Preliminary results of the U.S. Congressional elections show that more than 250 candidates who support the digital asset sector have made it into the new legislature.
As FOX Business reports, the elections were held simultaneously with the presidential election, won by Donald Trump. Journalists note that representatives of the digital asset industry donated more than $200 million to pro-cryptocurrency candidates, which is a record amount.
Some crypto supporters could bypass experienced legislators who have been in Congress for many years. For example, in Ohio, Republican Bernie Moreno defeated Democrat Sherrod Brown, who had been in Congress for 18 years. In Pennsylvania, votes are still being counted in the standoff between Bitcoin (BTC) supporter Dave McCormick and Democrat Bob Casey.
Other pro-crypto winners include Jim Justice (West Virginia), Jim Banks (Indiana), Kirsten Gillibrand (New York), and Ted Cruz (Texas). Financial support from industry insiders also helped achieve success in Arizona, California, Colorado, Iowa, Michigan, and Virginia.
Experts point out that most of the latest members of Congress who support digital assets are Republicans, who traditionally advocate for the rapid integration of cryptocurrencies into the country’s financial system. Representatives of the crypto sector continue to discuss Trump’s victory, confident that his return to the White House could lead to a “golden age” for the industry.
The most vivid pro-crypto politicians: Who are they?
Bernie Moren
Republican Bernie Moreno has won in the Ohio Senate race, unseating incumbent Democrat Sherrod Brown. Moreno, a car dealer and blockchain entrepreneur, defeated Brown, who is critical of cryptocurrency and chairs the Senate Banking Committee.
Moreno, born in Bogota, Colombia, is a cryptocurrency advocate and a frequent speaker at industry conferences. In 2018, he co-founded ChampTitles, a company aimed at simplifying the process of obtaining car titles. He recently sold his stake in the company.
The political action committee (PAC) Fairshake has poured nearly $40 million into the campaign against Brown, an ally of the Securities and Exchange Commission (SEC) Chairman Gary Gensler, which has been vocal in its opposition to the crypto sector. Fairshake’s backers include Coinbase Global and Ripple Labs.
Moreno has also clashed with Elizabeth Warren, one of the Senate’s most prominent cryptocurrency opponents.
Coinbase CEO Brian Armstrong commented on Moreno’s victory and announced the creation of the most pro-crypto Congress in U.S. history:
“Welcome to America’s most pro-crypto Congress ever.”
Brian Armstrong, Coinbase CEO
Jim Justice
West Virginia Governor Jim Justice has successfully captured the Senate seat previously held by Democrat Joe Manchin.
Justice has received strong support from the pro-crypto super PAC Defend American Jobs, contributing $3 million to his campaign. Armstrong also backed the candidate with a $3,300 donation, praising his commitment to digital assets.
Justice, a former Democrat, switched parties in 2017 and has openly supported Donald Trump, calling him a close friend and pointing out the severe problems the country faces without his leadership. Justice has supported blockchain, artificial intelligence, and other cutting-edge technologies in line with Trump’s stance on cryptocurrency.
During his campaign, Justice campaigned against central bank digital currencies (CBDC) and emphasized the importance of precise regulation of cryptocurrencies. On his campaign website, he focused on creating a secure digital market to protect American investors and promote digital asset innovation and job creation.
Ted Cruz
Longtime U.S. Senator Ted Cruz is a vocal supporter of cryptocurrencies. He has spoken out publicly in defense of the market. In 2021, he opposed a crypto tax as part of an infrastructure bill to raise about $28 billion over a decade. Cruz also proposed allowing merchants and businesses in Washington to accept crypto payments.
He is also against a digital dollar, emphasizing that U.S. digital currency policy should protect user privacy, maintain dollar dominance, and encourage innovation. Cruz points out that, unlike decentralized cryptocurrencies such as Bitcoin, a digital dollar could lead to control over citizens’ private transactions.
How crypto giants funded the U.S. elections?
The crypto industry actively funds the U.S. elections, donating over $200 million to various political committees, candidates, and organizations. This significant funding underscores the sector’s influence on the 2024 elections.
Trump’s campaign has received support from prominent players in the crypto industry. Elon Musk, one of the world’s richest man, is a significant donor to Trump’s campaign and the sole donor to America PAC. From July to September, the committee spent $72 million to support Trump, underscoring its commitment to the Republican agenda.
Vice President Kamala Harris, meanwhile, has also received support from influential figures in the crypto industry. Ripple co-founder Chris Larsen led her donor list with a massive $11.7 million contribution. Other supporters have also focused on her, including tech investor Vinod Khosla with a $1 million donation and early Coinbase investor Reid Hoffman with a $250,000 contribution.
The rise of crypto donations became a significant factor in the 2024 presidential election, highlighting the industry’s interest in shaping regulation. These financial infusions could impact the candidates’ campaigns and crypto regulation policy moving forward as the election approaches, and both sides could benefit from the crypto industry’s support.
