Major Boost For Crypto As Pro-Blockchain Candidates Dominate 2024 Election Races

Crypto advocates may soon celebrate a major political shift, with the results of the 2024 US election showing hundreds of pro-crypto candidates winning seats in Congress.

The results come as the industry flexes its political and financial muscles, spending more than $238 million to increase its influence in the US legislative space.

Crypto spending spikes key Senate races

Early projections from the Fox News Decision Desk and live results from the website Stand With Crypto indicate that pro-crypto candidates have made considerable gains in several states.

According to the last count, 247 pro-crypto candidates won in the House of Representatives, compared to 113 with the opposite position. Similarly, in the Senate, 15 crypto-friendly voices advanced in their respective careers, while only ten anti-crypto politicians showed signs of making it to Capitol Hill.

Substantial spending by Political Action Committees (PACs) aligned with the digital asset industry was seen in several high-profile Senate races. For example, Bernie Moreno, the Republican candidate for the Ohio Senate seat, successfully unseated the Democratic incumbent and Elizabeth Warren ally Sherrod Brown.

Crypto super PAC Defend American Jobs reportedly boosted Moreno’s campaign with $40.1 million. Coinbase CEO Brian Armstrong and prominent venture capitalists Marc Andreessen and Chris Dixon also made personal contributions.

Beyond the Senate, crypto funding had an impact in several congressional races, with wins for candidates who have openly championed blockchain and digital assets.

In Indiana, Republican Jim Banks won a Senate seat with substantial support from the Defend American Jobs PAC, which contributed $3 million to his campaign. The PAC also directed $2 million to John Curtis in Utah, where he succeeded Mitt Romney.

In some key wins for Democrats, Reps. Ritchie Torres and Dan Goldman, both of whom have been vocal about their support for crypto, also retained their seats with financial help from Protect Progress PAC.

Notably, Protect Progress contributed $150,853 to Goldman and $110,148 to Torres, underscoring the bipartisan nature of crypto advocacy.

Pro-Crypto candidates garner support across the country

Elsewhere, Democrat Adam Schiff, with an A on the Stand With Crypto website, which lists him as “strongly” supportive of crypto, won the Senate race against Republican Steve Garvey in California and get more than 5.1 million votes.

Schiff joined Ted Cruz, who beat his Democratic opponent Colin Allred by more than 900,000 votes to retain his Texas Senate seat.

Cruz is a well-known Bitcoin advocate, having previously advocated turning his state into a “crypto oasis.” Alongside him, crypto gathered allies in the 15th, 28th, 32nd and 34th congressional districts of Texas. Representatives Monica De La Cruz, Henry Cuellar, Julie Johnson and Vicente Gonzalez are marked as strong supporters of virtual assets.

Matt Gaetz, who introduced legislation to allow Bitcoin to be paid on federal income tax in June, was also a winner in Florida’s Congressional District 1, beating Democrat Gay Valimont by more than 133,000 votes . In total, 21 pro-crypto candidates are predicted to win seats in the Sunshine State, with only six of a different persuasion likely to do so.

With counting underway in most states, the picture will become much clearer in the coming days as close races are confirmed.

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