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The election of Donald Trump as the 47th President of the United States, along with the entrance of over 250 crypto-friendly members into Congress, is raising hopes for a new, innovative approach to crypto regulation. The newly elected Congress, filled with pro-crypto politicians, aims to establish clear regulations and position the U.S. as a global leader in the industry.
This recent election marks a critical moment for the crypto industry in the U.S. With a Republican-led Senate and a crypto-supportive Congress under Trump’s leadership, the U.S. has the potential to become a pioneer in global cryptocurrency regulations. In response to Europe’s upcoming Markets in Crypto-Assets (MiCA) regulation in 2024, the U.S. is expected to adopt a more innovative stance. Former CFTC Chairman Chris Giancarlo called this shift the “return of innovation in the U.S.”
The Crypto Sector’s Influence on the Elections
The crypto sector made a strong showing in the recent elections, with hundreds of millions of dollars spent supporting pro-crypto candidates in Congress and the Senate. In Ohio, significant support was directed toward candidates like Bernie Moreno, with crypto-backed funds playing a key role in the state’s elections. Overall, 10% of advertising spending came from crypto-financed campaigns.
The Defend American Jobs (DAJ) political action committee, an extension of the crypto-friendly Fairshake, had a noticeable impact in West Virginia, launching a $3 million ad campaign to support Republican candidates. Industry leaders are hopeful for clear and innovative regulations in the future. Coinbase CEO Brian Armstrong expressed optimism, stating, “The crypto electorate has sent a strong and clear message: We want clear rules in the U.S., and we look forward to working with the new Congress to achieve this.”
Anti-Crypto Sentiment Persists in Some States
Despite the progress, not all states were receptive to the crypto sector’s efforts. In Massachusetts, prominent Republican candidate John Deaton, who had significant crypto backing, lost to Elizabeth Warren, a known crypto critic who won her third term and appears committed to her strict stance on crypto regulation.
These election outcomes could shape the regulatory path for cryptocurrencies in the U.S., and all eyes are now on the actions that the new president and Congress will take in the coming months.
