The U.S. cryptocurrency industry emerged victorious on election night as the country voted into office more than 250 pro-crypto Congressional candidates and helped reelect former President Donald Trump, who will become the nation’s 47th president.
Crypto money donated to political action committee Defend American Jobs accounted for about 10% of the estimated $400 million in ad spending in the Ohio Senate race, with the PAC dropping over $40 million on ads supporting Moreno. The PAC, an affiliate of the largest pro-crypto super PAC Fairshake, also had a hand in turning former Democratic Senator Joe Manchin’s vacated West Virginia seat red with a $3 million ad spend supporting Republican Governor Jim Justice.
Trump embraced crypto on the campaign trail, including a keynote speech at the annual Bitcoin Conference. He promised to fire industry nemesis SEC Chairman Gary Gensler, who brought over 100 lawsuits against various crypto companies, turning the U.S. into the "crypto capital of the planet." His advocacy made him the much-preferred candidate over his Democratic opponent, Kamala Harris, who the industry saw as a vital part of the Biden Administration’s enforcement crackdown.