The cryptocurrency industry had a significant presence in the recent U.S. elections, investing $131 million in pro-crypto candidates’ campaigns to reshape the environment of their industry. With a significant number of pro-crypto lawmakers elected, industry leaders are hopeful their interests will be more favorably considered, such as replacing the current Securities and Exchange Commission chair with a more crypto-friendly individual.
The Stand with Crypto tracker supports the industry’s optimism, showing 274 pro-crypto candidates elected to the House and 20 to the Senate. Key Democrats, such as Elissa Slotkin in Michigan and Ruben Gallego in Arizona, were among those financially backed by crypto super PACs.
This highlights a remarkable comeback for the industry after the FTX crypto exchange debacle two years ago led lawmakers to distance themselves from related campaign donations. Today, Bitcoin’s record heights following the elections reflect anticipation of more industry-friendly policies.
The regulations Washington imposes on the crypto industry hold far-reaching implications for both the sector and the 52 million Americans with digital assets. Blockchain Association’s CEO Kristin Smith tells CNN this is the most pro-crypto Congress ever elected, signaling a new political force. Smith mentions crypto industry’s interactions with the transition team to recommend personnel picks and policy preferences.
Top choices for SEC chair include former SEC commissioner Dan Gallagher, now Robinhood’s chief legal officer overseeing crypto transactions, and former commissioner Paul Atkins who is currently a financial services consultant and a part of the Token Alliance’s advisory board. Other proposed changes include a potential White House czar responsible for streamlining cryptocurrency policy across government agencies.