As a seasoned crypto investor who has weathered numerous market cycles and political shifts, I must say that the recent House election results have filled me with cautious optimism. With Jeff Hurd and Scott Perry winning their seats, we are seeing more pro-crypto voices joining the ranks of Congress, which is certainly welcome news for our community.
As a researcher, I’m sharing an observation from the 2024 U.S. House of Representatives elections: Two Republican candidates emerged victorious against their Democratic opponents, potentially reducing the margin needed for the Republican party to maintain control over the chamber.
On November 7, according to the Associated Press, Jeff Hurd secured victory in Colorado’s 3rd congressional district with a lead of 50.1% and 89% of the votes counted. Meanwhile, Republican Scott Perry retained his seat in Pennsylvania’s 10th congressional district after facing off against Democrat Janelle Stelson.
During his tenure, Perry endorsed The Financial Innovation and Technology for the 21st Century Act, also known as the FIT21 bill. This legislation garnered bipartisan backing in the House and is now under consideration in the US Senate. As stated on Hurd’s campaign platform, he was inclined to back bills similar to FIT21 and advocated for reasonable regulations to foster advancements in technologies such as cryptocurrency.
In summary, Hurd and Perry were among those who earned strong endorsements from the pro-crypto political movement Stand With Crypto. However, it was observed that no Political Action Committees (PACs), such as CryptoMoon, had publicly backed them through media investments. Contrastingly, during the 2024 election cycle, PACs funded by the crypto industry like Fairshake channeled hundreds of millions of dollars into supporting congressional candidates who align with the industry’s views.
The future of crypto policy and regulation after US Election
As a researcher, I’ve been tracking the 2024 election results and I must say, the Republican Party has made significant strides. In what seems to be a historic shift, they’ve seized both the White House and Senate, a double victory that was confirmed by the Associated Press. At the time of my last update, AP had projected 210 seats for the Republicans, with the Democrats trailing at 194. To exert majority control, a party requires 218 seats, so it’s clear the Republicans are poised to wield considerable influence in the coming legislative term.
Even though the House majority hadn’t been determined at the time of publication, Stand With Crypto predicted on November 5 that the upcoming Congress would be highly supportive of cryptocurrencies. They noted that pro-crypto lawmakers would significantly outnumber their anti-crypto counterparts in both the House and Senate. Senator Sherrod Brown, a known critic of cryptocurrencies, announced his departure from the Senate in 2025, having been defeated by Republican Bernie Moreno.
Option: In some cases, key sectors within the industry might persist. Recently, Elizabeth Warren successfully secured another term as a US Senator from Massachusetts, defeating her opponent John Deaton, an attorney who supports XRP owners. The tenure of Securities and Exchange Commission Chair Gary Gensler concludes in June 2026; however, President-elect Donald Trump has pledged to dismiss the regulatory body on his first day in office.
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2024-11-07 22:39