As a seasoned crypto investor with a decade of experience navigating the volatile landscape of digital assets, I’ve witnessed numerous ups and downs, regulatory changes, and groundbreaking developments that have shaped this industry. The recent election results, particularly the victories of candidates backed by cryptocurrency PACs, seem to be a promising sign for our community.
Media sources are still announcing the outcomes of U.S. House of Representatives elections in California and Nevada, noting an increasing number of winners who received backing from political action committees (PACs) focused on cryptocurrencies.
By November 8th, according to the Associated Press, Young Kim emerged victorious in California’s 40th congressional district race, while Susie Lee and Steven Horsford triumphed in Nevada’s 3rd and 4th congressional districts. The Fairshake PAC spent over $3.7 million on media campaigns for both Horsford’s and Kim’s races, and the Winklevoss twins (co-founders of Gemini) along with other crypto executives donated the maximum allowable amount to all three candidates’ election campaigns.
Besides deciding which party will hold a majority in the House of Representatives in 2025, the outcome of the Senate race in Pennsylvania between Republican David McCormick and Democrat Bob Casey Jr. was significant. Notably, the Bitcoin Voter PAC, a political action committee backed by executives from the cryptocurrency mining industry, contributed approximately $35,000 to support McCormick during the general election.
In the 2024 elections, over 200 political candidates who favor digital assets and blockchain technology, as backed by cryptocurrency exchange Coinbase through Stand With Crypto, were victorious. Experts within the industry are optimistic that these newly elected officials, along with the new U.S. President, might champion pro-crypto legislation such as the Financial Innovation and Technology for the 21st Century Act. This bill is projected to go up for a vote in the Senate following its passage through the House in 2024.
Crypto regulatory changes expected in January 2025
If U.S. legislators continue to focus on cryptocurrencies and blockchain, it might lead to a shift in the leadership position at the Securities and Exchange Commission, currently headed by Gary Gensler. Should Donald Trump have been reelected, he had pledged to dismiss Gensler from his role immediately.
2024 political contenders have openly critiqued Gensler’s strategy of regulating cryptocurrency businesses through legal actions, as under his leadership, the SEC has brought multiple lawsuits against companies in the digital asset sector, such as Coinbase, Ripple Labs, and Binance.
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2024-11-08 19:54