The potential triumph of politician Donald Trump in the upcoming US presidential race is expected to have a positive impact on the development of the cryptocurrency sector. This view was expressed by the head of digital asset research at VanEck, Matthew Siegel, Decrypt reports.
According to Siegel, the current administration, led by Joseph Biden in the White House, is hindering the growth of the cryptocurrency sphere. He claims that they are creating obstacles for various financial organizations looking to enter the #Web3 market.
A VanEck spokesperson is quoted as saying:
"The Biden administration is opposed to financial institutions dealing with digital assets. They are using direct and verbal coercion to accomplish this goal."
Siegel believes the outcome of the upcoming presidential election will have a significant impact on the sector. If Trump wins, Siegel believes the cryptocurrency industry will receive official approval for further development and integration.
The VanEck representative noted that the transformation will not only affect the digital asset sector, but also other segments of the #US economy.
Siegel emphasized that the company identified the potential of primary cryptocurrency early on, which led to the creation of the spot #bitcoin-ETF. However, the US Securities and Exchange Commission (#SEC) prevented the launch of the cryptocurrency fund for a long time, according to the specialist.
"We have been trying to launch a spot bitcoin-ETF for a long time, but we faced obstacles. So we started investing in firms in the field to make connections and get more information," Siegel said.
Notably, VanEck applied to register a cryptocurrency ETF in 2018. The SEC authorized investment products in this category six years later, in January 2024.
Siegel predicts that over time, more financial institutions and organizations will reconsider their stance on the cryptocurrency sector. Currently, firms are still cautious about the digital asset sphere, a #VanEck spokesperson admitted. Siegel expects the changing attitudes of such organizations to contribute to the next "#bullish market."
Recent data showed that in the US, nearly half of respondents who own crypto assets intend to support Trump in the upcoming presidential election, according to the survey.
