The Crypto Industry’s Spending on the Election Pays Off

Published On Nov 6, 2024, 11:53 AM

The crypto industry invested over $130 million in the recent elections to back pro-crypto candidates, significantly influencing the results. Key victories include the election of Bernie Moreno in Ohio, who is known for his support of cryptocurrency. Overall, 253 candidates favoring crypto were elected to the House, while 16 were elected to the Senate, against 115 and 12 opposed, respectively. The spending was seen as a strategic effort to push for less regulation in the crypto sector.

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The strong electoral support for pro-crypto candidates suggests an ongoing and potentially favorable regulatory environment for cryptocurrency businesses. This may lead to increased adoption and prices for certain cryptocurrencies and crypto-related stocks as policies become more supportive.

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