Elon Musk announced that he will form the 'America Party' and got into a public spat with Trump. Musk criticized him for the Trump law that was enacted on July 4, which will increase the national debt.
What happened will significantly impact crypto. Firstly, the government will start viewing cryptocurrencies with more suspicion and will tell you, 'This could threaten economic stability,' which might lead them to tighten regulations and oversight of trading.
Secondly, the market will be shaken a bit. Investors don't like political news that involves anxiety and disputes. Many people might sell their digital currencies out of fear of any sudden decisions. But at the same time, the public discussion about transparency and money could create more awareness about the issue and reassure people in the long run.
Third point, Musk will not run for president at all because he is from South Africa. But just his presence in the political scene will make the government and companies think about new laws that suit cryptocurrencies and make them a part of the system instead of considering them a threat.
The coming period will witness many decisions and legislations concerning crypto. If you are an investor, pay attention to the news and be ready for any changes, as the market could move very quickly.