The crypto world, it seems, has already won the election. Or, at least, a significant battle. Forget waiting to see if Donald Trump will return to the White House – the real shift happened down ballot, and in the Senate. Election night wasn’t about *if* crypto would get a friend in power, but *how many*. And the answer, as it turns out, is a lot.
- The crypto industry invested heavily in congressional races, leading to significant gains in terms of supportive lawmakers. This strategic investment aimed to remove obstacles to crypto legislation and promote a more favorable regulatory environment.
- The shift in the Senate, particularly the change in leadership of the Senate Banking Committee, paves the way for bills like the FIT21 Act and stablecoin legislation. This creates a clearer path for the industry’s legislative priorities.
- Groups like Fairshake targeted specific candidates and primaries, focusing on those open to crypto-friendly policies, regardless of their broader political views. This resulted in a wave of new representatives with a positive outlook on digital assets.
For months, the industry poured $169 million into congressional races. That’s a hefty sum, even by Washington standards. And it bought results. Specifically, it bought the removal of Senator Sherrod Brown, the Democratic chair of the Senate Banking Committee, a man who’d been a considerable roadblock to any meaningful crypto legislation. Ohio now has a blockchain businessman, Bernie Moreno, heading to the Senate. It’s a simple equation: money in, obstacles out.
A Senate Shift and a Potential “Crypto President”
The change in the Senate isn’t just about one seat. Brown’s departure handed control of the committee to the Republicans, who are generally more open to digital assets. This means bills like the FIT21 Act – which already passed the House – and a potential stablecoin bill, have a much clearer path forward. For a while, the industry was holding its breath, waiting to see if Trump would win. A president who calls himself the “crypto president” would be nice, sure. But the Senate shift meant the gains were already locked in.
Defend American Jobs, the Fairshake affiliate, put it plainly: “Sherrod Brown was a top opponent of cryptocurrency and thanks to our efforts, he will be leaving the Senate.” They’re not shy about their methods. They found candidates who prioritized innovation and weren’t afraid to embrace digital assets, even if they didn’t make crypto the centerpiece of their campaigns. It was a targeted, strategic investment, and it paid off. And it wasn’t just about removing opponents. The money also flowed to lawmakers already supportive of the industry, like Tom Emmer and Ritchie Torres.
Coinbase’s chief legal officer, Paul Grewal, summed up the sentiment on X during election night. He
On many, many issues, the voters said loud and clear that they want change. Crypto is no exception. Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait. https://twitter.com/iampaulgrewal/status/1854028953658577240
put it succinctly: the SEC needs to get the message. Voters want change, and crypto is part of that change.
Fairshake’s Flawless Record and a New Wave of Representatives
The Fairshake super PAC didn’t just win a few races; it had a near-flawless record. Of the 58 candidates they backed, over 30 won. None lost. That’s a level of success that’s…well, unusual. The PAC, funded primarily by Coinbase, Ripple, and a16z, wasn’t particularly concerned with a candidate’s broader political views, as long as they were open to crypto-friendly legislation. They weren’t even shy about spending big, often avoiding any mention of crypto in their advertising. It was a purely strategic play, focused on getting the right people into office.
They targeted primaries specifically, choosing districts where the primary winner was almost guaranteed to win the general election. It was a long game, and it worked. The result is a significant influx of new, crypto-friendly faces in Congress. At least two dozen freshman representatives will be starting their careers in January with a positive view of digital assets. The balance of power has shifted. Whether Trump wins or not, the Senate will be controlled by a party that supports crypto. And with a new wave of representatives in the House, the industry has a real opportunity to shape the future of regulation. It’s a good time to be in crypto, even if the SEC hasn’t quite gotten the memo yet.
