referred to this as the “initial honeymoon phase” and contend that polymarket odds are easily manipulated, the newspaper added.

Trump’s side has been extremely outspoken about its crypto policy, Bernstein observes, and has interacted with businesses in the industry, bitcoin (BTC) miners, as well as the larger community.

“The Trump-led Republican side has made a strong pitch to crypto voters by promising favorable policy for bitcoin and crypto innovation, even teasing a potential national bitcoin reserve,” analysts led by Gautam Chhugani said.

In a speech last month at the Bitcoin Conference in Nashville, former President Trump promised to keep a strategic national bitcoin reserve and declared he would never sell the government’s seized bitcoin should he be elected once more.

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On Polymarket today, Harris’s chances of winning the November election grew to 52%; Trump’s chances of being elected decreased to 46% from 70% in mid-July. On Saturday, Harris turned Trump’s chances of winning upside down.

With volume now hitting over $572 million, the U.S. election results remain the largest prediction market on the site.

Since bitcoin has been included in the election debates over the past few months and her pro-crypto adversary Trump has restated his support for bitcoin several times, Harris’s team has begun contacting the crypto sector.

Neither Harris nor her running buddy Tim Walz have publicly discussed cryptocurrencies yet. AARP claims Minnesota passed laws to increase control of bitcoin kiosks under Walz’s governorial term.

On Wednesday, grassroots group Crypto4 Harris is supposed to hold a town hall. Leaders in the crypto space will speak, including billionaire Mark Cuban and Sheila Warren of the Crypto Council for Innovation.

“Crypto is starting a movement to help Kamala Harris,” stated Crypto4Harris in an X post. Organizing to support Harris and advocate a sophisticated policy approach that places America as a leader in digital assets are a group of industry leaders, policy professionals, and regular crypto enthusiasts.

The U.S. shouldn’t sell its cryptocurrencies, Republican presidential nominee Donald Trump declared last week. “They should be trying to build it, so they shouldn’t be doing this,” Trump remarked in an interview with Adin Ross. “If we don’t like what China’s doing, other countries are doing it, and they’re doing it anyway.”

According to Elon Musk, Trump will be live on X at 8:00 p.m. ET on Monday.

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To that end, Stand With Crypto, a crypto advocacy group, started an online letter-writing campaign to persuade CNN hosts to bring bitcoin up as a topic of discussion. Almost 2,300 members of the club reportedly signed and emailed the notes “calling for a crypto question,” said a spokesman Wednesday.

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“It would be a huge miss for CNN to miss this opportunity to let Americans know where the presidential candidates stand on this important economic issue,” spokesperson Sabrina Siddiqui told CoinDesk. She said that the group’s membership count in Georgia, where the 9 p.m. EDT (01:00 UTC) event will take place, much surpasses the difference between the contenders from past 2020 contests.

“Giving the major presidential candidates a chance to weigh in on this transformational technology in the first debate would go a long way towards educating the electorate and helping American crypto owners cast an informed ballot,” the boilerplate letter from Stand With Crypto ends.

The sector is aware of Biden’s record on digital assets; all they need to check are his executive orders, White House remarks, and the acts of the U.S. authorities he appointed—including the U.S. Securities and Exchange Commission. Trump’s government did not show any notable activity in cryptocurrencies, and his prior skepticism has lately shifted to highly positive backing of the technology.

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“It’s amazing that we are talking about crypto as a possible topic on the biggest stage in presidential politics—and a marker of how much headway the industry has made in communicating its value to the national political debate,” said Kristin Smith, CEO of the Blockchain Association, in an emailed statement. “The crypto industry and its rising base of users are eager for a continuous debate between the candidates on their approach to digital assets and feel energized that it has emerged as an important topic in this election.”

Seeking to set himself apart from Biden’s efforts to tax miners and government involvement in CBDCs, Trump has been an outspoken advocate of U.S. crypto mining and an opponent of the U.S. launching a central bank digital currency (CBDC).

“We appreciate candidates realizing the need to debate not only how to regulate digital assets but also how to create responsible regulation that does not stifle innovation in the United States,” said a DeFi Education Fund spokesman.

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