Bitcoin (BTC-USD) pulls back from the $70,000 mark amid a recent rally ahead of the US presidential election. Axios Crypto reporter Brady Dale joins Catalysts Hosts Seana Smith and Madison Mills to discuss what the election means for crypto investors.

Dale says, "Bitcoin has moved up a ton. Over $2 billion piled into Bitcoin in the last week, just in the ETFs." The reporter credits this climb to prediction markets moving in former President Donald Trump's favor, saying, "People are looking forward to him winning."

He adds that if Vice President Kamala Harris wins, he doesn't "know that it's that bad for crypto investors because Democrats are moving way more positively on bitcoin. Like even Elizabeth Warren is saying, I don't have a problem with people trading bitcoin, which is very new."

"The crypto industry is really mixed [about Democrat's recent sentiment shift]. I'd say on the grassroots, people are just like, 'We don't trust the Democrats at all, 100% Trump.' I think higher-up people also have less trust, but they are a little more willing to play both sides. But I do think most of the industry really does want Republicans. They've just been better for longer. They don't feel like they can trust Democrats."

Dale says he expects Securities and Exchange Commission (SEC) Chair Gary Gensler to step down in the case of a Trump victory. "If Trump wins, Gary Gensler is almost certainly out, like the tradition is he would just leave on his own... It's never happened before, but Trump could just fire him like he said he wants to do." He adds, "That would be a gigantic difference. Not having someone in the SEC who is just hell-bent on attacking the industry every single way he can. So that would definitely be a real change. It's less clear that Kamala Harris would replace him because she's got to put her next appointee through the Senate, and she may not want to go through that."

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This post was written by Naomi Buchanan.