US Votes in ‘Most Pro-Crypto Congress Ever’ as Senate Flips Republican

The US crypto industry is celebrating big wins following the re-election of Donald Trump as the 47th US president and Republican gains in Congress.

In the election, 247 pro-crypto candidates won seats in the House of Representatives, compared to 113 anti-crypto members according to data collected by Stand With Crypto. The Senate is also leaning toward crypto, with 15 supporters and 10 opponents, according to data from Stand with Cryptoa crypto advocacy group launched by Coinbase.

Trump’s victory, coupled with pro-crypto majorities in both the Senate and House of Representatives, has industry insiders optimistic about the potential for clear and supportive regulation.

The House of Representatives’ larger membership provides diverse representation and typically initiates legislation, while the Senate, with its smaller, more conservative body, often moderates these proposals.

With the House and Senate both leaning pro-crypto, the path to favorable legislation could be smoother.

Coinbase CEO Brian Armstrong called the election results a turning point for crypto. “Welcome to the new members of America’s most pro-crypto congress ever,” Armstrong tweeted.

A major victory for crypto lobbyists was the defeat of Senator Sherrod Brown (D-OH), a vocal crypto critic and head of the Senate Banking Committee, by Republican Bernie Moreno. Brown’s loss followed a record-breaking $40 million pro-crypto campaign by Fairshake.

Armstrong called Brown’s defeat is an example of how “being anti-crypto is simply bad politics.”

During his campaign, Trump promoted himself as a pro-crypto leader and pledged support for the industry. His promises include creating a Bitcoin reserve, encouraging US mining and opposing a central bank digital currency (CBDC).

“A Trump victory could lead to clearer regulations that would create a safer environment for institutional players to engage with the industry,” Gasp CEO Peter Kris told me. Declutter just before the US media began decisively calling the race for Trump. “This could mean less regulatory scrutiny and a more pro-business approach,” he added, predicting how the Trump administration will promote growth in the US crypto sector.

However, there remains a key figure on the other side of the crypto debate. Senator Elizabeth Warren (D-MA), a longtime advocate for stricter regulations, secured a decisive re-election in Massachusetts despite a well-funded challenge from pro-crypto Republican candidate John Deaton, who drew massive industry support.

Crypto markets, especially Bitcoin (BTC), are likely to see increased volatility in the coming days as investors react to the political shift.

“We expect volatility to be high in the first ten days of November, leading up to and after the elections,” Bitfinex analysts said. Decipher, anticipating a rise or a sharp sell-off. They pointed out how Bitcoin often rises amid political uncertainty, with demand for safe-haven assets growing during periods of fiscal instability.

Bitcoin is currently trading at around $73,000, up 7.4% on the day, according to data from Coin gecko.

Edited by Stacy Elliott.