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The shift in the Senate toward a Republican majority holds promise for pro-crypto policies. Brown’s defeat in Ohio was influenced by crypto-backed funding, funneled through the Fairshake political action committee (PAC), which supported Republican Bernie Moreno, a blockchain entrepreneur. Moreno’s election not only replaces Brown but also places crypto allies in influential positions, potentially fast-tracking digital asset legislation. With Republicans likely to take over the Senate Banking Committee, stalled crypto bills could finally gain momentum.
Former President Donald Trump, close to securing a return to the White House, has hinted at ambitious support for crypto. He is pledging to reduce regulatory hurdles and remove SEC Chair Gary Gensler. Trump has increasingly positioned himself as a “crypto president;” signaling support that, while beneficial, might now be less critical due to the newly crypto-aligned Congress.
Throughout the election, Fairshake’s strategy focused on backing crypto-friendly candidates without directly promoting cryptocurrency in campaign ads. This strategic approach targeted races in districts with favorable odds for victory, bringing over 30 crypto-backed candidates to success.
Paul Grewal, Coinbase’s chief legal officer, echoed the industry’s enthusiasm, suggesting that voters demand change, especially regarding SEC’s tough stance on crypto. “Crypto is no exception. Stop suing crypto. Start talking to crypto,” he urged on election night.
With a friendlier Congress and a likely ally in the White House, crypto legislation may soon gain traction, potentially reshaping the regulatory landscape for digital assets in the United States
English (US) · 