Pro-crypto candidates lead US elections, boosting Bitcoin to record highs amid growing optimism for crypto-friendly policies under potential Trump presidency.
The results of the ongoing US election are already flowing in, and pro-crypto candidates are taking the lead against anti-crypto candidates.
Data provided by Stand With Crypto, an organization dedicated to uniting crypto advocates, shows that 235 pro-crypto candidates were elected to the House of Representatives, while 112 non-crypto supporters were voted in. Pro-crypto candidates also led in the Senate, with 14 pro-crypto candidates elected compared to nine anti-crypto candidates.
Some of the pro-crypto candidates who emerged victorious include Republican Senator Bernie Moreno, Steven Horsford, and Zach Nunn, among many others. Anti-crypto candidate Elizabeth Warren also won her race, defeating John Deaton, a strong supporter of cryptocurrency.
Brian Armstrong, CEO of Coinbase, praised Bernie Moreno, stating that the newly elected senator understands crypto as an important part of America’s future. He further commented that Bernie and the crypto holders who supported him believe in the benefits of digital assets and are committed to defending them.
Armstrong also welcomed the crypto community to what he called “America’s most pro-crypto Congress ever.” He added that crypto voters have spoken decisively and that Americans care about digital assets and seek clear regulation for them, saying:
“Tonight the crypto voter has spoken decisively – across party lines and in key races across the country. Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it.”
The post by Brian had many crypto users commenting on it. Jesus Martinez, a crypto commentator with more than 200,000 followers on X, stated that crypto is the biggest issue in the American economy coming up. He noted that it is great to see pro-crypto Congress setting the country’s economy in the right direction again.
Market Reaction: Bitcoin Surges on Pro-Crypto Gains and Trump’s Support
Notably, the election seems to be favoring the crypto community, with Donald Trump likely to emerge as the winner. According to Stand With Crypto, the Republican presidential candidate is leading with 286 electoral votes.
Trump has been vocal about his support of crypto and has made several promises to the digital asset community. One of which is to sack SEC chair Gary Gensler on his first day in office. He also promised to make the United States the cryptocurrency capital of the world, eliminate the capital gain tax on Bitcoin, and even support Bitcoin mining.
The crypto market has responded well to the pro-crypto candidates leading in the election, as the price of Bitcoin broke above $73,000 to set a new all-time high at $75,000 earlier today. Some crypto analysts are raising speculation that the price of Bitcoin could reach up to $100,000 by year-end should Trump emerge victorious.
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