News outlets continue to report election results for United States House of Representatives races in California and Nevada, with more candidates supported by cryptocurrency political action committees (PACs) winning their races.
As of Nov. 8, the Associated Press reported that Republican Young Kim won her race in California’s 40th congressional district and Democrats Susie Lee and Steven Horsford in Nevada’s 3rd and 4th congressional districts, respectively. The Fairshake PAC spent more than $3.7 million on Horsford’s and Kim’s races through media buys, while Gemini co-founders Cameron and Tyler Winklevoss and other crypto executives contributed the maximum allowable amount to all three candidates’ campaigns.
In addition to the House races, which could determine whether Democrats or Republicans have majority control in the chamber in 2025, Republican David McCormick defeated Democrat Bob Casey Jr. in a crucial race for a US Senate seat in Pennsylvania. The Bitcoin Voter PAC — a committee backed by crypto mining executives — spent roughly $35,000 to support McCormick in the general election.
Source: Brian Armstrong
Stand With Crypto, the political initiative supported by cryptocurrency exchange Coinbase, reported that more than 200 candidates running for the House, Senate and White House who had expressed support for digital assets and blockchain won in the 2024 elections. Industry advocates speculated that the new Congress and US president could help push through pro-crypto legislation like the Financial Innovation and Technology for the 21st Century Act, expected for a vote in the Senate after passing the House in 2024.
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Crypto regulatory changes expected in January 2025
One of the most significant consequences of most US lawmakers prioritizing crypto and blockchain could be a change in leadership at the Securities and Exchange Commission under Chair Gary Gensler. Donald Trump promised to fire Gensler “on day one” if he won reelection.
Some candidates running for office in 2024 directly criticized Gensler’s “regulation by enforcement” approach to crypto companies. Under the chair, the SEC filed several lawsuits against firms in the digital asset industry, including Coinbase, Ripple Labs and Binance.
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