The US crypto industry celebrates substantial political victories with 261 pro-crypto candidates securing seats in the House of Representatives following the recent elections. These outcomes demonstrate increasing political influence by cryptocurrencies.
Crypto Influence on Politics
According to Stand With Crypto (SWC), 261 pro-crypto candidates were elected to the US House of Representatives, compared to just 116 who opposed cryptocurrency. In the Senate, 17 crypto supporters were elected, marking growing clout for crypto enthusiasts in both chambers of Congress. The industry contributed over $200 million to political campaigns, including $204 million to Fairshake, a pro-crypto super PAC, and nearly $3 million directly to SWC.
Elected Crypto Allies
Notable pro-crypto politicians include Democratic Senator Kirsten Gillibrand from New York and Republican Senator Ted Cruz from Texas, both re-elected with strong support. However, despite the industry's financial backing, not all races were swayed: Senator Elizabeth Warren of Massachusetts, a vocal crypto critic, was re-elected, defeating a crypto-supported candidate.
Donald Trump's Role in 2024 Elections
Donald Trump's 2024 re-election campaign garnered significant crypto support, accepting crypto donations and actively promoting Bitcoin. At the Bitcoin 2024 Conference, Trump reiterated his pro-crypto stance, advocating for Bitcoin to be included in strategic reserves and aiming to change SEC leadership.
The political triumph of crypto advocates may lead to the formation of a clearer regulatory framework that encourages innovation and growth in the industry.
