After US Election, Crypto Industry Aims for 2026 Midterms

Here is the English translation: Although the reports may vary and may continue to emerge after all the elections are announced, many experts say that crypto interest groups and political action committees (PACs) have spent more than $100 million through campaign contributions and media buys to support or oppose political candidates in the United States - a strategy that is unlikely to change after 2024. As of November 7, more than 200 candidates running for the House, Senate, and the White House have expressed support for digital assets and blockchain, and have won their 2024 races. Among the major victories that crypto leaders believe will benefit the industry include Republican candidate Donald Trump for the US Presidency and Bernie Moreno for a Senate seat in Ohio. "The race in Ohio really had a big impact and really demonstrated the existing strength of the current crypto lobby," Veronica McGregor, legal director of Exodus, said in an exchange with TinTucBitcoin, adding: "Hundreds of millions of dollars have been poured into these races with a fairly high degree of success [...] This is certainly an overall success for the industry." Crypto companies have prepared for the 2026 midterm elections Just before Election Day on November 5, industry participants seem to have considered ways to further influence US lawmakers and candidates in future races. Ahead of the results announcement call on October 30, Coinbase CEO Brian Armstrong announced that the crypto exchange had contributed an additional $25 million to the Fairshake PAC, one of the biggest spenders in the 2024 elections. Coinbase and payment company Ripple Labs have collectively sent over $90 million to Fairshake and its partners, Defend American Jobs and Protect Progress, for the 2024 races. This PAC has stated that it will help support candidates from both sides who favor crypto-friendly regulation and policies - a strategy that cost Fairshake at least one major Democratic donor in August. "The amount of money the crypto industry is spending in this cycle is unprecedented, and provides a frightening example of influence-buying that should not be repeated," said Lisa Gilbert, co-president of the progressive advocacy group Public Citizen. "The massive spending and its effectiveness have taught other corporate players a completely wrong lesson. We cannot sit idly by and wait for other industries to use the same playbook to buy future elections." While some political initiatives supported by the industry, such as Stand With Crypto, claim that their goal is simply to help elect crypto-friendly lawmakers and not to be partisan, it is clear that the Republican Party may have benefited the most in the 2024 elections. The party has won two seats to potentially control a Senate majority, is likely to install Donald Trump as US President, and may retain control of the House. "[...] You have to be very careful with the Democratic Party if Trump is the crypto supporter," former Trump White House communications director Anthony Scaramucci said in a November 5 interview with Saxo. "There may be a lot of Democrats who are against it just because Trump is for it." 'Regulation by enforcement' changing under crypto-friendly lawmakers? Among the priorities shared by many crypto users and industry leaders is the removal of Gary Gensler, who they believe has taken an inconsistent and seemingly unenforceable approach to regulation as chair of the US Securities and Exchange Commission. Since Gensler was appointed SEC chair in 2021, the agency has filed numerous lawsuits against crypto companies, including Binance, Ripple, and Coinbase. "The crypto industry has been maligned and there is a negative narrative that is unfair," said Stuart Alderoty, general counsel of Ripple, told TinTucBitcoin. "[...] I don't see the industry having any choice other than to show up, and show up very large, to try to reset all of that. And it's been effective, there's no reason to think that's going to stop." Alderoty added: "The investment in the 2024 election process, the industry has done in a big and noticeable way, and I think the return on that investment has proven to be worthwhile, based on the election results." Trump's second term as US President will end in 2029, but House members will take over in January and some Senators will be up for re-election in 2026. Whether crypto companies and leaders will tend to pump money into candidates at that time remains to be seen.