Candidates backed by cryptocurrency PACs scored pivotal victories in California and Nevada's House races, with Republican Young Kim and Democrats Susie Lee and Steven Horsford securing seats. Industry insiders expect the crypto-friendly Congress could usher in pro-blockchain laws in 2025 as momentum builds for digital assets.
Pro-Crypto Candidates Win in California and Nevada
More candidates backed by bitcoin PACs won their contests, according to news sites reporting the results of the US House of Representatives races in Nevada and California.
Republican Young Kim defeated her Democratic opponent in California's 40th congressional district on November 8, according to the Associated Press. In Nevada, Democrats Susie Lee and Steven Horsford triumphed in the 3rd and 4th districts, respectively.
Crypto-Backed Funding Drives Key House Victories
Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini, and other prominent crypto professionals contributed the maximum amount permitted to all three candidates' campaigns, while the Fairshake PAC spent over $3.7 million on TV buys for Horsford and Kim.
According to Cointelegraph, along with the House battles that could decide the party's majority in the chamber in 2025, Republican David McCormick won a pivotal race for the US Senate seat in Pennsylvania, defeating Democrat Bob Casey Jr. For the general election, McCormick received about $35,000 from the Bitcoin Voter PAC, a group supported by crypto mining CEOs.
Over 200 Pro-Crypto Candidates Secure Seats
More than 200 politicians who ran for office in 2024 and had previously spoken out in favor of digital assets and blockchain were elected, according to Stand With Crypto, a political effort backed by cryptocurrency exchange Coinbase.
Anticipated Legislative Push for Digital Assets in 2025
The Financial Innovation and Technology for the 21st Century Act, which is likely to pass the House in 2024 and then be voted on in the Senate, has been the subject of speculation among industry proponents who hope that the incoming US president and Congress will assist in passing pro-crypto legislation.
Potential SEC Shake-Up Under New Administration
Changing the leadership of the Securities and Exchange Commission under Chair Gary Gensler might be a major outcome if the majority of US politicians prioritize blockchain and cryptocurrency. By pledging to fire Gensler "on day one" upon reelection, Donald Trump kept his campaign promise.
A number of 2024 presidential hopefuls have voiced their disapproval of Gensler's "regulation by enforcement" strategy toward cryptocurrency firms. Numerous cases were filed by the SEC against digital asset industry firms, such as Binance, Ripple Labs, and Coinbase, while the chair was in office.