The week’s US elections saw over 280 pro-crypto candidates win seats in Congress. With former President Donald Trump re-elected in office, the Pro-crypto Congress will set the stage with a wave of changes to financial regulations that are good for the crypto markets. The crypto industry invested over $238 million in support of these candidates; that’s how much they want to change the country when it comes to decentralized finance.
Based on available data from the Stand With Crypto Alliance, 281 pro-crypto candidates won, 263 in the House of Representatives and 18 in the Senate. For the first time ever, industry voices are hoping this class will bring legislation that’s good for the crypto community. “Across the ballot and on both sides of the aisle, crypto won this election,” Coinbase Chief Policy Officer Faryar Shirzad said to note the crypto voters’ impact nationwide.
Trump’s Re-Election Fuels Market Optimism and Industry Growth
Trump’s win has reportedly sent the crypto market soaring, driving prices to all time highs. His administration is believed to be crypto friendly with Coinbase and Microstrategy stocks reportedly going up double digits. For Chris Giancarlo, former CFTC chairman, it was a turning point, “the return of innovation in America and a return to the American spirit and imagination”.
It trickled down to state elections, too: In Ohio, Republican Bernie Moreno, backed by crypto-funded ads, won a crucial Senate seat from longtime Democrat Sherrod Brown. In Pennsylvania, Republican Dave McCormick is leading in a tight race against Democratic Senator Bob Casey.
Crypto PACs like Defend American Jobs supported candidates in Indiana, West Virginia and Arizona to solidify a Pro-crypto Congress.
The Growing Influence of Crypto Voters Across America
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Crypto advocates think this will lead to reforms that benefit digital asset holders. Faryar Shirzad pointed out the power of the “crypto voter”, millions of Americans now see crypto as part of a core finance interest. As more people step up for pro-crypto candidates, the industry is having a big voice in the national conversation.
Still, the crypto industry has its opposition among the establishment; the likes of Massachusetts Senator Elizabeth Warren who is a vocal critic of the digital assets space. Warren beat Republican John Deaton, who managed to keep the critics ahead of the game.
However, industry leaders are hopeful that this election cycle can be considered the coming of age of crypto going mainstream.
What’s Next for the Pro-Crypto Congress
With Trump back in office and over 280 pro-crypto lawmakers in Congress, the possibilities for real change in digital finance have never been greater. But the opposition will be fierce, especially among the old guard.
The Pro-crypto Congress may shape the future of US finance as new policies are written for the soon to be crypto native population.
The election results are a clear sign of a pro-crypto sentiment within the US government. Now with this new Pro-crypto Congress and the agenda set, everything is in place for big policy changes that will redefine America’s role in digital finance.
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