As Donald Trump prepares to return to the White House, candidates supporting the development of the cryptocurrency industry have secured a majority in the House of Representatives (247 seats) and significant representation in the Senate (15 seats) of the US Congress, according to the advocacy organization crypto community Stand With Crypto (SWC).
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According to Cointelegraph, pro-crypto candidates were elected in almost every state except New Mexico, Alaska, Hawaii, Vermont and Maine. At the same time, politicians opposed to cryptocurrencies won 113 seats in the House of Representatives, and there were 10 such candidates in the Senate.
Support for cryptocurrencies has become an important topic in elections, reflected in a significant number of elected politicians supporting cryptocurrencies. In this case, financing of election campaigns played an important role. According to SWC, approximately $206 million has been donated to promote pro-crypto candidates, with $204 million of that going to Fairshake, a pro-crypto political committee. Additionally, nearly $3 million was donated directly to SWC.
One of the key moments of the US presidential election was also the victory of Republican Bernie Moreno in Ohio. Moreno, who supports cryptocurrencies, won the Senate seat against Democrat Sherrod Brown, known for his uncompromising criticism of the crypto industry. Moreno received more than 2.8 million votes, or 50.2% of the total, while Brown received 2.5 million votes, or 46.4%. More than $500 million has been spent in this race, with Fairshake also contributing $40 million to support Moreno. Major backers included companies such as Coinbase, Ripple Labs and Andreessen Horowitz.
In addition to Moreno’s victory, Tim Sheehy also defeated Sen. Jon Tester in Montana. However, not all pro-crypto politicians have been successful. Thus, in Massachusetts, Senator Elizabeth Warren, who criticizes cryptocurrencies, confidently defeated Republican John Deaton, an active defender of the crypto industry.