Republican

Elon Musk

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. The rise in pro-crypto support follows a surge in political donations from the industry.
<h2 dir="ltr" id="span-span-crypto-industry-s-political-influence-span-span">Crypto Industry's Political Influence</h2>
According to&nbsp;<a style="text-decoration:none" href="https://www.standwithcrypto.org/races">data from Stand With Crypto (SWC)</a>, a crypto advocacy group founded by Coinbase, 261 pro-crypto candidates emerged victorious in the House of Representatives, compared to just 116 candidates who oppose cryptocurrency.&nbsp;
&nbsp;
In the Senate, 17 supporters of crypto were elected, while 12 anti-crypto senators secured seats. This trend marks a noticeable shift in U.S. politics, with crypto enthusiasts gaining a stronger foothold in both chambers of Congress.
&nbsp;
SWC reports that the industry contributed over $200 million to political campaigns, with around $204 million funneled into Fairshake, a pro-crypto super PAC, and nearly $3 million donated directly to SWC. These contributions were instrumental in supporting key races across the nation, including high-profile Senate campaigns.
&nbsp;
One notable&nbsp;<a style="text-decoration:none" href="https://www.bloomberg.com/news/articles/2024-11-06/crypto-spenders-get-big-win-with-ohio-s-bernie-moreno-defeating-sherrod-brown">success</a> was Republican Bernie Moreno’s victory in Ohio, where he unseated Democratic Senator Sherrod Brown, marking the first time in nearly two decades that a Republican has held the Senate seat.&nbsp;
&nbsp;
Crypto supporters also played a crucial role in backing Republican businessman Dave McCormick’s campaign in Pennsylvania, which remains tight as of this writing.
&nbsp;
Other significant victories include the election of Governor Jim Justice in West Virginia, backed by a $3 million ad campaign from the crypto industry.&nbsp;
<h2 dir="ltr" id="span-span-key-crypto-allies-elected-span-span">Key Crypto Allies Elected</h2>
Among the notable pro-crypto politicians are Democratic Senator Kirsten Gillibrand of New York and Republican Senator Ted Cruz of Texas, both of whom were 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.
&nbsp;
Despite these victories, the industry’s financial influence did not sway every race. One prominent setback was the re-election of Senator Elizabeth Warren of Massachusetts, a vocal critic of crypto. Despite receiving over $2 million in campaign donations from the crypto sector, Warren triumphed over crypto advocate John Deaton in a highly contested race.
<h2 dir="ltr" id="span-span-the-role-of-donald-trump-in-the-election-span-span">The Role of Donald Trump in the Election</h2>
Donald Trump's 2024 re-election campaign also had notable crypto support. Trump's campaign, advised by David Bailey of Bitcoin Magazine, accepted donations in crypto and prominently featured Bitcoin in its platform.&nbsp;
&nbsp;
During the&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/donald-trump-to-speak-at-bitcoin-conference-2024-why-it-matters">Bitcoin 2024 Conference in Nashville</a>, Trump further solidified his pro-crypto stance, promising to stockpile Bitcoin as a strategic reserve asset,&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/sec-chairman-gary-gensler-may-resign-as-trump-readies-for-2025-presidential-term">replace Gary Gensler</a> as SEC chair, and protect the Bitcoin mining industry.
&nbsp;
Trump's support for crypto has extended beyond his campaign, with his tech-savvy inner circle including figures like Elon Musk and&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/how-pro-crypto-is-trump-s-vp-pick-jd-vance">JD Vance</a>, both strong crypto supporters. Additionally, his involvement in DeFi and crypto projects, such as World Liberty Financial, highlights the deepening connection between his political aspirations and the crypto industry.
&nbsp;
The political victory of crypto advocates may lead to more initiatives focused on creating a clearer regulatory framework that promotes innovation without stifling growth.

U.S. House Gets Pro-Crypto Majority, 261 Representatives Elected with Industry Support

Table of Contents

BSCN

Other articles published on Nov 19, 2024

Ethereum Eyes $3700 Target Amid Smart Money Influx

Binance Clarifies BFUSD Not a Stablecoin & Not Launched Yet

Crypto: Hedera And Tezos Reach Heights Not Seen In Months

Cardano Eyes $0.90 Target as Network Metrics Show Growing Strength

From Solana to the Next Big Thing: The Top Crypto Investment You Can't Ignore

GIGA Token Holder Loses $6.09M in Phishing Scam

Join our free newsletter for daily crypto updates!