The election of over 280 pro crypto candidates in the just concluded 2024 US elections has brought a wave of optimism to investors who believe the Trump win is a boost for the crypto industry. The crypto market held onto the gains it achieved following Trump’s triumph, with Bitcoin topping over $76,000 last Wednesday.
The latest data from the Stand with Crypto (SWC) website set by cryptocurrency exchange Coinbase during the campaign period shows that pro-crypto candidates won overwhelmingly in most states. According to the site map, the only states that escaped the crypto candidates’ sweep during the 2024 US elections were Maine, Vermont, Hawaii, New Mexico, and Alaska. The SWC data further shows that in the House of Representatives, 247 pro-crypto candidates won compared to 113 anti-crypto candidates, while the Senate had 15 pro-crypto candidates compared to 10 anti-crypto officials.
Donations Influenced Congressional Races
The crypto industry poured over $130 million into this year’s elections, and it has seemingly paid off by bringing overwhelming pro-crypto voices to Congress. Numerous crypto industry leaders’ spending has fueled a string of victories for candidates who have expressed positive sentiments regarding digital assets.
The Republican candidate for Ohio, Bernie Moreno, is one of the pro-crypto candidates who received a $40 million boost in campaign cash from the crypto industry weeks before the election and went on to win big. Moreno spent the cash to fund ads that he aired across Ohio in an ambitious multistate effort that is thought to have influenced dozens of congressional races.
The effort rewarded the renowned crypto enthusiast on Election Day after he defeated Democratic candidate Sherrod Brown, the current chair of the Senate Banking committee that had called for stricter regulations for crypto businesses.
Most Aggressive Corporate Campaigns In Modern US Political History
The industry treated the election that has brought many pro-crypto voices to Congress as a pivotal moment and put in money to support candidates they believed would introduce pro-crypto regulations. Through Super PAC-supported organizations like Protect Progress and Defend American Jobs, crypto industry leaders spent over $135 million, mostly through Ripple, Coinbase and VC firm Andreessen Horowitz, on campaigns for the pro-crypto candidates. The efforts which have been dubbed the most aggressive corporate campaigns in modern US political history have paid off immensely.
The US Securities and Exchange Commission (SEC), during Biden’s time in office, has spent a lot of time and resources in lawsuits against crypto businesses for violations of the securities law. During his campaigns, the Republican candidate and now US President-elect Donald Trump vowed to bring that to an end, pledging to make the US “the crypto capital of the planet.” As a former critic of the digital asset space, Trump attended the Nashville Bitcoin Conference during the summer and went on to launch his crypto businesses.
Pro-Crypto Voices in Congress Could Disarm the SEC
With the entry of many pro-crypto voices in Congress, players within the crypto industry believe it’s the best time for the industry. Executives in the digital asset industry would expect the pro-crypto candidates to pass legislation that would disarm the SEC, a federal agency that hasn’t spared any effort to aggressively pursue crypto businesses with all manner of lawsuits. The crypto industry seems to have succeeded where it last failed to influence an election outcome. Crypto exchange FTX founder Sam-Bankman Fried’s attempts during the 2022 Mid-Terms ended in disaster, leading to the exchange’s shutdown, and Bankman-Fried is now serving a 25-year prison term.
Conclusion
With Trump’s entry into the White House and a large number of pro-crypto candidates winning during the 2024 US elections, many crypto industry experts are optimistic that the new administration will introduce regulatory clarity into the blockchain and crypto industries. There’s every chance now that the much-anticipated stablecoin regulation could also see the light of day and lead the masses to transactions on the blockchain.
The presence of pro crypto voices in Congress and Trump’s involvement in the crypto industry is also seen as a positive move that could herald favorable regulations. However, there’s some fear among experts over ethical concerns over the President elect’s newly launched crypto project, World Liberty Financial, when he finally takes office in January 2025.
Stay connected with TurkishNY Radio by following us on Twitter and LinkedIn, and join our Telegram channel for more news.
