With votes still being counted, over 250 pro-crypto candidates are anticipated to secure seats, marking a pivotal shift in U.S. digital asset policy.
The 2024 U.S. election has brought encouraging results for supporters of digital assets, as a wave of pro-crypto candidates is poised to take office in Congress. This outcome follows a significant financial push from the crypto sector, which spent more than $238 million to amplify its influence in Washington and support candidates favorable to blockchain technology.
Crypto PAC Funding Drives Success in Key Senate Contests
Preliminary data from sources like the Fox News Decision Desk and the Stand With Crypto platform indicate strong wins for crypto-aligned candidates across the board. Currently, 247 pro-crypto candidates are ahead in House races, with 113 opponents trailing. In the Senate, 15 candidates supportive of crypto are leading, while 10 anti-crypto contenders remain competitive.
Political Action Committees (PACs) associated with the crypto industry played a notable role, particularly in close Senate contests. In Ohio, for instance, Republican Bernie Moreno ousted Democratic incumbent Sherrod Brown, a prominent crypto skeptic. Moreno’s campaign saw an impressive $40.1 million contribution from the Defend American Jobs PAC, alongside personal donations from industry leaders such as Coinbase CEO Brian Armstrong and venture capitalists Marc Andreessen and Chris Dixon.
Crypto industry contributions also influenced numerous House and Senate races. In Indiana, for example, Republican Jim Banks won a Senate seat with $3 million from Defend American Jobs PAC, while John Curtis of Utah, backed with $2 million from the same PAC, claimed the seat once held by Mitt Romney.
Bipartisan Backing for Crypto-Positive Candidates
Though Republicans made a strong showing, support for pro-crypto candidates crossed party lines. The Protect Progress PAC, which promotes crypto-friendly candidates regardless of party, helped Democrats Ritchie Torres and Dan Goldman keep their seats. The PAC contributed $150,853 to Goldman and $110,148 to Torres, showing crypto’s broad appeal among U.S. legislators.
Other key victories included Democrat Adam Schiff in California, who holds an “A” rating for crypto support on Stand With Crypto’s platform. Schiff won the Senate race by a large margin, beating Republican Steve Garvey. In Texas, Bitcoin advocate Senator Ted Cruz retained his seat, reinforcing his vision of transforming Texas into a “crypto-friendly” state.
Crypto Advocates Gain Ground in State and Local Races
In Texas, support for blockchain technology isn’t limited to Cruz. Representatives Monica De La Cruz, Henry Cuellar, Julie Johnson, and Vicente Gonzalez all claimed victories in their districts, further bolstering Texas as a potential center for crypto policy.
Meanwhile, in Florida, Congressman Matt Gaetz — who earlier this year proposed a bill allowing Bitcoin for federal tax payments — won his race by over 133,000 votes. With 21 pro-crypto candidates set to win seats in Florida, the state is likely to play an increasingly prominent role in future digital asset legislation.
Looking Ahead: The Path for Crypto in Congress
Though votes are still being finalized, early results reveal a clear trend toward a Congress more supportive of digital assets. This influx of blockchain-friendly legislators is seen as a significant opportunity to advance crypto-related issues, including clearer regulatory frameworks and policies that encourage innovation while safeguarding consumers.
The bipartisan nature of these victories suggests crypto legislation may garner wider support across the political spectrum, with lawmakers from both sides working to develop balanced, comprehensive policies for the industry. This momentum could lead to productive discussions on how digital assets can integrate responsibly within the U.S. financial system, shaping a future where crypto plays a vital role in the economy. As the final results come in, crypto enthusiasts and industry stakeholders are eager to see how this shift in Congress will translate into action on Capitol Hill.
