Shares of New York-listed cryptocurrency companies gained earlier than the open on Monday after Republican presidential candidate Donald Trump talked up Bitcoin and promised friendlier regulation for the business.

Crypto change Coinbase’s shares climbed 3.7%, whereas miners Bitfarms, Riot Platforms and CleanSpark had been up between 3.4% and 4.5%.

“The crypto market interprets a scenario of a Trump win as more positive for crypto, in view of the Biden administration’s strong regulatory crackdown on crypto and pro-Bitcoin statements by Trump,” Bernstein analysts wrote in a word.

Crypto executives have typically complained of extreme oversight and a hostile regulatory atmosphere below President Joe Biden.

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However the Securities and Trade Fee Chair Gary Gensler, the administration’s prime cop for crypto enforcement, has defended his view of the business, citing the wild volatility and speculative nature of property like Bitcoin.

Nonetheless, crypto has quickly moved from the fringes of the monetary world to the mainstream, helped by institutional buyers’ backing and the approval of exchange-traded funds tied to identify price of Bitcoin and Ether.

A Trump win may enhance the business additional. On Saturday, he mentioned his administration would create a nationwide “stockpile” of Bitcoin utilizing the crypto the U.S. authorities presently holds that was largely seized in regulation enforcement actions.

The Republican candidate has additionally mentioned beforehand that he desires all of the remaining Bitcoin to be mined in the US.

“The Goldilocks scenario for Bitcoin mining is emerging,” Bernstein wrote.

Bitcoin additionally jumped as a lot as 2.4% to its highest since mid-June.