The United States has always faced issues with regard to clarity in the cryptocurrency industry. But things could be taking a new turn following election night. The nation has helped re-elect former President Trump, who will become the 47th president of the country, and has elected more than 250 pro-crypto candidates for the Congress.
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How Will This Aid The Cryptocurrency Industry?
Regulations that encourage innovation may result from a Republican-led Senate and a pro-crypto presidential administration. Europe has been inching closer to enacting its full regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) law, by the end of 2024. With the latest change in Congress, the United States might take over as a leader in the cryptocurrency industry. Chris Giancarlo, former chairman of the Commodity Futures Trading Commission said,
“President Trump’s win is particularly advantageous for crypto. This is now about the return of innovation in America and a return to the American spirit and imagination.”
The cryptocurrency industry has reportedly put in quite some effort for this outcome. To sway important House and Senate elections in favor of pro-crypto candidates like Republican Bernie Moreno and Sherrod Brown in Ohio and turn the blue seat red for the first time in almost eighteen years, the cryptocurrency industry spent well over $200 million.
About 10% of the projected $400 million in ad advertising in the Ohio Senate election came from cryptocurrency donations. This was made to the political action organization Defend American Jobs (DAJ), which spent more than $40 million on advertisements in favor of Moreno.
With a $3 million ad campaign in favor of Republican Governor Jim Justice, the DAJ PAC, an offshoot of the biggest pro-crypto super PAC Fairshake, also contributed to the reddening of former Democratic Senator Joe Manchin’s lost West Virginia seat.
The cryptocurrency community is over the moon and expects better regulations in the future. Brian Armstrong, the CEO of Coinbase took to X and said,
“Tonight the crypto voter has spoken decisively – across party lines and in key races across the country. Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it.“
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A Look Into The Blue
Despite the significant investment by the cryptocurrency industry, voters from states did not budge. Republicans John Deaton, a well-known crypto supporter who received over $2 million from the industry, was defeated by Massachusetts voters who stuck with their anti-crypto senator Elizabeth Warren. It should be noted that she was re-elected Tuesday to a third term.
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