Donald Trump has been elected as the 47th President of the United States, defeating Vice President Kamala Harris by a strong margin in both the House and Senate.
The 2024 election landscape was significantly influenced by the support of crypto electors, as evidenced by the outcome. Fueled by substantial donations through Super PACs, pro-crypto candidates also saw notable gains, potentially reshaping the future of the U.S. crypto industry.
According to data from “Stand With Crypto,” 226 pro-crypto candidates won seats in the House of Representatives compared to 107 anti-crypto candidates. In the Senate, pro-crypto lawmakers outnumbered their counterparts with 14 seats versus 9. The surge in pro-crypto representation sent Bitcoin to its highest point ever and so doing, the whole crypto market indexes.
One of the most prominent victories was in Ohio, where Republican Bernie Moreno, a staunch crypto advocate, defeated incumbent Democrat Sherrod Brown. Backed by $40.1 million support from crypto-friendly Super PAC Defend American Jobs, Moreno’s win proves a new regime in Ohio politics. According to the Super PAC, Ohio voters choose Moreno because he is for a leadership that drives innovation and economic opportunities.
In Texas, Senator Ted Cruz, an outspoken Bitcoin supporter, secured a third term, defeating Democrat Colin Allred with backing from the Bitcoin Voter PAC. Meanwhile, pro-crypto Democratic Representatives Ritchie Torres and Dan Goldman also won re-election, supported by Protect Progress, which contributed over $250,000 to their campaigns.
As results rolled in, key stakeholders within the crypto industry lauded the power of what is often called the “crypto voter.” Ripple Cleave Brad Garlinghouse pointed to the formation of the crypto electorate, and Coinbase’s CEO Brian Armstrong pointed to the fact that voters expect clear rules across the country about digital assets.
Coinbase Chief Legal Officer Paul Grewal sent a pointed message to the U.S. SEC, urging the agency to engage in constructive dialogue with the crypto industry and prioritize rulemaking. “Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait,” he emphasized.
The United States may be on the brink of becoming a global champion in cryptocurrency innovation and regulation as a result of Trump’s return to office and a pro-crypto Congress.
