Republicans have already secured a majority in the US Senate for 2025, but the outcomes for two crypto-backed candidates remain undetermined.
US Senate Election Results
The Republican Party has obtained enough seats to control the US Senate for 2025, although the outcomes may still influence certain seats with support from crypto-backed political committees.
Crypto Candidates: Arizona and Nevada
In Arizona, Republican Kari Lake is trailing Democrat Ruben Gallego in the race for a Senate seat. Lake is known as a pro-crypto candidate but has not received substantial support from the crypto industry. Gallego, on the other hand, received backing from the Fairshake PAC and is leading with 77% of votes counted. In Nevada, Republican Sam Brown is behind Democrat Jacky Rosen with 96% of votes counted. Brown received donations from high-profile crypto figures, including the founders of Gemini and others.
Impact on the Crypto Industry
Despite some victories for the crypto industry in the 2024 elections, not all races were successful. John Deaton lost to Elizabeth Warren in Massachusetts. Estimates suggest Fairshake and other crypto PACs spent about $134 million on supporting various candidates. The full impact on the industry may become clear after Congress is sworn in on January 3.
Despite successful election results for Republicans, the future for crypto-supporting candidates remains uncertain, which may impact regulation and industry development.
