Pro-crypto candidates dominate US House, Senate amid bull run

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As a seasoned analyst with over two decades in the financial industry, I find myself increasingly captivated by the surge of pro-crypto candidates in the U.S. Congress and the subsequent impact on the crypto market. Having witnessed the rise and fall of numerous technological trends, I can confidently say that this shift represents a significant turning point for digital assets.

Candidates who support cryptocurrencies are taking the lead over those who are not, in the elections for the U.S. Senate and House of Representatives, as the cryptocurrency market experiences a surge.

Based on information from Stand With Crypto, it appears that 226 pro-cryptocurrency representatives were elected to the U.S. House of Representatives, while 14 such candidates secured their seats in the U.S. Senate.

As an analyst, I find it noteworthy that the number of political figures elected to the House and Senate who express opposition towards cryptocurrency remains comparatively low, with only 106 in the House and 9 in the Senate. Among these, I should mention Elizabeth Warren, the Democratic Senator from Massachusetts, who has made a total of 83 anti-crypto statements, according to data from Stand With Crypto.

In the recent election, victorious candidates included Republican Senator Bernie Moreno, who ran his campaign in Ohio advocating strongly for cryptocurrencies, successfully overcoming anti-cryptocurrency candidate Sherrod Brown.

Brian Armstrong, the co-founder and CEO of Coinbase, expressed firm backing for pro-cryptocurrency voters and candidates in X. He expressed his eagerness to collaborate with the “new Congress” to advance this cause.

Tonight, a significant number of pro-cryptocurrency representatives, totaling over 219, have been elected to both the House and Senate, making this Congress possibly the most supportive of cryptocurrencies yet. This election outcome reflects the strong voice of the cryptocurrency voter, whose influence was evident in races nationwide, cutting across party lines.

— Brian Armstrong (@brian_armstrong) November 6, 2024

A significant number of Americans are particularly interested in cryptocurrencies, and they seek transparent guidelines when it comes to managing digital assets.

Armstrong said in his X post.

It’s likely that a handful of additional political figures with pro-cryptocurrency views will join the ranks, given that politicians in Arizona, Michigan, and Nevada have shown strong backing for digital assets in their respective elections.

Bullish elections

The U.S. presidential elections have turned in Republican candidate Donald Trump’s favor so far. 

Based on a recent article from crypto news sources, there’s a 96.5% chance that Donald Trump will be elected as the next President of the United States, according to predictions on Polymarket. If he wins, Trump has publicly stated that one of his first actions in office would be to dismiss Gary Gensler, who currently serves as chair of the Securities and Exchange Commission.

The strong backing given by the GOP candidate for the crypto industry has sparked a widespread optimism among market participants, driving a general upward trend.

Today, Bitcoin (BTC) scaled a fresh record peak of $75,011. Additionally, the overall value of the global cryptocurrency market climbed to a new pinnacle of approximately $2.57 trillion.

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2024-11-06 10:51