The U.S. crypto industry celebrates a political victory following recent elections with 261 pro-crypto candidates securing seats in the House of Representatives.
Crypto Influence on Elections
According to data from Stand With Crypto (SWC), founded by Coinbase, 261 pro-crypto candidates emerged victorious in the House, while 116 candidates oppose cryptocurrency. In the Senate, 17 crypto supporters were elected, compared to 12 anti-crypto senators. The industry contributed over $200 million to political campaigns.
Election of Key Crypto Allies
Notable pro-crypto politicians include Democratic Senator Kirsten Gillibrand of New York and Republican Senator Ted Cruz of Texas, both re-elected with strong support. However, financial influence wasn't decisive in every race: Senator Elizabeth Warren of Massachusetts, a crypto critic, was re-elected despite significant crypto donations.
Donald Trump's Role in the Election
Donald Trump's 2024 campaign received notable crypto support. Advised by David Bailey of Bitcoin Magazine, his campaign accepted crypto donations. At the Bitcoin 2024 Conference in Nashville, Trump affirmed his crypto stance, promising to protect Bitcoin mining.
The political victories of crypto advocates may lead to initiatives focused on regulatory frameworks that promote innovation and growth.
