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.” 

There is a noticeable buzz in the crypto community as the US presidential election draws near. Both Democratic and Republican candidates have expressed their intentions to pursue pro-crypto policies, sparking a surge in US political betting.

This is evident in Polymarket’s trading volumes breaking records and surpassing $380 million in July 2024 alone. Moreover, the platform’s monthly user count has grown to nearly 44,000 traders, up from roughly 4,000 in January.

That same summer, during a campaign event at the Fiserv Forum in Milwaukee, Vice President Kamala Harris vowed that if she were the US president-elect, she would “focus on cutting needless bureaucracy and unnecessary regulatory red tape” regarding cryptocurrencies. This rhetoric came against the backdrop of her opponent, Donald Trump’s longtime support for the crypto industry. It raised reasonable suspicion within the community, as many view Harris as the heir to the policies of the Biden administration, known for its strict attitude toward regulating crypto.

It became clear that digital finance would be one of the main areas of contention for both candidates. As things developed, everyone was anticipating the September 2024 debate between Trump and Harris. Before the event was announced, Trump declared that the United States would become the “crypto capital of the planet” if he were to return to the White House. Yet, either candidate’s lack of a definite stance on digital currencies during their discussion frustrated the crypto community.

It begs the question: are Harris and Trump merely after votes, or do they genuinely aim to incorporate cryptocurrency into people’s everyday lives? After all, according to the U.S. Federal Reserve survey, 18 million or 7% of adult Americans owned or used cryptocurrency in 2023. This percentage may not seem like it could impact the election results much, but given the very small gap between the candidates’ numbers, this figure could prove decisive.

Is Harris the successor to Biden’s harsh crypto policies?

The majority of Kamala Harris’ professional life has been devoted to prosecution. She began her career in 1990 as a deputy district attorney in Oakland, California, and held the office of California attorney general until 2017. Upon her election to the US Senate in January 2017, she made history as the first-ever female senator of color.

As she advanced in her political career, Harris took the oath of office and became Vice President of the United States in early 2021, soon after the 2020 presidential election when the Biden-Harris tandem rose to power.

The strongest turmoil around crypto regulation emerged in March 2022, when the White House released Joe Biden’s executive order on ensuring the responsible development of digital assets. Although the order didn’t specify how regulation should proceed, it highlighted concerns about consumer protection, criminal activity, global economic leadership, financial inclusion, and innovation.

However, Harris’ initial support for Biden’s growing regulatory scrutiny of cryptocurrencies isn’t the crypto community’s biggest concern. Harris is likely to appoint Gary Gensler, the current chair of the Securities and Exchange Commission, as Treasury Secretary. Once seen as progressive on digital assets, Gensler is now regarded as a staunch crypto critic.

Gensler’s views on crypto have shifted dramatically. In 2018, before taking the helm of the SEC, many in the crypto industry hailed him as forward-thinking. At the time, he was researching digital assets and teaching Blockchain and Money courses at MIT. Binance attorneys even claimed that Gensler offered to consult for the exchange, including setting up a meeting with former CEO Changpeng Zhao in Japan.

However, after Joe Biden appointed him to lead the SEC in 2021, Gensler’s public stance shifted toward regulation. He described the crypto market as a “Wild West” rife with scams.

“I believe we have a crypto market now where many tokens may be unregistered securities.”

Gary Gensler’s most high-profile crypto-related case was the indictment of Sam Bankman-Fried, the so-called “King of Crypto,” who received a 25-year sentence in 2022 for embezzling billions from FTX users. This case cemented Gensler’s transition from just a crypto skeptic to an outright opponent. 

Later on, in 2023, the SEC filed 13 charges against Binance and its CEO, Changpeng Zhao, despite Gensler’s previous offer to consult for them. That same year, the SEC took another legal action against Coinbase. These two lawsuits resulted in tokens like Solana, Polygon, and Cardano being labeled “unregistered securities” and suffering significant losses. 

Overall, Gensler’s latest actions directly contradicted his earlier public positions. In January 2024, he warned potential investors that cryptocurrencies “continued to be subject to significant risk” and suggested that many crypto asset services might not comply with federal securities laws.

So, it seems like such an anti-crypto mindset complicates Harris’ promise to simplify cryptocurrency regulations. Adding to the skepticism, Harris has strong support from major Democratic elites, such as the Obamas and the Clintons, whose views on crypto are also far from favorable.

Back in 2016, Barack Obama remained silent on encryption and digital assets during his presidency despite portraying himself as tech-savvy. His reluctance to implement these technologies for the protection of civil rights and liberties disappointed over 100,000 petitioners who had hoped he would champion the cause. Meanwhile, in 2021, Hillary Clinton stated that cryptocurrencies could undermine entire nations and threaten the US dollar’s status as the global reserve currency. 

Other figures aligned with Harris share similar views. Xavier Becerra, Secretary of Health and Human Services and former California attorney general, warned against digital asset scams in 2020. Jennifer Granholm, US Secretary of Energy, who supports Harris, initiated an investigation into the energy usage of a Texas crypto miner, leading to a lawsuit alleging government overreach.

And now that Joe Biden has withdrawn from the 2024 presidential race, likely with the influence of pro-Democratic elites, the crypto community questions whether Harris will be able to make meaningful changes in a landscape where the key decision makers remain opposed to mass adoption.

Harris’ opponent, on the other hand, presents brighter prospects for the crypto world. Donald Trump first began his political career when he publicly expressed his desire to run for president back in the 1980s, but the press treated these statements as publicity stunts. In 1999, he switched his voter registration from the Republican Party to the Reform Party and formed a presidential exploratory committee. He did not run in 2000 but later rejoined the Republican Party and maintained a high public profile during the 2012 election.

It was later in 2015 when Trump announced his candidacy for the 2016 election under the slogan “Make America Great Again.” The presidential race between Donald Trump and Hillary Clinton was very heated, full of scandals and loud accusations. 

Ultimately, on November 8, 2016, when the votes were counted, Trump shocked everyone by garnering a higher number of votes in crucial Rust Belt states. Having successfully capitalized on the economic anxieties and racial prejudices of some working-class whites, his inauguration took place on January 20, 2017.

But the former president hasn’t always spoken favorably of cryptocurrency. He claimed in a 2019 tweet that cryptocurrency is “highly volatile and based on thin air.” The last time similar rhetoric was used was in 2021 when Trump told Fox Business that Bitcoin is a “scam” that jeopardizes the US dollar’s importance.

That all changed after the SEC began enforcing harsh policies on the major cryptocurrency exchanges and the industry as a whole. Following this, Trump and the Republican Party started criticizing the Democrats and their regulatory attempts under President Joe Biden, dubbing the situation a “war on crypto.” This was one way Trump scored political points, but it wasn’t the only reason for his shift in tone. Beyond politics, he personally witnessed the economic benefits of cryptocurrencies.

In early 2022, Trump sold his own branded non-fungible tokens worth millions of dollars and began accepting crypto donations for his campaign, raising $3 million in July 2024. Meanwhile, investors have been purchasing fan-created crypto meme coins, such as the MAGA token (TRUMP), as a show of support for his campaign. Notably, Trump was gifted an enormous collection of this token, currently valued at over $4 million. These revelations influenced his stance, and during a speech at one of the biggest crypto events, Bitcoin 2024, Trump acknowledged the challenges facing the community and pledged to fire Gary Gensler on his first day back in the White House. He also said that if he wins, “Joe Biden and Kamala Harris’ anti-crypto crusade will be over.”

Despite his previous statements, Trump has gained strong support from the crypto community and tech leaders. For example, he has won endorsements from industry heavyweights like the Winklevoss twins and Elon Musk. But they’re not the only Trump supporters who are backing cryptocurrencies. Ohio Senator J.D. Vance, who Trump nominated as his Vice President, has attracted a lot of buzz among the crypto community as well. 

Vance revealed in his most recent federal financial disclosure that he owns between $100,000 and $250,000 worth of Bitcoin. He is also known for his connections to prominent Silicon Valley billionaires, many of whom support his VP nomination. Prominent businessmen such as Panatir co-founder Joe Lonsdale and Doug Leone of VC Sequoia Capital, among others, have already raised more than $8 million to support the Trump-Vance ticket, according to a recent Federal Election Commission filing.

Special mention should be made of Robert Kennedy Jr., who, as an independent candidate, recently dropped out of the current election race and urged his supporters to vote for Trump. Kennedy Jr. also declared his complete dedication to Bitcoin during the Bitcoin 2024 conference and revealed that the majority of his wealth is in digital assets.

On this, Trump isn’t backing down from his pro-crypto stance. In September 2024, he announced the launch of his own crypto platform, World Liberty Financial, to be operated by his sons, Eric and Donald Trump Jr. The platform is expected to function similarly to others like Coinbase, Gemini, and Binance, charging users fees for trading cryptocurrencies. In the future, it may also introduce WLFI, the platform’s own token.

Overall, Trump is clearly benefiting from these actions, actively swaying the pro-crypto electorate in his favor. Analysts at Bernstein predict that if Trump wins, the price of Bitcoin could reach $90,000 by the end of 2024. In contrast, the same analysis projects that the world’s largest cryptocurrency could drop to as low as $30,000 if Harris prevails.

What to expect if Kamala Harris wins?

As for Kamala Harris, all her public statements on cryptocurrency regulation lack detail. On the one hand, Harris might use pro-crypto rhetoric to politically distinguish herself from Biden and present herself as an independent leader. On the other hand, her strong connections to anti-crypto politicians and elites could pose a significant obstacle to implementing her claimed intentions. As a result, her promises have no solid foundation, as evidenced by their vague wording. For this reason, her hints about loosening crypto regulations seem unconvincing. 

Overall, the US government’s current stance on crypto is gradually becoming more lenient, but these are minor adjustments that do not significantly impact the bigger picture. Under a Harris presidency, any changes would likely proceed just as slowly and reluctantly, though they will occur nonetheless, as cryptocurrencies are definitely here to stay.

What to expect if Donald Trump wins?

Regarding Donald Trump, it’s interesting to note how he brings up the subject of crypto in his statements to set himself apart from the current administration. It is quite obviously one of his strategies to win over particular voters to his cause. However, his support for the crypto community extends beyond petty political maneuvers. After personally witnessing the potential profitability of cryptocurrencies, the former president’s skepticism has dissipated.

Trump is known for his flighty nature and ability to make quick decisions, which sets him apart from conservative candidates on this issue. Given his impulsive nature, it stands to reason that if he were elected president, he might take a more visible step toward crypto regulation. If he prevails, that is at least more likely to happen.

Conclusion

The competition between Kamala Harris and Donald Trump in the 2024 US presidential election underscores their contrasting approaches to cryptocurrency regulation. Harris, despite pledging to reduce regulatory hurdles, is seen as a continuation of the Biden administration’s stringent crypto policies, which have generally fostered skepticism within the crypto community. 

On the other hand, Trump’s evolving stance on cryptocurrency, marked by public endorsements and proactive measures to support the industry, has garnered significant backing from the crypto-friendly electorate. Financial analysts at Goldman Sachs and Jeffries support Bernstein’s forecast that Bitcoin could increase in value to between $90,000 and $100,000 if Trump is elected.

Notably, some experts are optimistic about Bitcoin’s growth regardless of the election outcome. For example, FBS analytics predict that the price of Bitcoin will rise to $100,000 by 2025 if all current trends in crypto adoption continue. In a chart, they showed how BTCUSD has formed a cup-and-handle pattern, which is a classic bullish pattern. 

If the price breaks the upper trend line above the $67,000 resistance level, the $90,000 mark, corresponding to the 138.2 Fibonacci line, will be the nearest target. And if resistance at $90,000 is broken, Bitcoin could reach $102,000.

Such predictions give the entire crypto community reasonable hope that mass crypto adoption is just a matter of time.

Mike Ermoalev

Mike Ermoalev is the founder and CEO of Outset PR, a pioneering agency known for its disruptive PR initiatives that drive meaningful impact in the blockchain, Web3, and AI sectors. Regularly featured in top publications, Mike shares his sharp eye for crypto market opportunities and potential risks, blending in-depth research with refreshingly straightforward explanations. Mike also masterminded the Crypto Opinion interview series, scoring incredible sit-downs with influential figures like Ripple and Tether executives, rocker Matt Sorum, and even Prince Philip of Serbia – sharing exclusive insights with readers.