The U.S. crypto industry celebrated a political victory following recent elections, with 261 pro-crypto candidates securing seats in the House of Representatives.
Crypto's Political Influence
According to data from Stand With Crypto (SWC), a crypto advocacy group founded by Coinbase, 261 pro-crypto candidates emerged victorious in the House of Representatives, compared to just 116 candidates who oppose cryptocurrency. In the Senate, 17 supporters of crypto were elected, while 12 anti-crypto senators secured seats. This trend marks a noticeable shift in U.S. politics, with crypto enthusiasts gaining a stronger foothold in both chambers of Congress. SWC reports that the industry contributed over $200 million to political campaigns, with around $204 million funneled into Fairshake, a pro-crypto super PAC, and nearly $3 million donated directly to SWC. These contributions were instrumental in supporting key races across the nation, including high-profile Senate campaigns.
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 of whom were re-elected with strong support. These figures are recognized for their efforts to push forward pro-crypto legislation and advocate for a balanced approach to crypto regulation. Despite these victories, the industry’s financial influence did not sway every race. One prominent setback was the re-election of Senator Elizabeth Warren of Massachusetts, a vocal critic of crypto, despite receiving over $2 million in campaign donations from the crypto sector.
Trump's Role in the Election
Donald Trump's 2024 re-election campaign also had notable crypto support. Trump's campaign, advised by David Bailey of Bitcoin Magazine, accepted donations in crypto and prominently featured Bitcoin in its platform. During the Bitcoin 2024 Conference in Nashville, Trump further solidified his pro-crypto stance, promising to stockpile Bitcoin as a strategic reserve asset, replace Gary Gensler as SEC chair, and protect the Bitcoin mining industry. Trump's support for crypto has extended beyond his campaign, with his tech-savvy inner circle including figures like Elon Musk and JD Vance, both strong crypto supporters.
The political victory of crypto advocates may lead to more initiatives focused on creating a clearer regulatory framework that promotes innovation without stifling growth.
