As a seasoned crypto investor and enthusiast, I can confidently say that the 2024 US elections have been a game-changer for our industry. With pro-crypto candidates sweeping across most states, it’s clear that the voice of blockchain is being heard loud and clear in the halls of power.
2024 U.S. Elections: A growing number of political figures favoring cryptocurrency have been elected, as more and more election results are announced from various parts of the country.
As I type this, data from Coinbase’s Stand With Crypto (SWC) website indicates that in the majority of states, pro-cryptocurrency officials have been chosen in elections. The map on their site shows that only New Mexico, Alaska, Hawaii, Vermont, and Maine are still waiting to elect a pro-crypto candidate.
According to SWC data, a total of 247 pro-cryptocurrency representatives and 113 anti-cryptocurrency opponents have been elected to the House of Representatives. In the Senate, there are currently 15 pro-cryptocurrency candidates and 10 anti-cryptocurrency advocates.
Crypto’s over $200 million donations see results
Approximately $206 million in cryptocurrency was given by supporters of digital money to political campaigns as per the records of SWC. Out of this massive sum, around 98% or about $204 million was funneled towards Fairshake, a political action group that supports cryptocurrencies, while roughly $3 million went directly to SWC itself.
On November 6th, Bernie Moreno, a pro-cryptocurrency Republican, secured the Ohio Senate seat previously held by Democratic incumbent Sherrod Brown. This election battle between Brown and Moreno was one of the most expensive in terms of campaign advertisements, with over half a billion dollars being spent.
According to reports, Fairshake allegedly invested around $40 million to support Moreno’s campaign against Brown, focusing on a key election race. Notable contributors to this effort were Coinbase, Ripple Labs, and the founders of Andreessen Horowitz.
In a landslide victory, Moreno garnered over 2.8 million votes, accounting for approximately 50.2% of the total votes cast. On the other hand, Brown amassed around 2.5 million votes, equating to about 46.4% of the votes.
Adding a pro-cryptocurrency senator to the legislative body and silencing an opponent of cryptocurrencies, the victory brings about this change. Brown maintains strong connections with Gary Gensler, Chair of the Securities and Exchange Commission, who has been instrumental in spearheading tough regulatory measures against crypto enterprises within the United States.
Additionally, beyond securing the Ohio Senate position, pro-cryptocurrency contenders are currently frontrunners in significant Senate races across the U.S. that focus on cryptocurrencies.
In Montana, Tim Sheehy leads Jon Tester with over 247,000 votes to Tester’s 205,000. Sheehy is pro-crypto, while Tester has been rated neutral by SWC.
In the tight contest between Dave McCormick and Bob Casey in Pennsylvania, both candidates have garnered roughly 3.2 million votes apiece. Notably, McCormick supports cryptocurrency, whereas Casey has a neutral stance on this issue.
In the Wisconsin election, the contest between Tammy Baldwin and Eric Hovde is equally close, as each candidate has garnered approximately 1.6 million votes. Baldwin holds a firm stance against cryptocurrency, whereas Hovde has voiced some favorable opinions regarding the crypto industry.
Warren beats Deaton in Massachusetts Senate race
Although the election brought some positive results for cryptocurrency, not every candidate who supports crypto emerged victorious. For instance, in Massachusetts, Democrat Elizabeth Warren secured a significant win against her pro-cryptocurrency opponent, Republican John Deaton.
In U.S. politics, Warren tends to be outspoken against cryptocurrencies, whereas Deaton is widely recognized as a crypto supporter and has defended XRP holders during Ripple‘s legal dispute with the Securities and Exchange Commission (SEC).
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2024-11-06 15:13