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 in the U.S.
According to data from the Stand With Crypto (SWC) organization, founded by Coinbase, 261 pro-crypto candidates emerged victorious in the House of Representatives compared to just 116 who oppose it. In the Senate, 17 supporters of crypto were elected, while 12 anti-crypto senators secured seats. This trend signifies a notable shift in U.S. politics toward cryptocurrency. SWC reports that the industry contributed over $200 million to political campaigns, including about $204 million through a pro-crypto super PAC, Fairshake, and nearly $3 million directly to SWC. These funds played a crucial role in supporting races across the nation.
Key Allies of the Crypto Industry
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. They are credited with promoting pro-crypto legislation and advocating for a balanced regulatory approach. However, the industry's financial influence did not win every race. Senator Elizabeth Warren of Massachusetts, a critic of cryptocurrencies, was re-elected despite significant financial opposition support.
Donald Trump's Role in Crypto Support
Donald Trump's re-election campaign in 2024 also received significant support from the crypto industry. Trump's campaign, advised by David Bailey of Bitcoin Magazine, accepted crypto donations and actively featured Bitcoin in its platform. During the Bitcoin 2024 Conference in Nashville, Trump reinforced his pro-crypto stance, promising to stockpile Bitcoin as a strategic reserve asset and to replace Gary Gensler as SEC chair. Trump's support extends beyond his campaign, with key tech figures like Elon Musk and JD Vance backing his cause.
The political victory of crypto advocates may lead to the creation of a clearer regulatory framework that promotes innovation without stifling growth.
