- Donald Trump’s re-election, alongside a pro-crypto Congress, bolsters hopes for favorable crypto legislation.
- Key election victories in the House and Senate are seen as a step toward ending the “crypto crackdown.
- Industry insiders are optimistic about Trump’s pledge to protect Bitcoin and oppose central bank digital currency (CBDC).
The U.S. crypto industry is celebrating significant political gains following Donald Trump’s re-election as president and Republican victories in Congress. Trump’s second term has excited industry leaders who see a pathway toward more favorable regulations, thanks to a Congress with majorities in both the Senate and the House.
Coinbase’s advocacy group, Stand With Crypto, reported that 247 pro-crypto candidates secured seats in the House of Representatives, surpassing anti-crypto members significantly. The Senate follows a similar pattern, with a pro-crypto majority of 15 against 10 opponents, marking an unprecedented opportunity for the sector.
A Pro-Crypto Congress Offers Legislative Promise
The newly elected Congress is anticipated to lead efforts for clear, supportive crypto legislation, addressing the regulatory uncertainty that has challenged the industry. The House, with its broader representation, traditionally initiates legislation, while the Senate often acts as a moderating force. With both chambers now leaning pro-crypto, industry advocates believe regulatory pathways could become smoother, signaling fewer regulatory hurdles for U.S.-based crypto firms.
A key victory for crypto lobbyists was the defeat of Sen. Sherrod Brown, a prominent crypto critic and head of the Senate Banking Committee. Brown lost his seat to Republican Bernie Moreno, backed by a $40 million pro-crypto campaign from Fairshake. Coinbase CEO Brian Armstrong highlighted Brown’s defeat as a reminder that being anti-crypto could be politically risky, noting the widespread industry support that fueled Moreno’s campaign.
Trump Pledges to Protect Bitcoin and Resist CBDC
Trump’s campaign championed a pro-crypto agenda, pledging support for Bitcoin, U.S.-based mining, and resistance to a central bank digital currency (CBDC). In his campaign, Trump argued that crypto represents economic freedom and innovation, vowing to eliminate restrictions imposed by the previous administration. A draft of the Republican Party platform, released days before the election, echoes these commitments, framing the Democratic approach as “unlawful and un-American” and vowing to end what Republicans term the “crypto crackdown.”
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