Golden age is coming: Over 250 pro-crypto candidates enter Congress

by

As a seasoned researcher with years of experience in following the dynamics of political campaigns and their interplay with emerging technologies like cryptocurrencies, I find myself thoroughly intrigued by the recent U.S. Congressional elections. The influx of more than 250 pro-digital asset sector candidates into the new legislature is a testament to the growing influence of this industry in American politics.

Initial findings from the U.S. Congressional elections indicate over 250 candidates advocating for the digital asset industry have been elected to the upcoming legislature.

According to FOX Business’s report, the elections in question took place concurrently with the presidential election, which was won by Donald Trump. Notably, journalists highlight that contenders backed by the digital asset sector donated over $200 million in support of pro-cryptocurrency candidates, setting a new record for such contributions.

In some instances, political newcomers with a passion for cryptocurrency might outmaneuver long-standing legislators who have served in Congress for numerous years. For example, in Ohio, Bernie Moreno, a Republican, managed to dethrone the 18-year Congress veteran Democrat Sherrod Brown. In Pennsylvania, the tallying of votes continues in the tight race between Dave McCormick, a Bitcoin (BTC) advocate, and the Democratic candidate Bob Casey.

Apart from crypto advocates, individuals like Jim Justice (West Virginia), Jim Banks (Indiana), Kirsten Gillibrand (New York), and Ted Cruz (Texas) have also emerged victorious in their respective states. The financial backing of industry experts played a significant role in securing success in Arizona, California, Colorado, Iowa, Michigan, and Virginia as well.

It’s often noted that many newly elected Congress members who favor digital assets tend to be Republicans, who historically push for swift adoption of cryptocurrencies within the nation’s financial infrastructure. Crypto sector representatives are still debating the potential implications of a Trump presidency return, believing it could usher in a prosperous era for the industry.

The most vivid pro-crypto politicians: Who are they?

Bernie Moren

In the Senate race for Ohio, it was Republican Bernie Moreno who emerged victorious, ousting the sitting Democratic Senator, Sherrod Brown. A car dealer and blockchain innovator, Moreno outmaneuvered Brown, a critic of cryptocurrencies and the chair of the Senate Banking Committee.

Born in Bogota, Colombia, Moreno is a passionate supporter of cryptocurrencies and frequently graces stages at industry events. In the year 2018, he co-created ChampTitles, a business with the mission to streamline the procedure for acquiring car titles. Lately, he has parted ways by selling his shares in the company.

The committee known as Fairshake has contributed almost $40 million towards the campaign opposing Brown, a supporter of SEC Chair Gary Gensler who has been critical of the cryptocurrency industry. Notably, Fairshake’s financial supporters are Coinbase Global and Ripple Labs.

Besides having disagreements with Elizabeth Warren, who is well-known for being among the Senate’s leading critics of cryptocurrencies, Moreno has found himself in conflict as well.

Politicians such as Sherrod Brown and Joe Biden, who have been in politics for a long time, seem to lack fundamental knowledge about cryptocurrency, making them inappropriate candidates for its regulation. Their apparent antagonism towards crypto may stem from their perceived disdain for American technological advancement. I am committed to advocating for the protection of cryptocurrency within the U.S. Senate.

— Bernie Moreno (@berniemoreno) June 29, 2024

In response to Moreno’s victory, Coinbase CEO Brian Armstrong declared the formation of what could be the most crypto-friendly Congress the United States has ever seen.

“Welcome to America’s most pro-crypto Congress ever.”

Brian Armstrong, Coinbase CEO

Jim Justice

Governor Jim Justice from West Virginia has managed to win the Senate position that was formerly occupied by Democrat Joe Manchin.

Justice’s campaign has gained significant backing from the pro-cryptocurrency Political Action Committee (PAC), Defend American Jobs, to the tune of $3 million. Additionally, Armstrong showed his support by contributing $3,300 and commending the candidate for his dedication to digital assets.

Previously a Democrat, Justice changed parties back in 2017 and has since openly endorsed Donald Trump, referring to him as a close confidant and emphasizing the critical challenges the nation encounters without his guidance. In agreement with Trump’s views, Justice advocates for technologies such as blockchain, artificial intelligence, and other advanced innovations, including cryptocurrency.

In the course of his election bid, Justice expressed opposition towards Central Bank Digital Currencies (CBDC), while stressing the need for stringent regulation of cryptocurrencies. On his campaign platform, he highlighted the establishment of a safe and reliable digital marketplace to shield American investors, stimulate growth in digital assets, and foster job opportunities.

— Jim Justice (@JimJusticeWV) November 6, 2024

Ted Cruz

For many years, Senator Ted Cruz from the United States has been an advocate for cryptocurrencies, often expressing his views publicly. In 2021, he voiced opposition to a crypto tax included in an infrastructure bill aiming to generate approximately $28 billion over ten years. Additionally, Senator Cruz suggested that businesses and merchants in Washington D.C. should be allowed to accept cryptocurrency as a form of payment.

Additionally, he voices his opposition towards the concept of a digital dollar. He underscores the importance of U.S. digital currency regulations preserving user privacy, reinforcing the strength of the dollar, and fostering innovation. Cruz underscores that unlike decentralized cryptocurrencies like Bitcoin, a digital dollar might potentially allow for control over individual financial transactions.

How crypto giants funded the U.S. elections?

The crypto industry actively funds the U.S. elections, donating over $200 million to various political committees, candidates, and organizations. This significant funding underscores the sector’s influence on the 2024 elections.

🚨ONE WEEK TO GO: Fresh data reveals that the cryptocurrency sector has given more than $200 million in contributions to numerous Political Action Committees (PACs), candidates, and political groups, as per recent Federal Election Commission (FEC) filings. We’ll share additional insights soon.

— Eleanor Terrett (@EleanorTerrett) October 29, 2024

High-profile individuals from the cryptocurrency sector have shown their backing for Trump’s election bid. Notably, Elon Musk, a multi-billionaire, has made substantial contributions to Trump’s campaign and is the only donor to America PAC. From July through September, this supporting committee disbursed approximately $72 million to advocate for Trump, emphasizing its dedication to advancing the Republican platform.

Simultaneously, Vice President Kamala Harris has garnered backing from notable figures in the cryptocurrency sector. Notably, Ripple co-founder Chris Larsen topped her donors list with a substantial $11.7 million gift. Additionally, tech investor Vinod Khosla and early Coinbase backer Reid Hoffman have also shown their support, contributing $1 million and $250,000 respectively.

In the 2024 presidential election, cryptocurrency donations emerged as a substantial influencing factor, underscoring the sector’s desire to influence legislation. These monetary contributions might shape the candidates’ future campaigns and policies regarding crypto regulation, as the election draws near. Both parties could potentially gain from the crypto industry’s backing.

Read More

2024-11-13 01:52