The U.S. cryptocurrency industry saw major successes in this week’s elections, with over 280 pro-crypto candidates winning congressional seats and former President Donald Trump securing re-election. Fox Business reported that these victories follow substantial investment from the crypto sector, which spent over $238 million supporting aligned candidates.
According to the Stand With Crypto Alliance, 281 pro-crypto candidates have secured congressional seats as of writing, with 263 elected to the House of Representatives and 18 to the Senate.
2024 election live tracker by Stand With Crypto.
Following the election, Coinbase Chief Policy Officer Faryar Shirzad highlighted the growing impact of “crypto voters” nationwide, stating on social media platform X on Wednesday:
Across the ballot and on both sides of the aisle, crypto won this election.
“With millions of crypto owners casting their ballots, and dozens of high-profile races converging around crypto and financial reform, this new Congress and the incoming Trump Administration understand that the crypto voter is real, energized, and ready to demand change from their elected officials,” he added.
In Ohio, Republican Bernie Moreno, bolstered by crypto-funded ads, unseated Democratic Senator Sherrod Brown, ending an 18-year Democratic hold on the seat. In Pennsylvania, Republican Dave McCormick holds a lead against Senator Bob Casey, with results still pending. The industry also played a role in critical races across Indiana, West Virginia, and Arizona, using donations funneled through PACs like Defend American Jobs to support pro-crypto Republicans. Despite these gains, the industry met some resistance. In Massachusetts, Democrat Senator Elizabeth Warren, an outspoken critic of cryptocurrency, defeated Republican John Deaton.
Trump’s re-election and pro-crypto stance drove bitcoin prices to record highs, with stocks in companies like Coinbase and Microstrategy posting double-digit gains. Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo called Trump’s win a turning point for “the return of innovation in America and a return to the American spirit and imagination,” marking what many in the crypto industry see as their most influential election cycle to date.
