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On November 5, 2024, the United States will have to elect its president. Donald Trump is in the running and, against all expectations, is proposing numerous pro-crypto measures to the American population. While regulation is intensifying in Europe, what could be the impact of a pro-crypto American president on the European crypto economy?
Donald Trump could potentially become president of the United States
A few weeks ago, right start of election campaignDonald Trump proposed something historically new: crypto donations.
The Republican candidate has not always held cryptocurrencies in his heart, calling them, on several occasions, ponzi scheme. However, as the 2024 presidential elections approach, Trump change d’avis and sides with Bitcoin and crypto supporters.
He also began to constitute a real team of experts in this matter in order to advise and guide him. Ultimately, it matters little whether the maneuver is purely strategic or real. If Donald Trump is elected president, it appears that the impact of cryptos will be greater in the United States than ever before.
America innovates, Europe regulates
It’s no secret that the US dollar is more powerful than the Euro. Well, despite an exchange rate favorable to Europeans, the USD is, to date, the most used currency in the world. In Europe, capital also comes from abroad. A notion that must however be qualified depending on the areas of investment.
On the old continent, MiCA has just arrived. The regulator is doing its best to regulate cryptoassets, even if certain problems remain in terms of taxation. Historically, it is Europe’s strong point. Thus, the arrival of a crypto-friendly president in the United States could potentially prove to be good news for European businesses and for Europe.
Good news for Europe
Even though the United States represents a global economic power, Europe is not left behind. However, when it comes to trading, it must be admitted that the US dollar is widely favorite. However, this data tends to change with the arrival of European regulation regarding cryptoassets.
Within trades, pairs are, in most cases, and USD ou and USDT. At the same time, the specter of a digital euro looms large. If this worries investors in terms of privacy, it would nevertheless make it possible to better align Europe’s financial interests on the global market.
In conjunction with a pro-crypto American president, Europe could then position itself strongly on a poorly regulated scene abroad. The idea of seeing American entities request their approval in Europe is therefore very present. As a result, even American companies, which would carry an innovative project on their soil, would be inclined to work with European regulations.
A situation still uncertain
For now, Donald Trump is still only a candidate in the presidential elections. If his provocative side often puts him in the spotlight and on the front page of the media, it remains difficult to say that he will actually be Joe Biden’s successor in the White House.
Furthermore, no measure has yet been proposed strictly speaking. Trump did submit, in a public speech, the idea of crypto taxes and the impeachment they Gary Gensler (president of the SEC), but nothing is certain yet.
It will be necessary to wait the end of the year 2024 in order to know the name of the new president. Until then, companies still have a few months to comply and ultimately attract American investments within the EU.
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