Over 250 Pro-Crypto Candidates Enter the US Congress

Preliminary results of the US Congressional elections show that more than 250 candidates supporting the digital asset sector have entered the new legislature.

According to FOX Business, the elections were held simultaneously with the presidential election won by Donald Trump. Journalists note that digital asset industry representatives have donated more than $200 million, a record amount, to pro-cryptocurrency candidates.

Some cryptocurrency supporters may bypass veteran lawmakers who have been in Congress for many years. In Ohio, for example, Republican Bernie Moreno defeated Democrat Sherrod Brown, who had been in Congress for 18 years. In Pennsylvania, votes are still being counted in the battle 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 recent members of Congress supporting digital assets are Republicans who have traditionally advocated the rapid integration of cryptocurrencies into the country’s financial system. Representatives of the crypto 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 liveliest pro-crypto politicians: Who are they? Bernie Moren

Republican Bernie Moreno won the Ohio Senate race, edging out incumbent Democrat Sherrod Brown. Moreno, a car salesman and blockchain entrepreneur, defeated Brown, who is a critic of cryptocurrency and chairs the Senate Banking Committee.

Born in Bogota, Colombia, Moreno is a cryptocurrency advocate and a 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 shares in the company.

The political action committee (PAC) Fairshake has poured nearly $40 million into the campaign against Brown, an ally of Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has publicly voiced his opposition to the crypto industry. 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.

Forever politicians like Sherrod Brown and Joe Biden don’t understand the first thing about crypto and are completely incompetent at regulating it. They are obsessed with destroying crypto because they hate American innovation.

I will lead the fight to defend crypto in the US Senate. pic.twitter.com/yiZvv3OiGl

— Bernie Moreno (@berniemoreno) June 29, 2024

Coinbase CEO Brian Armstrong commented on Moreno’s victory and announced the formation of the most pro-crypto Congress in US history:

“Welcome to America’s most pro-crypto Congress ever.”

Brian Armstrong, Coinbase CEO Jim Justice

West Virginia Governor Jim Justice successfully captured the Senate seat previously held by Democrat Joe Manchin.

Justice received strong support from pro-cryptocurrency super PAC Defend American Jobs, which contributed $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 parties in 2017 and publicly supported Donald Trump, calling him a close friend and noting the serious problems the country faces without his leadership. Justice supported blockchain, artificial intelligence and other advanced technologies, in line with Trump’s stance on cryptocurrency.

During his campaign, Justice campaigned against central bank digital currencies (CBDCs) and emphasized the importance of sensitive regulation of cryptocurrencies. On its website, the campaign focused on creating a secure digital marketplace to protect American investors and spur digital asset innovation and job creation.

🎉 We did it, West Virginia! Thank you for your incredible support! I am honored to be your next U.S. Senator. By fighting for our values ​​together, we will build a brighter future for our state and nation. pic.twitter.com/nursESIVKt

— Jim Justice (@JimJusticeWV) 6 November 2024

Ted Cruz

Longtime US Senator Ted Cruz is a vocal supporter of cryptocurrencies. He spoke openly in defense of the market. In 2021, he opposed a crypto tax as part of an infrastructure bill that would raise about $28 billion over a decade. Cruz also suggested allowing merchants and businesses in Washington to accept crypto payments.

It also opposes a digital dollar and emphasizes that US digital currency policy should protect user privacy, maintain the dominance of the dollar and encourage innovation. Cruz points out that, unlike decentralized cryptocurrencies like Bitcoin, the digital dollar could lead to control over citizens’ private transactions.

How did crypto giants finance the US elections?

The crypto industry is actively financing the US elections by donating over $200 million to various political committees, candidates and organizations. This significant funding highlights the industry’s impact on the 2024 elections.

🚨NEW: With just one week left until Election Day, we’re getting some updates #crypto election expenditure figures. according to recent times @FEC Following filings, the crypto industry has now donated over $200 million to various PACs, candidates, and political organizations. More on this to come.…

— Eleanor Terrett (@EleanorTerrett) 29 October 2024

Trump’s campaign has received support from leading players in the crypto industry. Elon Musk, one of the richest men in the world, is a major donor to Trump’s 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 also received support from influential figures in the crypto industry. Ripple co-founder Chris Larsen topped the donor list with a whopping $11.7 million contribution. Other backers also focused on it, 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 has become a major factor in the 2024 presidential election, highlighting the industry’s interest in shaping regulations. These financial contributions could influence candidates’ campaigns and crypto regulatory policy as the election approaches, and both parties could benefit from support from the crypto industry.