The U.S. crypto industry celebrated a political victory following the recent elections, with 261 pro-crypto candidates securing seats in the House of Representatives.
Crypto Industry's Political Influence
According to data from Stand With Crypto, a group founded by Coinbase, 261 pro-crypto candidates emerged victorious in the House of Representatives. In the Senate, 17 supporters of crypto were elected, compared to 12 anti-crypto senators. This trend highlights a shift in U.S. politics, with crypto enthusiasts gaining stronger footing in both chambers of Congress. Industry contributions exceeded $200 million, with around $204 million directed to the pro-crypto super PAC Fairshake and nearly $3 million donated directly to SWC.
Key Crypto Allies Elected
Among the notable pro-crypto politicians are Democratic Senator Kirsten Gillibrand of New York and Republican Senator Ted Cruz of Texas, both re-elected with strong support. These figures are known for their efforts in advancing pro-crypto legislation and balanced crypto regulation. However, the industry's influence was not successful in every race, as evidenced by Senator Elizabeth Warren's re-election in Massachusetts, a vocal critic of crypto.
The Role of Donald Trump in the Election
Donald Trump's campaign also received notable crypto support. The campaign accepted crypto donations and prominently featured Bitcoin in its platform. During the Bitcoin 2024 Conference in Nashville, Trump promised to stockpile Bitcoin as a reserve asset, replace SEC chair Gary Gensler, and support the Bitcoin mining industry. Trump's influence in the cryptosphere is bolstered by close ties with figures like Elon Musk and JD Vance.
The political victory of crypto advocates may lead to more initiatives focused on creating a clearer regulatory framework that promotes innovation without stifling growth.
