The U.S. crypto industry is celebrating major wins after Donald Trump’s re-election as the 47th U.S. President and Republican gains across Congress.
In the election, 247 pro-crypto candidates won seats in the House of Representatives, compared to 113 anti-crypto members according to data compiled by Stand With Crypto. The Senate also leans toward crypto, with 15 supporters and 10 opponents, as per data from Stand With Crypto, a crypto advocacy group launched by Coinbase.
Trump’s victory, coupled with pro-crypto majorities in both the Senate and House, has industry insiders optimistic about the potential for clear and supportive regulation.
The House’s larger membership provides diverse representation and typically initiates legislation, while the Senate, with its smaller, more conservative body, often moderates these proposals.
With the House and Senate both leaning pro-crypto, the path to favorable legislation could be smoother.
Coinbase CEO Brian Armstrong hailed the election outcome as a watershed moment for crypto. “Welcome to the new members of America’s most pro-crypto Congress ever,” Armstrong tweeted.
Welcome to the new members of America’s most pro-crypto Congress ever… 219+ pro-crypto candidates and counting have now been elected to the House & Senate.
Tonight the crypto voter has spoken decisively – across party lines and in key races across the country. Americans… pic.twitter.com/t91wC3Wtzr
— Brian Armstrong (@brian_armstrong) November 6, 2024
A significant victory for crypto lobbyists was the defeat of Sen. Sherrod Brown (D-OH), a vocal crypto critic and head of the Senate Banking Committee, by Republican Bernie Moreno. Brown’s loss followed a record-breaking $40 million pro-crypto campaign by Fairshake.
Armstrong called Brown’s defeat an example of how “being anti-crypto is simply bad politics.”
During his campaign, Trump advocated himself as a pro-crypto leader, pledging support for the industry. His promises include creating a Bitcoin reserve, encouraging U.S.-based mining, and opposing a central bank digital currency (CBDC).
“A Trump victory could lead to clearer regulation that would create a safer environment for institutional players to engage with the industry,” Peter Kris, CEO of Gasp, told Decrypt just before U.S. media outlets started decisively calling the race for Trump. “This could mean less regulatory scrutiny and a more pro-business approach,” he added, predicting how Trump’s administration will favor growth in the U.S. crypto sector.
However, a key figure remains on the other side of the crypto debate. Sen. Elizabeth Warren (D-MA), a long-time advocate for stricter regulation, secured a decisive re-election in Massachusetts despite a well-funded challenge from pro-crypto Republican candidate John Deaton, who drew huge industry support.
Crypto markets, particularly Bitcoin (BTC), are likely to see increased volatility in the coming days as investors react to the political shift.
“We expect volatility to be high in the first 10 days of November, leading up to and following the election,” Bitfinex analysts told Decrypt, anticipating either a surge or a sharp sell-off. They pointed out how Bitcoin often rises amid political uncertainty, with growing demand for safe-haven assets during periods of fiscal instability.
Bitcoin is currently trading at around $73,000, up 7.4% on the day, per data from CoinGecko.
Edited by Stacy Elliott.
