30s Summary

The 2024 US election has seen substantial involvement from crypto-aligned political action committees (PACs), with over $200 million in support for their preferred candidates. CoinDesk is actively covering all major developments, including key races too close to call, potential shifts of Congressional power, and the successor to Congressman Patrick McHenry as the House Financial Services Committee chairman. Moreover, crypto-based prediction markets currently indicate a likely win for Trump, especially on Polymarket where he is leading with 23.4 points at 61.7%. CoinDesk will continue to provide updates throughout the election.

Full Article

The 2024 US election results have got the American cryptocurrency industry buzzing, and everyone is on their toes, waiting for the verdict. This election has seen a massive $200 million support from crypto-aligned political action committees (PACs) for their favored candidates. It’s all very exciting, but some of the biggest races are still too close to call confidently.

Trust us at CoinDesk to keep you updated during the election period, whether it takes a day or more. We’re covering everything you need to know – major race alerts, crypto market commentary, and more. The most important contest is of course the US Presidential election, which sees both Kamala Harris and Donald Trump vying for the top spot.

When it comes to polls, the first ones will be closing on the east coast at 7 pm EST. But due to the neck-to-neck nature of some of the races, it may take a while before we know the final results. We’ll also be keeping an eye on key lawmakers vying for reelection, including Sherrod Brown, Elizabeth Warren, Jon Tester, and Debra Fischer.

All eyes are on Congress too. Republicans are tipped to regain Senate majority, while Democrats are expected to bounce back with the House of Representatives’ controlling power.

There’s also much curiosity over who will succeed retiring Congressman Patrick McHenry as the chairman of the influential House Financial Services Committee, with several Republican lawmakers running for the role. PACs like Fairshake super PAC, Defend American Jobs, and Protect Progress have strongly backed a number of candidates across the House and Senate.

Prediction markets like Polymarket, a crypto-based betting site, are on our radar too. For some months now, these markets have been indicating a Trump win, although his odds are higher on Polymarket compared to US-regulated exchange Kalshi and other platforms. Currently, Trump is leading with 23.4 points at 61.7% on Polymarket, and an aggregate of eight prediction markets gives him a modest lead with 16 points at 58.1%.

Stay tuned for more updates as the US elections 2024 unfolds.