The recent US elections marked a political victory for the crypto industry, with 261 pro-crypto candidates securing seats in the House of Representatives.
Crypto Industry's Political Influence
According to data from Stand With Crypto, 261 pro-crypto candidates were elected to the House of Representatives. In the Senate, the number of crypto supporters was smaller — just 17, but this still marks a shift in US politics. The industry contributed over $200 million to political campaigns, with $204 million directed to Fairshake, a pro-crypto super PAC.
Key Crypto Allies Elected
Among the elected pro-crypto politicians are Democratic Senator Kirsten Gillibrand from New York and Republican Senator Ted Cruz from Texas. Both are noted for their efforts to promote crypto legislation and advocate for a balanced regulatory approach. However, the industry's financial backing did not sway every race, as Elizabeth Warren, a vocal crypto critic, was re-elected despite significant donations from the crypto sector.
The Role of Donald Trump in the Election
Donald Trump's re-election campaign also garnered significant crypto support. His campaign prominently featured cryptocurrency aspects, including a promise to stockpile Bitcoin and replace Gary Gensler as SEC chair. Trump's crypto support extended to figures like Elon Musk and JD Vance, underscoring a deepening connection between his political ambitions and the crypto sector.
The political success of crypto advocates in the US could lead to new initiatives aimed at creating clearer regulatory frameworks that foster innovation in the industry.
