(Source: CentBit.Online – Crypto & Blockchain Expert Bangladesh)
The 2024 U.S. elections have ushered in what is being called the most pro-crypto Congress to date, with cryptocurrency-focused Political Action Committees (PACs) playing a pivotal role in reshaping the political landscape. Collectively, crypto-related PACs funneled over $245 million into the election cycle, securing a historic level of influence in Washington, D.C.
Bernie Moreno: The New Face of Pro-Crypto Politics
One of the most notable victories was that of Bernie Moreno, a Cleveland-based entrepreneur who defeated Democratic incumbent Sherrod Brown to win a Senate seat.
- Backed by $40 million in campaign contributions from the crypto sector, Moreno’s victory underscores the industry’s growing political clout.
- His startup, Champ Titles, which digitizes vehicle titling and registration, further positioned him as a pro-innovation candidate.
Moreno’s campaign received high-profile endorsements from Coinbase co-founders Brian Armstrong and Fred Ehrsam and Silicon Valley heavyweights like Marc Andreessen and Ben Horowitz.
“Being anti-crypto is simply bad politics,” declared Coinbase CEO Brian Armstrong following Moreno’s decisive win.
Crypto PACs Dominate 2024 Elections
According to the Federal Election Commission, the crypto industry accounted for nearly half of all corporate contributions during the 2024 election cycle.
- Key players like Coinbase were instrumental, with its super PAC Fairshake alone spending over $75 million to back pro-crypto candidates.
- The advocacy group Stand With Crypto Alliance, also spearheaded by Coinbase, strategically graded candidates on their blockchain support, channeling funds toward nearly 300 pro-crypto lawmakers.
Strategic Impact: A Congress Poised for Blockchain Innovation
Unlike traditional lobbying efforts, the crypto industry focused on shaping the electoral outcomes from the ground up:
- Massive ad spending: Fairshake’s campaigns spanned states like Arizona, Michigan, and West Virginia, contributing to the election of both Democratic and Republican candidates.
- Bipartisan influence: The industry supported candidates across party lines, ensuring broad-based legislative backing for crypto-friendly policies.
Fairshake’s financial muscle also impacted high-profile races, such as helping to unseat Democratic Rep. Katie Porter in California’s Senate primary.
By election’s end, Fairshake had already raised $78 million for the 2026 midterms, reflecting the industry’s long-term commitment to political engagement.
High-Profile Donors Fuel the Crypto Lobby
Prominent figures in the crypto and blockchain space played a significant role in financing this political shift:
- Chris Larsen, Ripple co-founder, donated $12 million.
- Cameron and Tyler Winklevoss contributed a combined $10.1 million.
- Other major donors included Kraken CEO Jesse Powell and Solana co-founder Anatoly Yakovenko.
A New Era for Crypto Regulation
The election results signal a potential shift in regulatory dynamics, with President-elect Donald Trump pledging to appoint crypto-friendly regulators.
- Gary Gensler, the outgoing SEC Chair, announced his resignation, clearing the way for a new regulatory approach.
- Trump’s commitment to promoting blockchain innovation aligns with the industry’s goals for reduced enforcement and clearer regulatory guidelines.
Conclusion: Crypto’s Political Power Surge
The 2024 elections mark a turning point for blockchain and cryptocurrency in the U.S., with pro-crypto lawmakers now holding significant influence. Backed by unprecedented funding and strategic advocacy, the crypto sector is positioned to drive legislative and regulatory changes that could reshape the industry’s future.
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