Preliminary results of the U.S. Congressional elections show that more than 250 candidates who support the digital asset sector have made it into the new legislature.

As FOX Business reports, the elections were held simultaneously with the presidential election, won by Donald Trump. Journalists note that representatives of the digital asset industry donated more than $200 million to pro-cryptocurrency candidates, which is a record amount.

Some crypto supporters could bypass experienced legislators who have been in Congress for many years. For example, in Ohio, Republican Bernie Moreno defeated Democrat Sherrod Brown, who had been in Congress for 18 years. In Pennsylvania, votes are still being counted in the standoff between Bitcoin (BTC) supporter Dave McCormick and Democrat Bob Casey.

Other pro-crypto winners include Jim Justice (West Virginia), Jim Banks (Indiana), Kirsten Gillibrand (New York), and Ted Cruz (Texas). Financial support from industry insiders also helped achieve success in Arizona, California, Colorado, Iowa, Michigan, and Virginia.

Experts point out that most of the latest members of Congress who support digital assets are Republicans, who traditionally advocate for the rapid integration of cryptocurrencies into the country’s financial system. Representatives of the crypto sector continue to discuss Trump’s victory, confident that his return to the White House could lead to a “golden age” for the industry.

The most vivid pro-crypto politicians: Who are they?

Bernie Moren

Republican Bernie Moreno has won in the Ohio Senate race, unseating incumbent Democrat Sherrod Brown. Moreno, a car dealer and blockchain entrepreneur, defeated Brown, who is critical of cryptocurrency and chairs the Senate Banking Committee.

Moreno, born in Bogota, Colombia, is a cryptocurrency advocate and a frequent speaker at industry conferences. In 2018, he co-founded ChampTitles, a company aimed at simplifying the process of obtaining car titles. He recently sold his stake in the company.

The political action committee (PAC) Fairshake has poured nearly $40 million into the campaign against Brown, an ally of the Securities and Exchange Commission (SEC) Chairman Gary Gensler, which has been vocal in its opposition to the crypto sector. Fairshake’s backers include Coinbase Global and Ripple Labs.

Moreno has also clashed with Elizabeth Warren, one of the Senate’s most prominent cryptocurrency opponents.

Coinbase CEO Brian Armstrong commented on Moreno’s victory and announced the creation of the most pro-crypto Congress in U.S. history:

“Welcome to America’s most pro-crypto Congress ever.”

Brian Armstrong, Coinbase CEO

Jim Justice

West Virginia Governor Jim Justice has successfully captured the Senate seat previously held by Democrat Joe Manchin.

Justice has received strong support from the pro-crypto super PAC Defend American Jobs, contributing $3 million to his campaign. Armstrong also backed the candidate with a $3,300 donation, praising his commitment to digital assets.

Justice, a former Democrat, switched parties in 2017 and has openly supported Donald Trump, calling him a close friend and pointing out the severe problems the country faces without his leadership. Justice has supported blockchain, artificial intelligence, and other cutting-edge technologies in line with Trump’s stance on cryptocurrency.

During his campaign, Justice campaigned against central bank digital currencies (CBDC) and emphasized the importance of precise regulation of cryptocurrencies. On his campaign website, he focused on creating a secure digital market to protect American investors and promote digital asset innovation and job creation.

Ted Cruz

Longtime U.S. Senator Ted Cruz is a vocal supporter of cryptocurrencies. He has spoken out publicly in defense of the market. In 2021, he opposed a crypto tax as part of an infrastructure bill to raise about $28 billion over a decade. Cruz also proposed allowing merchants and businesses in Washington to accept crypto payments.

He is also against a digital dollar, emphasizing that U.S. digital currency policy should protect user privacy, maintain dollar dominance, and encourage innovation. Cruz points out that, unlike decentralized cryptocurrencies such as Bitcoin, a digital dollar could lead to control over citizens’ private transactions.

How crypto giants funded the U.S. elections?

The crypto industry actively funds the U.S. elections, donating over $200 million to various political committees, candidates, and organizations. This significant funding underscores the sector’s influence on the 2024 elections.

Trump’s campaign has received support from prominent players in the crypto industry. Elon Musk, one of the world’s richest man, is a significant donor to Trump’s campaign and the sole donor to America PAC. From July to September, the committee spent $72 million to support Trump, underscoring its commitment to the Republican agenda.

Vice President Kamala Harris, meanwhile, has also received support from influential figures in the crypto industry. Ripple co-founder Chris Larsen led her donor list with a massive $11.7 million contribution. Other supporters have also focused on her, including tech investor Vinod Khosla with a $1 million donation and early Coinbase investor Reid Hoffman with a $250,000 contribution.

The rise of crypto donations became a significant factor in the 2024 presidential election, highlighting the industry’s interest in shaping regulation. These financial infusions could impact the candidates’ campaigns and crypto regulation policy moving forward as the election approaches, and both sides could benefit from the crypto industry’s support.

As analysts predict Bitcoin could reach $250K, how might Trump’s promises influence this potential? What should you be watching for in the coming months?

Trump triumphs

Donald Trump is back in the Oval Office, officially winning the 2024 U.S. presidential election as the 47th president. After a high-energy election night celebration at Mar-a-Lago with guests including Elon Musk and Robert F. Kennedy Jr., digital asset markets surged in response.

Bitcoin (BTC) rocketed past $75,000, reaching a fresh all-time high, while crypto-linked stocks like Coinbase and MicroStrategy saw strong after-hours gains.

For crypto supporters, Trump’ win signals more than just another GOP presidency, especially as he has made bold commitments to protect crypto, a notable departure from the past, when Trump’ stance on digital assets was anything but warm.

Moreover, with Trump’ Republican allies securing a Senate majority, the path is now open for the policies he hinted at throughout his campaign—policies that could reshape the future of crypto in both the U.S. and globally.

So, what promises has he made, and what should we expect from his term? Let’s find out.

Trump’s promises to the crypto industry

Bold vision for a national crypto stockpile

One of Trump’ biggest promises to the crypto world is to create what he calls a “strategic national crypto stockpile.” In simple terms, Trump aims to prevent the government from auctioning off seized Bitcoin, instead holding onto it as a national asset.

Trump believes that, just as countries hold reserves of gold or oil, the U.S. should secure a portion of Bitcoin to hedge against future financial uncertainties.

Currently, the U.S. government often auctions off Bitcoin seized from criminal cases, such as after the Bitfinex hack, but Trump has suggested putting a halt to these sales.

This promise is crucial, given that the U.S. Marshals Service has regularly auctioned Bitcoin holdings, sometimes causing temporary market dips. Earlier this year, Germany’s sale of hundreds of millions in seized Bitcoin led to similar price swings.

While Trump hasn’t provided a concrete plan for how this reserve would be managed, some view it as a step toward positioning the U.S. as a global crypto leader.

Creating a strategic Bitcoin reserve

One of Trump’ more intriguing promises is to establish a “strategic Bitcoin reserve” for the U.S. His idea is to retain Bitcoin seized from criminal activities, rather than auctioning it off, to gradually build a substantial national Bitcoin reserve.

This proposal gained further traction when Senator Cynthia Lummis introduced a bill to create a “Bitcoin strategic reserve,” aiming to accumulate one million BTC over five years as a hedge against the national debt.

If realized, this reserve could signal a shift in the U.S. approach to crypto, positioning Bitcoin as a strategic asset on par with gold or foreign currency reserves.

Promise to fire SEC Chair Gary Gensler “on day one”

Trump has also set his sights on the U.S. Securities and Exchange Commission, pledging to fire its current chair, Gary Gensler, on his first day in office.

Appointed by President Joe Biden, Gensler has led an aggressive crackdown on the crypto industry, initiating over 100 enforcement actions against crypto companies for alleged securities violations since he 

Gensler’ stance — that much of the crypto industry falls under SEC jurisdiction — has sparked frustration among industry players, who argue they need clearer guidelines, not constant lawsuits.

However, Trump’ promise may not be as straightforward to execute. While the president can appoint the SEC chair, dismissing one requires valid grounds, like neglect or inefficiency, due to the SEC’ independent status.

Legal experts caution that firing Gensler “on day one” could prompt a lengthy review and may not happen as swiftly as Trump suggests.

Still, if Trump does manage to appoint a new SEC chair, it could mark a shift toward more crypto-friendly policies — though how much freedom the new leadership would truly have remains uncertain.

A national push for Bitcoin mining

Another bold promise from Trump is his call to ensure that all remaining Bitcoin is mined within the U.S. He envisions Bitcoin mining as “Made in the USA,” aiming to establish America as a global hub for the industry.

This vision was echoed during a private Mar-a-Lago meeting with key figures in U.S. crypto mining, including executives from major companies like Riot Platforms, Marathon Digital, and Core Scientific.

Trump’ goal aligns with his broader agenda of “energy dominance” for the U.S., believing that Bitcoin mining could boost energy production and decrease reliance on foreign energy sources.

However, the path to this goal is challenging. Bitcoin mining is decentralized by nature, relying on thousands of miners across the globe. Centralizing it within one country would contradict the decentralized ethos on which Bitcoin was built.

Moreover, about 90% of Bitcoin’ total supply has already been mined, leaving only a small yet symbolically significant portion — around 10% — that Trump hopes to bring under U.S. control.

Stopping the central bank digital currency development

Trump has also pledged to block any progress toward a central bank digital currency in the U.S. He made his stance clear: “There will never be a CBDC while I’m president”, citing that CBDCs pose a potential threat to financial privacy.

Unlike decentralized cryptocurrencies like Bitcoin, a CBDC would be fully controlled by the government, potentially allowing for extensive surveillance of citizens’ transactions.

Trump’ position aligns with other Republican leaders, such as Ron DeSantis, who recently signed a bill in Florida to limit CBDC use within the state.

Opposition to CBDCs is also building in Congress. Representative Tom Emmer introduced the CBDC Anti-Surveillance State Act, aiming to prevent the Federal Reserve from issuing a CBDC without congressional approval.

The right to self-custody

Trump has also pledged to enshrine self-custody rights for crypto users into federal law, reinforcing the principle that “not your keys, not your coins” should be protected by the U.S. government.

Self-custody allows crypto holders to manage their private keys independently, ensuring they fully control their digital assets without relying on third parties like exchanges.

This promise aligns with recent legislative efforts by Republican Senator Ted Budd, who introduced the Keep Your Coins Act in 2023. The bill aims to safeguard Americans’ ability to transact with self-hosted crypto wallets, making it harder for regulators to impose restrictions on self-custody.

However, the proposal has sparked debate. Critics argue that self-custody could enable bad actors to evade anti-money laundering regulations, a concern highlighted by Senator Elizabeth Warren’ 2022 Digital Asset Anti-Money Laundering Act, which advocates for tighter controls.

While the crypto community largely views self-custody as an essential right, questions remain about how such laws might affect the balance between personal freedom and regulatory oversight.

A crypto-friendly advisory council

One of Trump’ more structural promises is to establish a dedicated “crypto advisory council” to guide his administration’s approach to crypto policy.

The goal of this council would be to create clear, industry-friendly regulations that support crypto growth rather than stifle it. 

As Trump puts it, he wants “the rules to be written by people who love your industry, not hate it,” ensuring that crypto policies reflect a deep understanding of the industry’s needs and challenges.

Many industry insiders have voiced concerns that current regulations lack clarity, making it difficult for companies to operate within legal boundaries.

However, setting up such a council presents its own challenges, such as ensuring a diversity of perspectives and maintaining unbiased oversight.

Commuting Ross Ulbricht’s sentence

In a more controversial promise, Trump has vowed to commute the sentence of Ross Ulbricht, founder of the Silk Road marketplace.

Ulbricht, a first-time nonviolent offender, received a double life sentence plus 40 years without parole—a punishment many view as excessively harsh. Silk Road, the darknet marketplace he created, facilitated the trade of illegal goods, from drugs to weapons, with Bitcoin as the primary currency.

Ulbricht’ case has become a rallying point within the crypto and libertarian communities, where advocates argue that his sentence was disproportionate to the nature of his crime.

Critics, however, contend that his involvement in Silk Road fueled illegal activities and harmed individuals, making any consideration of leniency a sensitive issue.

What to expect from Trump’s crypto term

Recent tweets from crypto analysts reflect a mood of optimism as Trump’ presidency begins.

Michaël van de Poppe, a prominent crypto analyst, describes the current state of crypto as the end of the “longest and heaviest Altcoin bear market.” 

Ripple has thrown millions behind Kamala Harris. What’s the real agenda here? Is this about politics, or is Ripple gearing up for something bigger with XRP?

Ripple’s split personality hits

Ripple, the blockchain giant behind XRP, has always been in the spotlight for something or the other. Lately, though, it seems Ripple is stepping up its political game, especially with some eye-catching statements from its CEO, Brad Garlinghouse.

During the D.C. Fintech Week event, Garlinghouse gave a rare nod to Democratic presidential candidate Kamala Harris, praising her approach to digital assets. He even went as far as calling her stance on crypto “most constructive.”

Now, this raises some eyebrows, considering Ripple’s historical neutrality in U.S. elections and its rocky relationship with the U.S. regulators.

But Garlinghouse’s comments come at an interesting time—one where Ripple is eyeing the possibility of an XRP ETF and dealing with the aftershocks of its longstanding legal battle with the U.S. SEC under a Democratic administration.

So, why the shift towards Harris, and what could it mean for Ripple’s future? Let’s take a look at Ripple’s political donations, the company’s hopes for an XRP ETF, and the drama surrounding it all.

Ripple’s political pivot

Traditionally, Ripple hasn’t exactly been best friends with the Democratic Party, especially considering the $1.3 billion lawsuit it faced from the SEC under President Biden’s administration in 2020.

Yet, here we are in 2024, watching Ripple CEO and co-founder Chris Larsen make bold statements and donations supporting Democratic presidential candidate Harris.

Garlinghouse, while still maintaining Ripple’s neutral stance on the election, described Harris as “pro-technology” and praised her connections to Silicon Valley.

He even suggested that either a Harris or Trump win would benefit the crypto industry, a notable contrast to his harsh criticism of the current Biden-led administration’s approach.

But the real drama unfolded when Chris Larsen donated a whopping $10 million in XRP to Harris’ campaign, following an earlier donation of $1 million. This came after Trump had been heavily courting crypto supporters, making Larsen’s move even more surprising.

Nic Carter, a well-known crypto venture capitalist, expressed his confusion on Twitter, calling the donation “completely baffling.” After all, many in the industry see Trump as more of a crypto champion, given his vocal support for digital assets.