Crypto-Backed Senators and Reps Secure Victories in US

Rothschild Jobi
The cryptocurrency industry’s massive investment in the 2024 U.S. congressional elections has paid off, with many of their preferred candidates winning key races, potentially reshaping crypto legislation.

(Washington) – The cryptocurrency industry, including major players like Coinbase and Ripple, spent over $119 million backing pro-crypto candidates in U.S. congressional races, hoping to secure lawmakers who would support crypto-friendly policies. The industry’s significant financial backing succeeded, with many of its chosen candidates emerging victorious, positioning Congress to potentially lead a new era for digital assets.

The bulk of this spending came through Political Action Committees (PACs), such as Fairshake, which poured more than $40 million into supporting crypto-friendly candidates. These PACs have the ability to spend unlimited amounts of money, fueling the drive to influence elections and elect officials sympathetic to the cryptocurrency sector.




The cryptocurrency industry’s efforts focused on several high-profile Senate and House races. Notably, in Ohio, the crypto industry invested $40.2 million to support Republican Bernie Moreno in his bid to unseat incumbent Senate Banking Committee Chair Sherrod Brown. Brown, who has been a vocal critic of cryptocurrencies, especially their use in financing groups deemed as state sponsors of terrorism, lost the election. Moreno, a blockchain advocate, has promised to lead the fight for crypto in the Senate.




In Michigan, cryptocurrency backers spent $10 million to support Elissa Slotkin, who won her Senate race. Slotkin, a Democrat, had previously supported crypto legislation in Congress, including bills to repeal a crypto-related accounting rule and develop a clearer regulatory framework for digital assets. Similarly, in Arizona, $10 million backed Representative Ruben Gallego in his Senate race, with the industry hoping he would champion their cause in Washington.




The crypto industry also targeted Massachusetts, spending $4.2 million to support John Deaton against incumbent Senator Elizabeth Warren, a well-known critic of cryptocurrencies. Despite the support, Warren won re-election, continuing her push for stricter regulations on digital assets.

Elsewhere, former West Virginia Governor Jim Justice won a Senate seat with $3 million in crypto backing. Justice has expressed support for a regulatory framework that encourages blockchain innovation. In Indiana, Congressman Jim Banks, who has backed crypto-friendly legislation, also benefited from a $3 million investment from the industry and secured his Senate seat.

Several other races saw significant crypto industry contributions, including in Alabama, North Carolina, and Colorado. In these districts, crypto-backed candidates were either successful in securing seats or managed to influence the political dialogue around digital assets.




The results suggest that the cryptocurrency industry’s political influence is growing, as more lawmakers favorable to digital assets are entering Congress. With these new allies in power, the cryptocurrency sector hopes to push for laws that would ease regulations, provide clearer guidelines, and promote further growth in the digital assets space.

The industry’s political involvement is likely to increase in the coming years, as it seeks to shape the future of cryptocurrency regulation in the United States. With these recent victories, crypto companies and supporters are hopeful that their influence will continue to expand, ensuring a legislative environment that supports innovation and growth in the digital asset market.

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