Gemini co-founder Cameron Winklevoss criticized the Biden/Harris administration for its impact on the crypto industry’s legal costs, implying a vote for Trump may be beneficial for the sector.
What Happened: Winklevoss expressed his concerns about the rising legal costs faced by the crypto industry under the current administration, warning they could could escalate to billions if Harris is re-elected, while a Trump victory could reduce them to zero.
His tweet comes in the context of the upcoming U.S. presidential election, with Trump being perceived as the more crypto-friendly candidate. Current betting odds give Trump a 60% chance of winning.
Also Read: Veteran Traders Share ‘Presidential Election Crypto Trading Roadmap,’ Predict Heavy Volatility
Why It Matters: The crypto industry is optimistic about the possibility of a pro-crypto administration. Former President Donald Trump has pledged to make the U.S. a global crypto hub, a stance that could be more favorable to the industry's growth.
Firms like Bitwise and Canary Capital are reportedly preparing new offerings in anticipation of a crypto-friendly administration.
A recent HarrisX and Consensys survey highlighted that 85% of U.S. voters want presidential candidates to adopt a pro-crypto stance, indicating the importance of crypto policies in the political arena.
Furthermore, the crypto industry has emerged as a significant player in the 2024 U.S. election cycle, with crypto-linked political action committees (PACs) and donors contributing substantial sums to both Republican and Democratic candidates.
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