Pro-Crypto Candidates Dominate 2024 Elections as Trump Reclaims Presidency

The United States has never been more pro-crypto, at least according to the recently elected members of the House and Senate.

Data from Stand With Crypto, a crypto advocacy group launched by Coinbase, reveals 247 pro-crypto candidates won seats in the House of Representatives, compared to 113 anti-crypto members. The Senate also shifted favorably, with 16 pro-crypto and 10 anti-crypto candidates securing victories.

Coinbase chief executive officer (CEO) Brian Armstrong, who has been in battle with the Securities and Exchange Commission (SEC) since 2023, described the election as a pivotal moment for the cryptocurrency sector.

“Tonight, the crypto voter has spoken decisively - across party lines and in key races across the country. Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong tweeted.

The crypto industry is celebrating former President Donald Trump’s return to the White House after his victory in the 2024 U.S. presidential election.

Trump defeated Vice President Kamala Harris, securing 288 electoral votes to Harris’ 223 after key wins in Alaska and Wisconsin.

Crypto Industry Leaders React

“To everyone who doubted it: the crypto voter is here to stay, loud and clear!” tweeted Ripple CEO Brad Garlinghouse.

Jameson Lopp, co-founder of Bitcoin security firm CasaHODL, added, “Bitcoin was born to operate in an adversarial environment. Foolish politicians thought they could wage war against us. Today, they received our response.”

Dennis Porter, co-founder of the Satoshi Action Fund, remarked that the anti-Bitcoin movement in the U.S. has come to an end.

“Let’s be absolutely clear, the anti-Bitcoin movement died last night. The USA will be the most pro-Bitcoin nation in the world,” he wrote on X. “We will have a Bitcoin Strategic Reserve. We will enshrine a national law to defend Bitcoin Rights.”

Key Senate Races

Pro-crypto candidates emerged victorious in several critical Senate races in the 2024 U.S. election.

In Ohio, Republican Bernie Moreno, a crypto advocate, defeated incumbent Sherrod Brown with 50.2% of the vote. Brown, known for his strong anti-crypto stance, was seen as an obstacle to crypto-friendly legislation as chair of the Senate Banking Committee.

In Montana, Republican Tim Sheehy secured a win with 53.2% of the vote, defeating Democrat Jon Tester, who is against crypto.

During a Dec. 11 appearance on NBC’s Meet the Press, Tester claimed that digital assets offer no real value and thus shouldn’t be regulated to avoid giving the sector legitimacy.

The race remains tight in Pennsylvania, with pro-crypto Republican Dave McCormick leading narrowly over Democrat Bob Casey Jr.

Casey Jr. has shown a mixed approach to crypto regulation. He supported the pro-crypto SAB 121 House Joint Resolution, which aimed to nullify the SEC’s crypto accounting rule, Staff Accounting Bulletin 121 (SAB 121). However, Casey Jr. also voted for Warren's Digital Asset Anti-Money Laundering Act of 2023.

Arizona’s Senate race is also in progress, featuring two pro-crypto candidates, Democrat Ruben Gallego and Republican Kari Lake, with Gallego slightly ahead.

However, in Massachusetts, Democrat Elizabeth Warren, a staunch crypto critic who also supposedly wanted to build the “anti-crypto army,” secured her seat with 60.3% of the vote, defeating crypto advocate Republican John Deaton despite his substantial industry backing.

Deaton had secured $2.14 million in donations from individuals between Jan. 1 and Oct. 16. On July 15, Ripple Labs contributed $1 million to the Commonwealth Unity Fund, a super PAC formed by James Murphy, a pro-crypto attorney, with the explicit goal of unseating Warren in support of Deaton.

The Michigan and Nevada races are similarly close.

In Michigan, both Democrat Elissa Slotkin and Republican Mike Rogers support crypto, with Slotkin holding a narrow lead. Nevada remains locked in a tight contest between Republican Sam Brown and Democrat Jacky Rosen, both of whom support digital assets.

In Wisconsin, Democrat Tammy Baldwin, who opposes crypto, narrowly leads Republican Eric Hovde, a crypto supporter.

BTC hits ATH on Trump Win

Trump’s victory, coupled with wins by pro-crypto candidates, sent shockwaves through the crypto market.

Bitcoin surged to an all-time high, briefly touching $75,358 on election night before settling around $73,680, up 8% within 24 hours, according to CoinGecko.

Trump's victory is celebrated as a pivotal moment for the cryptocurrency sector. However, whether Trump will follow through on his crypto promises remains to be seen.

During the Bitcoin 2024 conference in Nashville, Trump pledged to fire SEC Chair Gary Gensler on his first day back in office, aiming to end the SEC’s "regulation by enforcement" strategy.

Throughout his 2024 campaign, Trump actively courted the crypto industry, vowing to position the U.S. as a global leader in digital asset innovation. He outlined plans to bolster the domestic Bitcoin mining sector and proposed establishing a national Bitcoin reserve.