Will the U.S. elections impact crypto markets? Insiders weigh in

SINGAPORE — Cryptocurrency insiders downplayed the potential impact of the U.S. presidential election in November on the market here in the Lion City, even though some also said that former President Donald Trump is seen as more crypto-friendly.

"Between [Vice President Kamala] Harris and Trump, Trump is certainly the favorite from a cryptocurrency perspective," Charles Hoskinson, co-founder of the Ethereum blockchain, told CNBC's "Street Signs Asia" Wednesday, on the sidelines of TOKEN2049 in Singapore, one of the world's largest annual crypto conferences.

In July, the former president was a keynote speaker at the Bitcoin Conference in Nashville, where he promised to ensure that the federal government never sells its bitcoin holdings and teased a plan to make the U.S. a "crypto capital of the planet."

"But the reality is, regardless of if the U.S. is pro-crypto or not, the world is moving on," Hoskinson continued, adding that authorities across the world have rolled out regulatory frameworks, from Singapore to the European Union.

"As an American, it would be nice to see our country get back into the race and build things, but regardless, it's not going to change the reality that the world will be decentralized," Hoskinson said.

Anthony Scaramucci, founder and managing partner of SkyBridge Capital, a global alternative investment firm, predicted that if Harris were to win the election, her handling of crypto regulation would largely be the same as Trump.

"I think you'll start to see her flesh out her economic policies and where she stands on cryptocurrency regulation and I'm very optimistic," he said on CNBC's "Squawk Box Asia."

Scaramucci, who has endorsed Harris in the race, also argued that while Trump has signaled that he's