Pro-crypto candidates emerged as key victors in the 2024 US elections, winning significant seats in Congress. The shift in Congressional makeup signals potential momentum for favorable blockchain legislation.
Crypto-Friendly Candidates Win Big Across the U.S.
As the results from all throughout the country come in from the 2024 US elections, hundreds of crypto-supporting candidates have been elected.
According to information gathered from Coinbase's Stand With Crypto (SWC) website, the majority of states have elected politicians who are pro-crypto. Only five states—Maine, Vermont, Alaska, and New Mexico—have not yet chosen a candidate who supports cryptocurrency, according to the site's map.
Pro-Crypto Presence Increases in Congress
There are 247 crypto-supporting candidates in the House of Representatives, according to SWC data, whereas there are 113 crypto-opposing authorities. There are now fifteen senators who support cryptocurrency and ten who oppose it.
According to SWC, crypto enthusiasts contributed almost $206 million to political campaigns. Nearly $3 million of this amount went to SWC, while about $204 million went to Fairshake, a pro-crypto super PAC.
Ohio Senate Race: Pro-Crypto Moreno Unseats Brown
Bernie Moreno, a Republican who is pro-crypto, defeated incumbent Democrat Sherrod Brown for Ohio's Senate seat on November 6. With nearly $500 million spent on campaign ads, the Brown-Moreno battle was among the most expensive.
Moreno was able to defeat Brown in one of Fairshake's priority races thanks to the alleged expenditure of $40 million. The founders of Andreessen Horowitz, Ripple Labs, and Coinbase are among the major contributors.
Almost half of the vote (2.8 million) went to Moreno, while nearly half (2.5 million) went to Brown.
Impact of Moreno’s Victory on Crypto Policies
Thanks to this victory, the Senate now has a pro-crypto advocate rather than an anti-crypto one. Gary Gensler, who has been a major actor in the US government's crackdowns on cryptocurrency companies, is close to Brown. Gensler chairs the Securities and Exchange Commission.
In the US Senate elections, pro-crypto candidates are not only leading in the Ohio race, but also in other important contests pertaining to cryptocurrency.
Key Senate Races See Pro-Crypto Candidates Leading
Tim Sheehy has more than 247,000 votes, while Jon Tester has 205,000 in Montana. According to SWC, Sheehy is on the side of crypto, while Tester is on the fence.
With almost 3.2 million votes each, Dave McCormick and Bob Casey are neck and neck in Pennsylvania's tight contest. Casey has been rated as neutral, whereas McCormick is seen as pro-crypto.
With almost 1.6 million votes each, the Wisconsin race between Eric Hovde and Tammy Baldwin is also close. Baldwin is "strongly against crypto," although Hovde has shown mixed feelings about the sector.
Notable Defeat for Crypto Supporters in Massachusetts
Cointelegraph reports some positive results for cryptocurrency in the election, but not every pro-crypto candidate won. Democratic Senator Elizabeth Warren defeated Republican John Deaton, who was pro-crypto, in a resounding fashion in Massachusetts.
Deaton is a prominent crypto advocate who has defended XRP holders in Ripple's legal struggle with the SEC, while Warren is a prominent US political adversary of crypto.