As the vote counting begins across the United States, the Crypto community is closely watching the races beyond the race for the White House.
The tense confrontation between Kamala Harris and Donald Trump has dominated the election season's discourse, but all 435 seats in the House and 34 of the 100 seats in the Senate are also up for grabs.
The new 119th Congress elected today will not officially take office until January, but they may play a crucial role in passing Crypto-related bills currently stalled in the House and Senate if they are not passed during the "lame-duck" session.
Crypto is not the top priority for most voters — the economy and immigration occupy that position — but the local industry has spent around $240 million to support candidates in all three races.
According to the lobbying arm of the U.S. Crypto exchange Coinbase, Stand With Crypto (SWC), these are some of the "key" Senate races the Crypto community is watching.
Ohio: Brown vs Moreno
Republican candidate and Crypto supporter Bernie Moreno is hoping to unseat incumbent Democratic Senator Sherrod Brown, who chairs the Senate Banking Committee — crucial in drafting regulations for the industry.
Brown is rated as "strongly anti-Crypto" by SWC due to his anti-Crypto statements. Meanwhile, Moreno has founded blockchain companies like Ownum and Champ Titles and has long planned to turn Cleveland into a hub for blockchain and Crypto companies.
Dinosaur politicians like Sherrod Brown and Joe Biden have no understanding of Crypto and are completely unqualified to regulate it. They are obsessed with destroying Crypto because they hate American innovation.
I will lead the fight to protect Crypto in the U.S. Senate. pic.twitter.com/yiZvv3OiGl
— Bernie Moreno (@berniemoreno) June 29, 2024
Moreno has promised to provide "regulatory certainty" for Crypto, but his campaign website does not mention digital assets. He has received over $40 million in support from the GOP-affiliated PAC Defend American Jobs, which mainly backs Republican candidates.
The latest polls on November 3 show the race between Brown and Moreno is very close.
Massachusetts: Warren vs Deaton
Prominent Democratic Senator and Crypto critic Elizabeth Warren has faced off against Republican John Deaton — a renowned Crypto lawyer who has defended the interests of XRP Token holders in Ripple's legal battle with the Securities and Exchange Commission.
Deaton has received significant support from the Crypto community, with $2 million in funding from Gemini co-founders Tyler and Cameron Winklevoss and Ripple.
But the Associated Press called Warren's re-election around 1 AM UTC on November 6 — the polls showed Deaton as a long shot, with the latest on November 1 giving Warren 60% of the vote compared to 37% for him.
AP called the race when less than 1% of the votes had been counted, suggesting they felt Deaton never had a real chance. Source: The New York Times
Montana: Tester vs Sheehy
Incumbent Democratic Senator Jon Tester is rated as neutral on Crypto by SWC, but he has called Crypto "bullshit" and said there is no reason for it to exist — however, his position on the Senate Banking Committee is a key reason why the industry wants to unseat him.
So Crypto-supporting GOP challenger Tim Sheehy has stepped in, calling Crypto "the future of finance and the internet" and promising to ban a potential central bank digital currency (CBDC).
1 in 5 Americans own Crypto. Crypto represents the future of finance and the internet, and thousands of jobs for America. @JonTester on the other hand has called it "bulls**t" and joined with Joe Biden in trying to KILL IT and disable Crypto innovators. Montana deserves better.
— Tim Sheehy (@SheehyforMT) June 4, 2024
He is leading Tester by 11 percentage points according to the polls on November 3.
Pennsylvania: Casey vs McCormick
Pennsylvania has drawn attention as a key battleground to win the presidential election with its 19 electoral votes, but the Senate race here is also seen as crucial for Crypto.
Incumbent Democratic Senator Bob Casey Jr., rated as neutral on Crypto by SWC, has previously voted against the SEC's anti-Crypto banking guidance but supported the 2023 Digital Asset Anti-Money Laundering Act, which the industry sees as anti-Crypto.
Casey Jr. holds a seat on the Senate Finance Committee — another key group that can influence Crypto legislation — and is facing off against Republican Dave McCormick, who has written an op-ed arguing that the U.S. "must lead" on Crypto and has been endorsed by Coinbase CEO Brian Armstrong.
Polls from November 3 show a tight race, with Casey leading by only 3 percentage points.
Wisconsin: Baldwin vs Hovde
Another close race is for the Wisconsin Senate seat, with GOP challenger Eric Hovde trying to unseat Democratic Senator Tammy Baldwin.
Polls from November 3 show the two are nearly tied, with Baldwin leading by just 1 percentage point.
SWC lists Hovde as "somewhat" pro-Crypto, giving him half a point for a statement where he supports DeFi and sees BTC as "an asset for the future" but does not support "the thousands of other worthless coins being created."
However, the industry may see him as a better choice in the Senate than Baldwin, who has voted against the SEC's anti-Crypto banking guidance mentioned earlier.
At the time of writing, the vote counting process for most Congressional races is still ongoing, and it may take a few days to get the final results due to the number of close races.
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