Donald Trump is guilty but unashamed. The question now is whether he will face political consequences for his crimes.

As the first former American president convicted at trial—found guilty Thursday on all 34 counts of scheming to help his 2016 campaign by covering up an alleged sexual encounter—Trump quickly rallied to raise money and votes following the verdict.

Minutes after the jury concluded its work, Trump sent a fundraising message to donors and vowed in the courthouse that “the real verdict is going to be Nov. 5 by the people,” referring to his upcoming rematch against President Joe Biden in the 2024 election.

Biden concurred.

“There’s only one way to keep Donald Trump out of the Oval Office: At the ballot box,” he said in a statement posted to X, accompanied by a link to donate to his campaign. He refrained from taking a victory lap, insulting Trump, or predicting his political downfall.

In another fundraising appeal shortly after the verdict, Trump called himself a “political prisoner,” even though he is not in prison.

There is no precedent for a convicted candidate carrying a major party’s banner into a general election. Many political experts say it is too early to determine whether the outcome will boost Trump’s campaign or alienate persuadable voters.

“What no one knows yet is what independent and swing voters are going to do,” said Chris Kofinis, a Democratic strategist with experience in multiple presidential campaigns.

Democrats interviewed by NBC News on Thursday were divided on whether Biden might benefit from the verdict, with some seeing potential advantages in Trump’s troubles and others expressing skepticism.

“This is the result we wanted and provides another talking point against Trump, but it doesn’t necessarily translate to votes,” said a Biden campaign official who requested anonymity to provide an assessment without fear of retribution.

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