The industry’s aggressive spending strategy, which included a staggering $40 […]
The industry’s aggressive spending strategy, which included a staggering $40 million campaign to unseat Senate Banking Committee Chair Sherrod Brown in Ohio, has resulted in what industry leaders are calling “the most crypto-friendly Congress and administration” in U.S. history. The victory of President-elect Donald Trump, who has pledged to make America “the crypto capital of the planet,” has further bolstered the sector’s prospects.
“This is massive,” said Digital Chamber President Cody Carbone. “What happened Tuesday night was a watershed moment for crypto.”
The market has responded accordingly. Bitcoin surged to an all-time high above $81,000 in the days following the election, while Ether, the second-largest cryptocurrency, rose 28.7% to $3,165. Dogecoin, promoted by Trump ally Elon Musk, experienced an 83% surge. Institutional investors have also shown increased confidence, with BlackRock’s iShares Bitcoin Trust ETF recording $1.1 billion in inflows in a single trading day this week.
The industry’s political strategy, spearheaded by super PACs like Fairshake, targeted both Democratic and Republican candidates who expressed support for cryptocurrency innovation. The results were decisive: 253 pro-crypto candidates won House seats compared to 115 anti-crypto candidates, while in the Senate, 16 pro-crypto candidates secured victories against 12 crypto skeptics.
“The crypto army is striking,” celebrated Tyler Winklevoss, a prominent crypto executive, on social media.
The industry’s success extends beyond individual races. The election results signal a potential overhaul of financial regulations that align with the crypto industry’s priorities, including limiting the Securities and Exchange Commission’s oversight. Trump has already promised to fire SEC Chair Gary Gensler, who led an aggressive crackdown on crypto companies during the Biden administration.
Paul Grewal, chief legal officer at Coinbase, which was a major contributor to the industry’s super PAC, emphasized the significance of the moment: “We now have the most pro-crypto Congress in history.”
The industry isn’t resting on its laurels. Fairshake has already amassed more than $78 million for the 2026 midterm elections, signaling a long-term commitment to maintaining its newfound political influence.
However, some industry representatives remain cautious about overconfidence. “There is an expectation of some of these folks who are not policy people but who wrote some big checks that they’re going to get whatever they want,” said one top crypto lobbyist, speaking on condition of anonymity. “That’s not how it works.”
Despite these concerns, the crypto industry’s political transformation appears complete. From its origins as a libertarian-leaning movement to its current status as a powerful force in Washington, cryptocurrency has emerged as a crucial political constituency – one that both parties will likely court in future elections.
The victory lap comes just two years after the industry’s previous political figurehead, Sam Bankman-Fried, was sentenced to 25 years in prison for fraud, demonstrating the sector’s remarkable resilience and political evolution. With a friendly administration incoming and supportive lawmakers in key positions, the crypto industry appears poised to help shape its own regulatory future.
