With Donald Trump winning the 2024 U.S. presidential election, bolstered by a wave of support from crypto-backed voters, the future for the cryptocurrency industry in the U.S. appears brighter. Over recent months, significant crypto donations via Super PACs have played a pivotal role in shaping the landscape of the crypto industry in the country.
Crypto-Friendly Candidates Gain Ground in Congress
According to Stand With Crypto data, 226 crypto-friendly candidates have been elected to the House of Representatives, while 107 crypto-opposing representatives lost their seats. In the Senate, 14 crypto supporters and 9 opponents will now hold office, giving pro-crypto advocates a stronger foothold in Congress.
Fox News Decision Desk reports that Ohio Republican businessman Bernie Moreno claimed a notable victory over Democrat Sherrod Brown, bringing Republicans closer to a Senate majority. Known for his anti-crypto stance, Brown’s replacement by Moreno reflects Ohio voters’ preference for innovative leadership. Moreno’s campaign received strong backing from prominent crypto figures, including Brian Armstrong, Marc Andreessen, and Chris Dixon, who together donated $54,600 to support his vision.
Ted Cruz and Other Crypto Advocates Win
Texas Senator Ted Cruz secured a third term, defeating Democrat Colin Allred. Cruz, supported by the Bitcoin $73,670 Voter PAC, is widely recognized as a staunch advocate for Bitcoin. Meanwhile, Democrat Representatives Ritchie Torres and Dan Goldman also won their races, with crypto PAC Protect Progress donating $150,853 to Goldman and $110,148 to Torres. However, XRP supporter John Deaton lost his race against anti-crypto Senator Elizabeth Warren in Massachusetts, despite receiving approximately $2.6 million in donations from the crypto industry.
Industry Reactions to Pro-Crypto Election Wins
Ripple CEO Brad Garlinghouse celebrated the success of pro-crypto candidates, stating, “The crypto voter has proven to be a lasting force.” Coinbase CEO Brian Armstrong echoed this sentiment, emphasizing that Americans want clear crypto regulations and expressing enthusiasm to work with the new Congress to make progress. Coinbase Chief Legal Officer Paul Grewal also urged the SEC to “stop litigating crypto and start engaging in dialogue,” calling for a more structured regulatory framework.
With Trump back in office and pro-crypto candidates gaining influence, the U.S. is expected to see a notable shift in its crypto policies. Backed by Super PACs and industry support, the presence of crypto advocates in Congress signals a potentially transformative period for digital assets in America.
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