"The Potential Impact of a Trump Victory on the Crypto Industry: Insights from VanEck"

VanEck leadership believes that the digital assets sector could count on support in the event of a Trump victory in the elections. The company pointed to obstacles created for the crypto industry by the current White House administration. The outcome of the upcoming US presidential election will have a significant impact on the market. A possible victory for politician Donald Trump in the upcoming US presidential election will have a positive effect on the development of the crypto industry, said VanEck's head of digital assets research, Matthew Sigel, according to Decrypt.

According to him, the current administration led by Joseph Biden is hindering the expansion of the crypto industry. In particular, they create barriers for various financial institutions trying to become part of the Web3 market, Sigel claims.

"The Biden administration does not want banks and brokers to touch digital assets. To achieve this goal, they use explicit and verbal pressure," said the VanEck representative.

Sigel believes that the outcome of the next presidential election will have a strong influence on the industry. In the event of a Trump victory, the crypto industry will receive government approval in terms of further development and adoption, he believes.

The VanEck representative stated that changes will affect not only the direction of digital assets but also other sectors of the US economy.

According to Sigel, the company timely recognized the potential of the first cryptocurrency, which prompted it to create a spot bitcoin ETF. However, the US Securities and Exchange Commission (SEC) has obstructed the launch of the crypto fund for a long time, notes the specialist.

"We tried to launch a spot bitcoin ETF for a long time, but it didn't happen. Therefore, we began to invest in companies operating in this area to establish relationships with them and gain additional knowledge," said Sigel. It is worth noting that VanEck filed an application for the registration of a cryptocurrency ETF in 2018. The SEC approved the launch of investment products in this category six years later, in January 2024.

According to Sigel, over time, more and more financial institutions and organizations will be revising their attitude towards the crypto industry. Currently, there are still companies that are wary of the digital assets sphere, acknowledges the VanEck representative. The change in attitude of such players will be one of the reasons for the next "bull market," Sigel believes.

It was previously known that in the US, according to a survey, 48% of respondents who own crypto assets intend to support Trump in the presidential election.