The U.S. cryptocurrency industry is basking in the glow of sweeping political victories following the re-election of Donald Trump as the 47th President of the United States and significant Republican gains in Congress.
These results kicked off what some are calling the “most pro-crypto Congress ever,” signaling a potential turning point for the country’s digital asset landscape.
According to data from Stand With Crypto, an advocacy group launched by Coinbase, 247 pro-crypto candidates were elected in the House of Representatives, while 113 known opponents were elected. The Senate was similarly pro-crypto with 15 supporters and 10 detractors.
President Trump’s win, combined with Republican control of both the House and Senate, has fueled hopes for sweeping, industry-friendly regulatory changes, with analysts and insiders predicting a smoother path for legislation that supports innovation and economic growth in the cryptocurrency sector.
Coinbase CEO Brian Armstrong called the election result a turning point, tweeting, “Welcome to the new members of America’s most pro-crypto Congress ever.”
A significant victory for crypto advocates was the ouster of Senator Sherrod Brown, the outgoing chairman of the Senate Banking Committee and a vocal critic of digital assets. His defeat by Republican Bernie Moreno came after a record $40 million pro-crypto campaign led by Fairshake. Armstrong cited Brown’s loss as proof that “being anti-crypto is just bad politics.”
President Trump campaigned as a champion of the crypto industry, promising policies aimed at supporting digital finance. Trump’s election platform included creating a national Bitcoin reserve, supporting US-based mining operations, and resisting the implementation of a central bank digital currency (CBDC). Gasp CEO Peter Kris underlined Trump’s crypto-friendly stance, saying: “A Trump victory could lead to clearer regulations that would provide a safer environment for institutional investors to engage with the industry. This could mean less regulatory scrutiny and a more pro-business approach.”
Despite these gains, challenges remain. Senator Elizabeth Warren, a longtime advocate of stricter crypto regulation, successfully defended her seat against Republican challenger John Deaton, who has significant industry support. Warren’s victory leaves Congress with a strong, dissenting voice advocating for stricter oversight.
Market volatility could increase in the days following the election, potentially sending Bitcoin higher as investors seek safe-haven assets amid financial uncertainty, Bitfinex analysts said. They noted that political shifts often impact demand and crypto markets have historically responded to such turbulence.
*This is not investment advice.
