Following Trump’s victory and the Republican Party gaining a majority in the Senate — with a majority expected in the House of Representatives — crypto advocates such as Coinbase CEO Brian Armstrong noted that these changes could be beneficial for the digital assets industry.

In response to the election results, the Bitcoin price rose above $75,000 on November 6 on expectations of potential regulatory clarity, legislative opportunities, and changes to the Securities and Exchange Commission (SEC).

Given that the Republican Party now holds a majority in the Senate and Trump’s overall support for cryptocurrencies, the US could see a more positive regulatory approach, especially if Trump follows through on his promise to replace SEC Chairman Gary Gensler.

A number of key races in Ohio, such as Republican Bernie Moreno’s victory over current Senator Sherrod Brown, who has been harshly critical of crypto, highlight emerging pro-crypto trends.

Moreno’s victory marks a shift in crypto policy, as Armstrong noted in his X post on November 6, “Bernie Moreno supporting crypto was key to his victory over Sherrod Brown.”

More than 250 pro-crypto candidates have been elected to the House of Representatives, creating what Coinbase CEO called “the most pro-crypto Congress ever.”

Voters’ preference for economic freedom reflects frustration with over-regulation, Armstrong said, writing about what it means for the industry in the wake of the election results.

“America will follow a path of economic freedom where limited government, the rule of law, the merit system, fiscal discipline, and the free market (not the government) are respected,” Coinbase CEO said.

As the CEO of a centralized crypto exchange, Armstrong’s views highlight the potential benefits for CEXs (centralized crypto exchanges) as well; these include reducing regulatory oversight and increasing operational flexibility.

On Nov. 6, Coinbase’s chief legal officer, Paul Grewal, reinforced Armstrong’s view, calling on the SEC to “stop suing crypto” and “start making rules right now.”

Trump’s promise to focus on uniting the nation and ending what the Biden-Harris administration calls the “anti-crypto mobilization” came with a promise to fire Gensler on his first day in office.

Appointed by President Joe Biden, Gensler led the SEC’s enforcement action against organizations such as Coinbase, MetaMask wallet developer ConsenSys and decentralized exchange Uniswap.

If Trump promises to fire Gensler on day one, it could end early and abruptly before the SEC chairman’s term ends in April 2025.