The results of recent US elections marked a significant victory for the crypto industry, with 261 pro-crypto candidates securing seats in the House of Representatives.
Crypto Industry's Political Influence
Data from Stand With Crypto reveals that in the House of Representatives, 261 pro-crypto candidates emerged victorious, compared to just 116 who oppose cryptocurrencies. In the Senate, 17 crypto supporters were elected, while 12 anti-crypto senators secured seats, indicating a clear shift in US political landscape towards crypto enthusiasts. The industry contributed over $200 million to political campaigns, including substantial funds to Fairshake and SWC.
Key Crypto Allies Elected
Among the elected politicians supporting cryptocurrencies are Democratic Senator Kirsten Gillibrand of New York and Republican Senator Ted Cruz of Texas. Despite their victories, not all races were successful for the crypto industry. For instance, Senator Elizabeth Warren of Massachusetts, a vocal critic of crypto, was re-elected despite significant financial backing of her opponent from the crypto sector.
The Role of Donald Trump in the Election
Donald Trump's 2024 campaign also saw significant crypto industry support. Trump, portrayed as a crypto supporter, accepted crypto donations and promised industry reforms. His team included crypto advocates like Elon Musk and JD Vance.
The political victory of crypto advocates could lead to a clearer regulatory framework fostering innovation without hindering growth.
