As the presidential election looms this year, with Donald Trump positioned as the likely Republican party nominee, cryptocurrency experts are looking at how his policies might affect the state of crypto going forward.

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Though Trump was not pro-crypto during his presidential term, a recent Politico article suggested that “he is expected to usher in policy and personnel that would be more aligned with digital asset firms,” a step in the right direction for crypto enthusiasts.

GOBankingRates asked experts whether another Trump presidency would be good for crypto or not. Here’s what they had to tell us.

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A Changed Attitude or Just Lip Service?

Frank Corva, senior analyst for digital assets at financial services comparison site Finder.com, said that Trump may have changed his tone on crypto since 2019, when he tweeted against the asset class. However, he noted, “If he proved anything in his tenure as president, it’s that he’s very willing to say what people want to hear and then act in an antithetical manner.”

Corva added, “There’s little evidence in Trump’s past actions that make me believe we should trust him when he says he ‘can live with’ bitcoin (BTC) as a more widely used medium of exchange.”

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A Pro Crypto VP Pick

What’s more likely happening, Corva suggested, is that Vivek Ramaswamy, who’s in the running to be Trump’s pick for vice president, is feeding Trump rhetoric he knows will resonate with crypto enthusiasts.

“On a recent episode of ‘What Bitcoin Did,’ on which Ramaswamy was the guest, he illustrated his thorough knowledge of how crypto works,” Corva explained. “He also shared that he is a proponent of the technology and that he owns some Bitcoin and Ether.”

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So, if Trump picks Ramaswamy and wins the election, it might be a boon for crypto.

“Ramaswamy seems to be more principled than Trump and he seems to be a true believer in the promise of crypto, but Trump could just as easily begin ignoring Ramaswamy’s input once he is back in power,” Corva said.

At the same time, Trump could use the presidency to promote a new NFT collection, in which case, Corva thinks it would be quite hard for him to deny crypto.

Trump’s Crypto Incentives

Instead of paying attention to Trump’s newfound rhetoric around crypto, Corva recommends a wait-and-see approach.

“We’d be better off looking at what incentives Trump has to support the burgeoning asset class and technology,” Corva said. “Until this is determined, it’s best to keep in mind that there’s little Trump won’t say to get people’s attention and that his actions have not historically matched his words.”

Trump Supports Deregulation

Rob Chang, CEO of Gryphon Digital Mining, is more optimistic that a Trump presidency equals a boon for crypto mainly because he believes that the “biggest impact would be the removal of what has been a very anti-crypto Biden Administration.”

He claimed that during Biden’s time in office, regulators have “attacked the crypto industry on several fronts, among them the shutdowns of Signature Bank and Silvergate Bank — two popular banks for crypto communities.”

However, according to International Banker, these banks weren’t so much attacked as under investigation for “signs of criminality and money laundering.” In essence, Chang feels that Trump would likely be a positive influence on bitcoin as he and the Republican party historically support deregulation efforts.

“This is not to say that regulation is not needed. In fact, in the wake of FTX and a host of other high-profile crypto-related catastrophes in the space-it definitely is. But certainly not in the wet blanket approach that has been observed since 2021,” Chang said.

Trump Could Earn Big From Crypto

Perhaps the most compelling reason crypto might do well under Trump is that he has gotten into the digital assets space himself with Trump digital trading cards, which are NFTs — a notable segment of the crypto industry.

“He’s known for holding notable amounts of Ether, the cryptocurrency associated with the Ethereum blockchain, with observed values in excess of $2.8 million,” Chang explained.

Republicans Are Drafting Legislation

According to Daniel Logvin, CEO at LedgerByte, “We can see the support that this industry and/or market has gotten through Republican lawmakers and conservative groups since they have already started drafting regulatory proposals in line with the industry’s wish list.”

Additionally, Logvin said there are potential regulators that Republicans have mentioned already who would support digital assets. And even though Trump has criticized cryptocurrency before, he’s also endorsed the use of Distributed Ledger Technology (DLT) for government operations and for the enhancement of cybersecurity.

“This is no surprise, because Blockchain technology-aside from the crypto market-truly provides more security over the information stored in there. It is indeed a top-notch technology that will revolutionize a high number of sectors in the very near future,” Logvin said.

A Tarnished Reputation Would Need PR

The Biden administration has been very hesitant about this industry, tightening regulatory actions and investigating big exchanges like Kraken, Paxos, Binance and Coinbase, which have tarnished crypto’s reputation.

“Furthermore, they have claimed that crypto might be an issue of national security based on the dangers that crypto imposes, such as money laundering and sanctions evasion,” Logvin said.

He feels that should there be a second Trump administration, it would have to work hard to undo some of this negative attitude. “After considering all of these elements, it is possible to estimate that Trump’s presidency could indeed be inclined towards the endorsement and promotion of digital assets, as well as for Blockchain technology in general.”

Furthermore, given the support the Republican party is showing toward crypto and DLT technologies, Logvin pointed out that it’s possible they’ll apply some pressure to move forward with a “crypto-positive policy” — but only time will tell.

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This article originally appeared on GOBankingRates.com: Experts Explain: Would a Trump Presidency Be Good for Crypto?