30s Summary

The crypto industry’s significant financial backing in recent U.S. elections has boosted its political standing, regardless of the presidential outcome. Crypto sectors spent $169 million on congressional races, ousting crypto-sceptic Senator Sherrod Brown and bringing in new allies. Even if ex-President Donald Trump, who has dubbed himself the “crypto president,” does not return to office, the Senate’s pro-crypto shift ensures a positive legislative environment. Despite political views, candidates supported by the Fairshake PAC—which is largely funded by industry leaders Coinbase, Ripple, and a16z—have mostly succeeded in their races due to their support for crypto-friendly bills.

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The crypto world doesn’t need a president who is chummy with them as much anymore, thanks to some major upcoming changes in Senate. After the recent elections, the Senate is leaning more towards Republicans, who have pledged to support digital assets bills. In particular, Senator Sherrod Brown, an opponent to crypto legislation, has been voted out. He used to chair the Senate Banking Committee but ended up leaving thanks to some hefty spending from crypto sectors.

Believe it or not, the crypto sector had $169 million to dedicate to the U.S. congressional elections and it showed some quick results. They were able to get rid of a senator who stood in the way of their bills and added a bunch of new supporters to Congress.

Even if Former President Donald Trump, who is on the verge of having enough electoral votes to return to the presidency, doesn’t make it, the gains from the election have given digital assets an exceptional edge. He has referred to himself as the “crypto president”, hinting that having him in power could really benefit the crypto industry.

Sherrod Brown’s departure and the subsequent shift of power in the Senate could not have happened without the tens of millions that the crypto industry spent in Ohio, through the Fairshake political action committee. His exit has a double-edged effect, causing the Senate to go red and bringing in Bernie Moreno, a blockchain businessman, as his replacement. Since the Senate was a major obstruction for crypto measures previously, it will be much easier now for legislations to go through smoothly.

Another vital factor making huge strides for crypto is the vast expenditure from their campaign. A total of about $130 million spent this cycle helped bring a huge wave of new supporters to Congress. The PAC, primarily funded by major industry leaders Coinbase, Ripple, and a16z, had a clear strategy – their funds mattered more than the candidates’ political views as long as they supported crypto-friendly bills. This idea seemed to hit bullseye, with over 30 of their 58 chosen candidates winning their respective races.

No matter what goes down with the White House battle, the Senate’s control by a crypto-supportive party will remain unchanged next year. All this change is sure to demonstrate a considerable increase in digital assets in the House of Representatives.