The US cryptocurrency industry is celebrating significant victories following Donald Trump’s re-election and a Republican surge in Congress, creating what some are calling the “most pro-crypto Congress ever.”
Data compiled by Stand With Crypto, a crypto advocacy group launched by Coinbase, reveals that 247 pro-crypto candidates secured seats in the House of Representatives, compared to 113 anti-crypto members. The Senate also leans favorably towards crypto, with 15 supporters and 10 opponents.
This pro-crypto majority in both chambers, combined with Trump’s re-election, has sparked optimism about the potential for clear and supportive regulation for the industry. While the House, with its larger and more diverse representation, typically initiates legislation, the Senate, smaller and more conservative, often acts as a moderating force. The alignment of both bodies on crypto issues could pave the way for smoother legislative progress.
Coinbase CEO Brian Armstrong lauded the election results, tweeting, “Welcome to the new members of America’s most pro-crypto Congress ever.”
A major win for crypto lobbyists was the defeat of Senator Sherrod Brown (D-OH), a prominent crypto critic and head of the Senate Banking Committee, by Republican Bernie Moreno. This followed a record-breaking $40 million pro-crypto campaign by Fairshake. Armstrong highlighted Brown’s defeat as evidence that “being anti-crypto is simply bad politics.”
Throughout his campaign, Trump positioned himself as a pro-crypto leader, promising to create a Bitcoin reserve, encourage US-based mining, and oppose a central bank digital currency (CBDC). Prior to the election results, Peter Kris, CEO of Gasp, told Decrypt that a Trump victory could lead to clearer regulation, creating a safer environment for institutional involvement in the industry, potentially reducing regulatory scrutiny and fostering a more pro-business approach.
However, a key figure remains on the opposing side of the crypto debate. Senator Elizabeth Warren (D-MA), a long-time advocate for stricter crypto regulation, won re-election in Massachusetts despite a well-funded challenge from pro-crypto Republican candidate John Deaton, who enjoyed significant industry support.
