The 2024 US Presidential election proved to be a critical opportunity for crypto firms, which invested tens of millions of dollars to back candidates who supported more lenient regulations for the sector.
American businessman, politician Bernardo Moreno who is a long time crypto enthusiast secured his win, thanks to a major boost of more than $130 million from the cryptocurrency industry.
The push allowed Republican candidate Moreno to win the Ohio senate race, defeating Democrat Sherrod Brown, who chairs the influential Senate banking committee and has a strict call for crypto firms.
According to a New York Times report, a massive fund was utilized by crypto firms to broadcast ads across Ohio, in an attempt to influence crucial congressional races.
A super political action committee or PAC called Fairshake, along with two affiliated groups, Protect Progress and Defend American Jobs, spent approximately $135 million to support the candidates with a positive view for cryptocurrencies. This funding was backed by crypto companies Coinbase and Ripple, as well as the venture capital firm Andreessen Horowitz, which has supported over 100 crypto startups.
According to the experts, this effort was one of the most aggressive corporate spending sprees in modern political history, and it seems to have produced ground breaking returns.
As per Stand With Crypto, a nonprofit organization that unites global crypto advocates, 261 candidates elected to the House of Representatives supported crypto, while 116 of the chosen candidates opposed it. Similarly, in the senate 17 pro crypto candidates and 12 anti crypto candidates were elected.
It further showed that Tim Sheehy, a Republican candidate with a strong support for crypto, also secured his US Senate win from Montana defeating Jon Tester who has neutral views on the topic.
Paul Grewal, chief legal officer for Coinbase said, “The most important message from last night is that crypto wins,” adding, “We now have the most pro-crypto Congress in history,” quoted the New York Times.
The Biden administration spent years targeting crypto companies for securities law violations which the newly elected US President Donald Trump has promised to end and transform the United States.
It is anticipated that with the arrival of pro crypto candidates in the government, a resolution could be offered to pass legislation that would withdraw the SEC.
The SEC or the US Securities and Exchange Commission, is a government agency focused on protecting investors in crypto markets against cyber-related threats. It is the federal agency that has most aggressively taken legal action against crypto companies.
