Donald Trump’s win in the 2024 U.S. presidential race, alongside 215 pro-crypto House and 14 Senate seats, has cemented a strong pro-digital assets majority. Crypto advocates view this wave as a mandate for clear U.S. regulations.
Pro-Crypto Surge Bolsters Trump’s Win in 2024 Presidential Race
Finally, in 2024, Donald Trump defeated Kamala Harris in the US presidential election by a large margin in the House of Representatives and the Senate.
Per Coingape, several pro-crypto candidates are currently leading in the US presidential campaign for 2024, thanks in large part to crypto voters. The massive influx of cryptocurrency donations received by Super PACs over the last several months has the potential to significantly impact the US crypto industry.
Crypto Donations Fuel House Majority for Pro-Crypto Candidates
Stand With Crypto reports that out of 107 politicians running against cryptocurrency, 226 have been elected to the House of Representatives. The Senate, on the other hand, is home to 14 crypto-supporting politicians and 9 crypto-opposing senators. The whole cryptocurrency market rejoiced as this news drove Bitcoin's price to a new all-time high.
Republican businessman Bernie Moreno is leading Ohio's race against Democratic incumbent Sherrod Brown, according to the Fox News Decision Desk. According to writer Eleanor Terret, this is a win for crypto and moves the Republican Party closer to a majority in the Senate.
Ohio’s Pro-Crypto Victory: Moreno Wins with Major Industry Backing
During the US election, the crypto sector strongly supported Moreno, who has been a vocal proponent of cryptocurrency. His campaign received $40.1 million from the crypto-supporting super PAC, Defend American Jobs. In response to this news, the Super PAC made the following statement:
Coinbase CEO Brian Armstrong, venture capitalist Marc Andreessen, Ben Horowitz, Chris Dixon, and Fred Ehrsam were among the prominent crypto industry personalities who contributed $54,600 to Moreno's campaign, in addition to the assistance of Super PAC. Following Donald Trump's campaign pledge, these Republicans and other crypto politicians will set out to establish the United States as the global leader in cryptocurrency.
Senator Ted Cruz Secures Reelection with Bitcoin PAC Support
Also, according to the Fox News Decision Desk, Republican Senator Ted Cruz of Texas has won reelection over Democratic Congressman Colin Allred. After receiving donations from the Bitcoin Voter PAC—which supported a digital advertising campaign comparable to the one executed by cryptocurrency exchange Gemini recently—Cruz became a vocal advocate for Bitcoin.
Two other Democratic representatives who voted in favor of cryptocurrency—Ritchie Torres and Dan Goldman—also won their races. With $150,853 for Goldman and $110,148 for Torres, the crypto-friendly super PAC Protect Progress made a substantial contribution.
Pro-Crypto Candidate Loses to Warren in Massachusetts
Democratic candidate Elizabeth Warren of Massachusetts defeated XRP attorney Johh Deaton in the state's senate race. The cryptocurrency sector contributed almost $2.6 million to Deaton's campaign.
Crypto Leaders React to Victory of Pro-Crypto Candidates
The developments in the US election, including the victory of numerous pro-crypto politicians, were met with celebration by top veterans of the crypto business. "To everyone who doubted it: the crypto voter is here to stay, loud and clear!" stated Brad Garlinghouse, CEO of Ripple, to those who questioned it. Brian Armstrong, CEO of Coinbase, also wrote:
However, Coinbase CLO Paul Grewal sent a note to the US SEC, describing the crypto voters' desire for a change. “Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait,” he said.