The crypto industry saw a significant victory as the U.S. Senate shifted towards the Republicans on election night, paving the way for potential digital asset legislation. This shift in power was partly due to the tens of millions of dollars that crypto interests invested in the state of Ohio, resulting in the defeat of Senator Sherrod Brown, who had been a major obstacle to crypto legislation. With Brown’s loss and the potential return of former President Donald Trump to the White House, the industry could have a strong ally in the presidency for the first time.
The defeat of Senator Sherrod Brown, who chaired the Senate Banking Committee, also played a role in the Republicans gaining the Senate majority. This change in leadership could mean a more favorable environment for crypto legislation in Congress, as opposed to the previous roadblocks faced by the industry. The passing of bills like the Financial Innovation and Technology for the 21st Century Act and the stablecoin bill, which had been stalled in the Senate, could now see progress with the new composition of the Senate.
The Fairshake political action committee, supported by the crypto industry, played a significant role in influencing the election results by backing candidates who were supportive of crypto-friendly policies. The PAC’s strategic spending of around $130 million in this election cycle helped secure victories for a large number of candidates who were in favor of digital assets. Additionally, the support from industry leaders such as Coinbase, Ripple, and a16z further boosted the success of the PAC’s chosen candidates.
The crypto industry’s influence extended beyond new candidates, as it also supported existing lawmakers who had been working on behalf of the industry. The potential return of former President Trump to the White House could bring about significant changes in crypto regulation, including the removal of SEC Chair Gary Gensler. However, regardless of the outcome of the presidential race, the industry now has a more favorable landscape in Congress, with a growing number of representatives and senators who support digital assets.
Overall, the crypto industry’s efforts in influencing the election results have resulted in a more favorable environment for legislation and regulation. With the potential changes in leadership in Congress and the White House, the industry is poised for significant progress in the coming years. The support from industry leaders, PACs, and individual lawmakers has solidified the crypto industry’s position in Washington, paving the way for further advancements and growth in the sector.
