Preliminary results from the US congressional elections show that more than 250 candidates supporting the digital asset sector have entered the new Congress.
As FOX Business reports, this election coincided with the presidential election, which Donald Trump won. Journalists point out that representatives of the digital asset industry have donated more than $200 million to cryptocurrency supporters, a record amount.
Some cryptocurrency supporters may be able to bypass experienced lawmakers who have been in Congress for years. For example, in Ohio, Republican Bernie Moreno defeated Democrat Sherrod Brown, who had served 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 professional cryptocurrency winners include Jim Justice (West Virginia), Jim Banks (Indiana), Kirsten Gillibrand (New York), and Ted Cruz (Texas). Financial support from industry insiders has also helped achieve success in Arizona, California, Colorado, Iowa, Michigan, and Virginia.
Experts note that most of the recent lawmakers supporting digital assets are Republicans who traditionally advocate rapid integration of cryptocurrencies into the nation’s financial system. Representatives of the cryptocurrency industry 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-cryptocurrency politicians: who are they?
Bernie Moren
Republican Bernie Moreno won the Ohio Senate race over incumbent Democrat Sherrod Brown. Moreno, a car dealer and blockchain entrepreneur, defeated Brown, who is critical of cryptocurrencies and chairs the Senate Banking Committee.
Born in Bogota, Colombia, Moreno is a cryptocurrency advocate and frequent speaker at industry conferences. In 2018, he co-founded ChampTitles, a company that aims to simplify the process of obtaining a car title. He recently sold his stake in the company.
Political action committee (PAC) Fairshake has poured nearly $40 million into a campaign against Brown, an ally of Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has spoken out against the cryptocurrency sector. It was swollen. Fairshake’s backers include Coinbase Global and Ripple Labs.
Moreno 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 cryptocurrency-friendly Congress in U.S. history.
“Welcome to the most pro-crypto Congress in American history.”
Brian Armstrong, Coinbase CEO
Jim Justice
West Virginia Governor Jim Justice successfully recaptured the Senate seat held by Democrat Joe Manchin.
Justice received strong support from the cryptocurrency-advocating super PAC Defend American Jobs, which donated $3 million to his campaign. Armstrong also supported the candidate with a $3,300 donation, praising his commitment to digital assets.
Justice, a former Democrat, switched political parties in 2017 and publicly supported Donald Trump, calling him a close friend and pointing out the serious 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 cryptocurrencies.
During his campaign, Justice campaigned against central bank digital currencies (CBDCs) and emphasized the importance of proper regulation of cryptocurrencies. On his campaign website, he focused on creating secure digital marketplaces to protect American investors and foster digital asset innovation and job creation.
ted cruz
Long-time U.S. Senator Ted Cruz has been an active supporter of cryptocurrencies. He spoke publicly in defense of the mayor. In 2021, he opposed a cryptocurrency tax as part of an infrastructure bill that would raise about $28 billion over 10 years. Cruz also proposed allowing merchants and businesses in Washington to accept cryptocurrency payments.
He also opposes the digital dollar and emphasizes that U.S. digital currency policy must protect user privacy, maintain dollar dominance, and encourage innovation. Cruz points out that unlike decentralized cryptocurrencies like Bitcoin, a digital dollar would allow citizens to control their personal transactions.
How did the cryptocurrency giant finance the US election?
The cryptocurrency industry actively funds U.S. elections, donating more than $200 million to various political committees, candidates, and organizations. This significant funding highlights the sector’s influence on the 2024 elections.
Trump’s campaign has received support from some of the biggest names in the cryptocurrency industry. Elon Musk, one of the richest men in the world, is a significant donor to the Trump campaign and the sole donor to America PAC. From July to September, the committee spent $72 million supporting Trump, underscoring its commitment to the Republican agenda.
Meanwhile, Vice President Kamala Harris received support from influential figures in the cryptocurrency industry. Ripple co-founder Chris Larsen led the list of donors with a whopping $11.7 million donation. Other supporters also focused on her, including tech investor Vinod Khosla, who donated $1 million, and early Coinbase investor Reid Hoffman, who donated $250,000.
The rise in cryptocurrency donations has become a significant factor in the 2024 presidential election, highlighting the industry’s interest in shaping regulation. This financial commitment could impact candidates’ campaigns and cryptocurrency regulatory policies as the election approaches, and both sides could benefit from support from the cryptocurrency industry.