Trump/Vance Ticket Fuels Optimism for Coinbase and Crypto
With the U.S. elections on the horizon, the crypto space is holding its breath. According to Citi’s latest research report, a Republican sweep in November would be the ultimate rocket fuel for both Coinbase (COIN) and the broader digital assets market. Peter Christiansen, lead analyst at Citi, points out that the Trump/Vance ticket has been open about their pro-crypto stance. If Republicans lock down control of the Senate, it could accelerate much-needed digital asset reform, with bills like FIT21 getting a shot at passing.
Both chambers of Congress aligning under Republican control would mean faster regulatory action, says the report. The GOP’s control of the Senate is crucial, not just for legislation but also for appointing pro-crypto agency leaders, which could turbocharge the regulatory landscape. But if the Senate swings red while the House stays Democrat, Citi still sees this as bullish for the crypto market and Coinbase.
Harris Win Brings Uncertainty to Crypto Markets
On the flip side, Citi paints a murkier picture if Kamala Harris snags the White House. The report warns that a Harris victory paired with a divided Congress could spell confusion and hesitation for the digital assets space. Harris hasn’t revealed her stance on crypto, so the market’s flying blind there. Plus, a Democrat administration could keep the same agency heads, potentially bogging down crypto-friendly reforms with bureaucratic gridlock.
Christiansen also highlights the current state of the House Financial Services Subcommittee, which is packed with Democrats who aren’t exactly fans of crypto. However, the anti-crypto crowd could be outweighed by a bipartisan group of lawmakers, still giving some hope to crypto reforms.
H3: Coinbase Investors Watching Closely as Uncertainty Looms
Coinbase, as a public company, is right at the center of this political chessboard. Investors are waiting to see how the election shakes out, knowing that legislative clarity—or a lack thereof—could swing the stock. A Harris win with a Republican Congress would be an unpredictable mix, and the crypto community isn’t quite sure how that might pan out.
Citi still backs Coinbase, though, even cutting its price target from $345 to $275.
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