The U.S. crypto industry celebrated a political win following recent elections, with 261 pro-crypto candidates winning seats in the House of Representatives.
Crypto Industry's Political Influence
According to Stand With Crypto (SWC), 261 pro-crypto candidates emerged victorious in the House of Representatives, compared to only 116 candidates opposing cryptocurrency. In the Senate, 17 crypto supporters were elected, while 12 anti-crypto senators secured seats. This indicates a significant shift in U.S. politics. SWC reports that the industry contributed over $200 million to political campaigns, including around $204 million funneled into Fairshake, a pro-crypto super PAC, and nearly $3 million donated directly to SWC. These contributions played a key role in supporting crucial races nationwide.
Key Crypto Allies Elected
Among 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 recognized for their efforts to push forward pro-crypto legislation and advocate for a balanced approach to crypto regulation.
The Role of Donald Trump in the Election
Donald Trump's 2024 re-election campaign gained notable crypto support. Trump's campaign, advised by David Bailey of Bitcoin Magazine, accepted donations in crypto and featured Bitcoin in its platform. Trump solidified his pro-crypto stance during the Bitcoin 2024 Conference in Nashville.
The political victory of crypto advocates may lead to more initiatives focused on creating a clearer regulatory framework that promotes innovation without stifling growth.
