Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the anti and pro-crypto politicians who were elected in the America during the recent election.
Anti and Pro-Crypto Elected
During the recent United States election there was a number of interesting results in terms of politicians who are pro, or anti-cryptocurrency. Much has been made of Donald Trump's win in the presidential election and how it will impact crypto, but it was not the only interesting result to emerge during the elections on November 5.
Over a number of months and even years leading members from the crypto industry have been scrutinizing how politicians can approach the issues of digital assets, along with how to regulate them. Groups such as Stand With Crypto gave a grading to influential Democrats and Republicans based on their public statements on crypto and Bitcoin in the past. A large amount of resources were thrown at supporting rival candidates with a more bullish outlook.
As Donald Trump confirmed his return to the White House, a total of 247 pro-crypto candidates were elected to the House of Representatives along with 15 to the Senate. A total of 113 anti-crypto candidates were elected to the House of Representatives, with a total of 10 anti-crypto candidates elected to the Senate.
Most states saw pro-crypto candidates elected according to data from Coinbase’s Stand With Crypto (SWC) website. The outlier states in this data included New Mexico, Alaska, Hawaii, Vermont and Maine at the time of writing. The purple states highlighted below have confirmed pro-crypto candidates elected.
While Congress now boasts a larger number of politicians who are bullish regarding crypto, there are still issues regarding pushing through crypto-literate legislation that’ll benefit firms and consumers alike. Considering an estimated 52 million Americans own crypto this is an issue of grave importance.
Some of the most consequential wins from the election were as follows:
Sherrod Brown v Bernie Moreno
One of the biggest scalps in the election was Ohio Senator Sherrod Brown losing the election and in turn failing to secure a fourth term. The Democrat was the chair of the Senate Banking Committee and has a long standing reputation for standing against any attempt to relax regulations on digital assets. Brown is known to have been fearful of scams and fraud within the crypto space, along with the risk of consumers losing substantial amounts of money. The crypto industry viewed Brown as a roadblock to passing literate legislation that would help the sector innovate and grow.
Bernie Moreno is estimated to have spent $500 million on this race to flip and the blockchain entrepreneur won this seat with 50.2% of the vote. Around $800,000 a day was spent on TV adverts championing Moreno as someone who would protect social security and clamp down on immigration. Moreno has vowed to “lead the fight” for crypto in the corridors of power, arguing that many of the politicians opposing digital assets don’t understand how they work.
Elizabeth Warren v John Deaton
A lot was spent on this key Senate race as lobbyists spent millions of dollars attempting to oust Massachusetts Senator Elizabeth Warren. Given the Senator had a larger amount to spend, she noted in a debate against her Republican rival:
“If John Deaton has a chance to go to Washington, his crypto buddies are going to want a return on their investment. He’s going to fight for crypto.”
Both the Winklevoss twins and Ripple Labs had donated vast amounts of money into a PAC for this race, determined to defeat Warren but she managed to win with a staggering 59.5% of the votes. The vote was down slightly compared to her 60.34% secured in 2018, it shows that her support remains strong. In fact the number of people supporting her rose by around 320,000, and now that she has secured her office she will likely continue her crusade against the crypto industry. She is known for pushing tough measures against the industry with anti-money laundering measures and Know Your Customer checks. She may however find it slightly more difficult now that Sherrod Brown has been lost as an ally.
Tim Sheehy v Jon Tester
It was a big win in Montana as Republican Tim Sheehy managed to flip a Senate seat held by Jon Tester. This was a big win for the crypto industry as Sheehy is vowing to help ban a central bank digital currency from ever being launched in the United States. He is saying this even though the Federal Reserve is not even working on one as of yet. Sheehy also accused Tester of joining Biden's attempt to damage and shut down the crypto sector while de-banking founders. He also highlighted a 2022 interview where Tester described crypto as “bulls***.”
Tammy Baldwin v Eric Hovde
Democratic Senator for Wisconsin Tammy Baldwin strongly opposed cryptocurrency and therefore Stand With Crypto back her Republican rival Eric Hovde. Baldwin had voted against a bill that would have overturned SAB 121 and many critics have claimed this amounted to regulatory overreach by the SEC. Hovde has spoken of his support for DeFi and was also bullish on Bitcoin when he attended the Bitcoin 2024 conference in Nashville. he stated:
“I believe the United States needs to provide a regulatory structure for legitimate actors involved in Bitcoin and Ethereum in this country so that shady people like Sam Bankman-Fried, drug traffickers and scam artists can’t take advantage of consumers. Nor am I supportive of thousands of different junk coins that have no value being created.”
Unfortunately for the cryptocurrency community it was Baldwin who was re-elected by the narrowest of margins, winning with a 49.33% share. She had a mere 25,000 or so votes more than Hovde and reclaimed her place.
Have a great day.
Peace. CryptoGod-1.
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