- GOP released its latest manifesto, which addresses some key crypto issues within the industry.
- The party aims to undo regulations that "have crippled the growth of the crypto industry."
- A win for Trump could trigger a rally amid predictions that the current bull cycle has paused.
The Republican party revealed its plans to improve the state of crypto regulations in its latest manifesto, which was released on Monday. The party claims it wants to overturn the harsh measures placed on the crypto industry by the current presidential administration vis-à-vis the Securities & Exchange Commission (SEC).
Republicans aim to settle crypto regulatory issue
In a latest document released today, the GOP revealed their intentions to provide better crypto regulations through the "Make America Great Again" platform.
In the document, the GOP claims that it will "end Democrats' unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency." The party also claims that it will defend the right to mine Bitcoin and provide regulations allowing citizens to self-custody digital assets.
Trump's campaign has garnered much attention since he declared a pro-crypto stance a few months back. Following the declaration, the former president began receiving donations in Bitcoin — the first ever from a presidential candidate. Trump's move led to several other political figures becoming vocal in their support for the crypto industry.
Many top crypto analysts have speculated that Trump's win could trigger a rally in the crypto market due to his pro-crypto stance. If successful, the rally will negate predictions by several analysts suggesting that the current crypto bull cycle has peaked.
The current cycle shares certain similarities with the 2020/2021 bull cycle, during which most tokens in the market rallied from December 2020 into mid-April 2021 before seeing a correction. The correction spanned from May to July 2021. The rally resumed another leg up in August through November 2021, when Bitcoin hit an all-time high.
If the current cycle replicates this move, a potential rally may be on the horizon starting in August, and Bitcoin could be set for a new all-time high in November if Trump emerges victorious in the upcoming presidential elections.
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