- 250 pro-crypto candidates elected to the House.
- Donald Trump, a crypto advocate, won the presidency.
- The crypto industry used a unique method to back candidates.
Donald Trump’s landslide win in the elections has given the crypto industry a major boost. Bitcoin reached an all-time high on the day of the election, with other altcoins seeing major gains as well.
But the election was not a win for crypto just on the highest level. In Congress, crypto candidates dominated, with a total of 276 elected. This comes after billions of dollars spent by key players in the industry, who used a unique tactic to back their preferred candidates.
Pro-Crypto Candidates See Major Gains in 2024 Elections
The crypto industry has just significantly expanded its influence in Washington. On the November 5 elections, there was a notable increase in pro-crypto candidates, potentially hinting at major policy changes.
Sponsored
For one, the election winner Donald Trump made his pro-crypto stance known during the campaign. Trump holds an A rating from Stand With Crypto Alliance, a non-profit aimed at uniting crypto advocacy. According to the organization, pro-crypto candidates swept the Congress as well.
The organization revealed that 250 pro-crypto candidates were elected to the House of Representatives, while 16 secured Senate seats. This caused major industry players to celebrate, with Coinbase CEO Brian Armstrong claiming this proves that Americans care about crypto.
How Crypto Candidates Swept the Election
For an election with so many pro-crypto winners, crypto was surprisingly not a major issue in the campaign. The well-funded pro-crypto super PACs poured $245 million into election ads that rarely referenced crypto. Instead, they focused on issues that voters gave bigger priority to.
The strategy was simple. PACs like Fairshake and Stand With Crypto Alliance offered campaign support for candidates who would pledge support for crypto. They would support these candidates with ads emphasizing issues higher on the list of priorities, such as jobs and healthcare.
While the strategy was obviously successful, it also suggests that US voters don’t see crypto as a major priority in the election. Instead, the financial power of the crypto industry and lobbying were the biggest factors in pro-crypto candidates winning elections.
On the Flipside
- Crypto super PACs’ strategy of running ads that don’t reference crypto raises questions about election transparency. Voters would likely want to know who is paying for the ads they watch and why.
Why This Matters
The latest election showcases the crypto industry becoming a major player in US politics. However, some of its practices raised concerns about election transparency.
Read more about Trump’s election promises:
Trump Wins US Elections: Here Are His Most Daring Crypto Promises
Read more about the election:
Why Solana Surged After the Shock Trump Victory
