The US crypto industry celebrated a significant political win in the recent elections. In the House of Representatives, 261 pro-crypto candidates secured seats, with 17 supporters elected in the Senate.
Crypto Industry's Political Influence
According to Stand With Crypto (SWC) data, 261 pro-crypto candidates were elected to the House of Representatives. In the Senate, 17 candidates supportive of cryptocurrencies also secured their places. These endorsements followed significant financial contributions from the industry, which injected over $200 million into political campaigns. A key success was Republican Bernie Moreno's victory in Ohio, defeating Democrat Senator Sherrod Brown.
Key Crypto Allies Elected
Prominent pro-crypto political figures include Democratic Senator Kirsten Gillibrand from New York and Republican Ted Cruz from Texas. Despite the considerable financial backing, the industry did not sway every race: Senator Elizabeth Warren of Massachusetts, a known crypto critic, was re-elected, besting crypto advocate John Deaton.
The Role of Donald Trump in the Election
Donald Trump's 2024 election campaign also had notable crypto support. The Bitcoin 2024 Conference in Nashville highlighted his pro-crypto stance. He promised to stockpile Bitcoin as a strategic reserve asset and to replace Gary Gensler as SEC chair.
The political victory of crypto advocates may lead to more initiatives focused on creating a clearer regulatory framework that promotes innovation without stifling growth.
