Republican Victory—A Chance for Coinbase and the Crypto Market

Citi analysts believe that a Republican victory in the elections on November 5 will be favorable for Coinbase and the crypto market as a whole. In contrast, a victory for Kamala Harris could lead to uncertainty.

Republicans support reforms in the digital asset sector, which could facilitate the passage of the FIT21 bill, transferring spot markets for digital goods under the jurisdiction of the more lenient CFTC. In contrast, the SEC, led by Gary Gensler, has been actively filing lawsuits against crypto companies.

Analysts also noted the rise in Bitcoin's price alongside increasing chances for Donald Trump. Shares of MicroStrategy, the largest Bitcoin holder among publicly traded companies, are showing impressive growth, which could signal a bullish breakthrough in the crypto market.