What Trump 2.0 really means for the crypto industry — beyond bitcoin

Will Trump 2.0 be the catalyst the crypto industry has yearned for? And will his return to the White House accelerate adoption and bring the industry to the moon?

So far, it seems like it. A week after the election, the crypto space is on fire. Bitcoin’s, with crypto-market dominance hovering around 60%, reached an all-time high of over $93,000 today, and smaller coins are also skyrocketing in its trail.

During his campaign, Trump called himself “the crypto president” and promised to make the US “the crypto capital of the planet,” a reversal from his 2016 stance. The months he spent touting his newfound love for crypto helped him attract the support (and dollars) of industry heavyweights.

Not just bitcoin

Sure, there’s been much talk about bitcoin and creating strategic reserves these past few months, an effort spearheaded by Sen. Cynthia Lummis (R-Wy.), who proposed to implement “a 1-million-unit bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total bitcoin supply, mirroring the size and scope of gold reserves held by the United States.”

But it’s not just bitcoin that could gain from Trump’s win. For many crypto enthusiasts, his administration will benefit the entire ecosystem.

Many other coins are also picking up steam, including ether — up 27% as of November 11 — as well as meme coins dogecoin and shiba inu, which also shot up by as much as 120% and 63%, respectively, in the past week.

Several industry experts now say that bitcoin — up over 150% in the past year — will reach $100,000 before the end of 2024, becoming the crypto tide that lifts all boats.

That could translate to the approval of altcoin ETFs and soaring stock prices for some crypto-adjacent stocks, like trading platform Coinbase.

The industry enthusiasm is palpable, but of course these potential wins hinge on whether Trump will fulfill his campaign crypto promises, like the creation of a national bitcoin reserve and firing SEC Chair Gary Gensler. 

Solana and more altcoin ETFs

This year marked a turning point for the crypto space, thanks to the SEC’s years-in-the-making approval of both spot bitcoin and ethereum ETFs. These approvals not only gave legitimacy to the industry but helped buoy the ecosystem at large.

Now, an era under Trump may usher in the materialization of more altcoin ETFs, most notably solana ETFs. VanEck and 21Shares have filed applications for these products, and Cboe followed with an application to list them on its exchange, starting the clock ticking for the SEC to make a decision by March. 

One issue that may complicate the decision is that the SEC classifies solana as a security, not a commodity, as bitcoin has been classified. Friendlier regulations and a new SEC chair could soon change this, and experts are now anticipating a slew of applications for several spot ETFs, including XRP and cardano.

Patrick Gruhn, former head of (the now-defunct) FTX Europe and founder of Perpetuals.com, told Sherwood News that while it might take a while, SOL ETFs will be approved once the Trump administration is in place.

“I expect a shift in the SEC’s positions and enforcement actions under the new Trump administration, which specifically will benefit Level 1 projects like solana, including ETFs,” he said, adding that “the same is true for other crypto projects that are in similar ways not very close to classic securities.”

The SEC has also received applications for altcoin ETFs like XRP and litecoin, and while these are far from being a done deal, “the hurdle is much lower than in the past four years,” Joe Flanagan, cofounder and executive chairman of Maple, said.

“Right now, SOL ETFs have the highest likelihood of being approved due to higher institutional interest and its easy-to-understand narrative,” Flanagan said.

Diversified and multi-crypto assets

The SEC could also approve other investment products, including so-called diversified crypto ETPs (exchange-traded products).

These, as Grayscale chief legal officer Craig Salm explained, incorporate options strategies for the assets the SEC has already approved: bitcoin and ether.

In fact, on November 4, Grayscale filed to list its publicly traded Grayscale Digital Large Cap Fund as an ETP. This multi-asset fund holds bitcoin, ether, solana, XRP, and avalanche, and proposes to cap non-bitcoin and non-ether assets at 10%. 

“Given there’s a statutory 240-day review period, this filing could be approved before regulators consider additional single-asset crypto ETPs,” Salm said.

Coinbase political bets pay off

Coinbase could also be a winner on several fronts under Trump’s administration, and its stock has already shot up more than 50% since the election.

The company has poured millions into Fairshake, a pro-crypto PAC, to advance more crypto-friendly legislation and candidates — and it worked, with 291 pro-crypto candidates elected to Congress so far, Stand With Crypto found. And they aren’t done: on October 30, Coinbase said it was donating an additional $25 million in anticipation of the 2026 midterm elections.

It could also win on the legal front. The SEC filed several lawsuits against the company with allegations of unregistered securities listing and unregistered exchange claims. These, under Trump’s presidency 2.0, “will surely be dropped or end well for the company,” Alexander Blume, CEO of Two Prime, told Sherwood.

Bitcoin mining heats back up

Bitcoin-mining companies, often attacked for their extensive energy use, stand to benefit from Trump 2.0.

The mere fact that Trump said in a Truth Social post — and reiterated on the trail — that he wanted “all the remaining bitcoin to be made in the USA” has already helped boost stocks of crypto companies. 

Blume said the industry has been under threat of extra taxation and restrictions on uses of energy for years, making it hard to grow with stability or raise funding in the US.

“Trump has embraced this part of the industry. As a result, some of these stocks have boomed in the past days,” he said.

For instance, shares of Marathon Digital are up over 30% in the past week, while shares of TeraWulf are up roughly 6% over the past week.

Altcoins go mainstream

Finally, altcoins in general could be big winners, especially some that would benefit from clearer regulation, like Uniswap.

Uniswap has an active legal case with the SEC, which alleges the open-source software interface is an unregistered exchange.

“The decisive Trump victory will not only mean new leadership at the SEC, but Republican control of the House and Senate will allow for actual legislation to be passed so that crypto startups know the rules they must abide by,” Blume said.

Uni’s price has jumped as much as 33% postelection.

Solana will also be a big winner if its treatment as a security by the SEC ceases, moving it closer to ethereum in regulatory clarity.

By proxy, many other blockchains with similar technology sets and incentive systems, including sui, avalanche, aptos, and polygon, stand to benefit from this treatment. They can make the case that if solana is OK, then their approach must be as well, Blume said.

Last but not least, meme coins like doge have exploded since the election results, thanks in large part to Trump’s association with Elon Musk, aka the “dogefather.”

Tuesday night, Trump said Musk and Vivek Ramaswamy will lead a new Department of Government of Efficiency. Musk had pushed the idea during the campaign, calling the new effort DOGE.

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider, among others.