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The 2024 US midterm elections have delivered a resounding victory for the cryptocurrency industry, with pro-crypto candidates taking a commanding lead in Congressional races.
This development has sparked widespread optimism among crypto leaders, including Coinbase CEO Brian Armstrong, who hailed the emerging “most pro-crypto Congress ever.”
A resounding victory for crypto
Data from Stand With Crypto, a crypto-focused political action committee (PAC), reveals a dominant performance by pro-crypto candidates.
Currently, 238 candidates who support crypto are leading in their respective races—224 in the House of Representatives and 14 in the Senate.
In contrast, only 115 anti-crypto candidates are ahead, comprising 106 in the House and 9 in the Senate.
This strong showing suggests a significant shift towards crypto-friendly policies within Congress.
Coinbase CEO celebrates a watershed moment
Brian Armstrong, CEO of Coinbase, celebrated these results on X, emphasizing the decisive voice of the “crypto voter” across party lines.
He highlighted Americans’ growing demand for clear regulatory frameworks for digital assets.
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…
Armstrong expressed gratitude to crypto supporters and affirmed his commitment to collaborating with the new Congress to establish growth-oriented regulations for the industry.
A turning point for crypto regulation
Crypto enthusiasts view this pro-crypto Congressional majority as a crucial opportunity to address years of regulatory ambiguity and enforcement actions that have hampered the industry’s progress.
This positive political momentum has coincided with Bitcoin reaching a new all-time high above $75,000, fueled in part by Donald Trump’s lead in the presidential race.
Key Congressional races and the presidential landscape
Several key races highlight the crypto industry’s political gains.
Bernie Moreno, a pro-crypto Republican, secured a Senate victory in Ohio.
However, in a setback for the community, anti-crypto incumbent Elizabeth Warren won her Massachusetts Senate race against John Deaton, a prominent lawyer known for his support of XRP.
Other pro-crypto victories include Zach Nunn in Iowa’s 3rd Congressional District and moderately supportive Democrat Angela Alsobrooks in Maryland’s Senate race.
Republicans Eric Hovde (Wisconsin) and Mike Rogers (Michigan) are also leading in their respective Senate races.
Simultaneously, the presidential race holds significant implications for the crypto industry.
Donald Trump’s current lead adds to the positive momentum, as a Trump administration is expected to further support crypto-friendly policies.
A combined victory for Trump and the pro-crypto Congressional candidates could create a highly favorable legislative environment for the industry over the next four years.
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