Republicans won the Senate, but 2 crypto races are still up for grabs

As a seasoned researcher with a keen interest in both politics and cryptocurrencies, I find myself intrigued by the intersection of these two fascinating worlds. The 2024 US Election has undeniably been an eventful ride for the crypto industry, with some victories and losses that have left us all on the edge of our seats.

Some Republican politicians in the U.S. have won enough positions to give their party a narrow control of the Senate starting 2025, but it’s still unclear who will win between two candidates who received aid from Political Action Committees (PACs) and executives within the cryptocurrency industry.

Currently, as of November 8th, Democrat Ruben Gallego seems to be leading the race for an Arizona Senate seat over Republican Kari Lake. Although Lake positions herself as a proponent of cryptocurrencies and has vowed to uphold some of former President Trump’s policies regarding digital assets like Bitcoin (BTC), she hasn’t secured any financial backing from crypto industry leaders or received support from Political Action Committees (PACs) that focus on cryptocurrencies.

As a passionate crypto investor, I’ve noticed that the Fairshake Political Action Committee (PAC) and its allies have poured over $10 million into media campaigns, backing Gallego in his fierce competition against Lake. With approximately 77% of votes counted at the time of publishing, Gallego held a significant lead in this race.

1) In the final tally, the Arizona Senate contest and the Nevada election results will likely be announced together as some of the last to be determined by media outlets. At the point when this article was published, Republican Sam Brown was lagging behind Democrat Jacky Rosen in the race for a Nevada Senate seat, with about 96% of votes having been counted.

Despite CryptoMoon not discovering any political action committees backed by cryptocurrency that supported Brown, notable figures such as Cameron and Tyler Winklevoss (co-founders of Gemini), Stuart Alderoty (chief legal officer at Ripple), and Fred Ehrsam (co-founder of Coinbase) made substantial donations directly to his campaign.

56 days until a new Congress takes office

Despite some crypto supporters predicting the 2024 U.S. Election as beneficial overall for the industry, not all contests proved successful. The Republican candidate John Deaton, known for his pro-crypto stance, failed to unseat Massachusetts’ incumbent Elizabeth Warren, a prominent anti-crypto voice in Congress.

2024 election spending estimates from various news sources indicate that Fairshake and other political action committees focused on crypto may have expended approximately $134 million on candidates, ranging from the presidential race featuring Donald Trump and JD Vance to congressional campaigns in battleground states. The true effect on the sector won’t be fully realized until the newly elected Congress is sworn in on January 3rd, however, it’s worth noting that the value of Bitcoin (BTC) and other digital tokens has noticeably increased following numerous election results announced on November 6th.

2024-11-08 23:35

56 days until a new Congress takes office

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