Crypto-friendly candidates won a landslide victory in the 2024 US election, securing 262 seats in Congress. Approximately $206 million was poured into crypto-related campaign efforts.
The 2024 US election witnessed the powerful resurgence of crypto-friendly candidates, marking a potential turning point for the industry.
Data from Coinbase's "Stand With Crypto" (SWC) website shows that 262 crypto-friendly candidates won Congressional seats, including 247 in the House and 15 in the Senate, far exceeding the 123 candidates who opposed or remained neutral on crypto. This result reflects the growing influence of the crypto community in US politics.
The most notable victory was that of Bernie Moreno, a Republican candidate in Ohio, who defeated incumbent Democratic Senator Sherrod Brown. This race was considered one of the most expensive, with over $500 million spent on campaign advertising. Moreno received over 2.8 million votes, accounting for 50.2% of the total, while Brown garnered 46.4% with 2.5 million votes.
Fairshake, a crypto-supporting Political Action Committee (PAC), contributed around $40 million to Moreno's campaign. Fairshake's main sponsors include Coinbase, Ripple Labs, and Andreessen Horowitz founders.
Impact on the Future of Crypto
Moreno's victory is significant because Senator Brown was known for his hardline stance on crypto and had close ties with Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), who has been central to the crypto crackdowns in the US. Moreno's replacement of Brown is expected to create a more favorable legal environment for the crypto industry's development.
Beyond Ohio, crypto-friendly candidates are also leading or closely competing in several other states. In Montana, Tim Sheehy, a crypto supporter, is ahead of Jon Tester, a candidate with a neutral stance on crypto. In Pennsylvania and Wisconsin, the races between crypto-friendly and neutral candidates are highly competitive. These results indicate a growing pro-crypto trend across the United States.
However, not all crypto-friendly candidates were victorious. In Massachusetts, Democratic Senator Elizabeth Warren, a fierce critic of crypto, was re-elected after defeating John Deaton, a prominent crypto lawyer and representative of XRP investors in their lawsuit against the SEC. This outcome suggests that there are still significant challenges to the widespread acceptance of crypto in the political sphere.
In total, crypto advocates spent approximately $206 million on 2024 campaign efforts, with $204 million going to Fairshake and nearly $3 million to SWC. This figure reflects the crypto community's strong investment in lobbying and influencing policy.
