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Breaking: Donald Trump wins, these pro-crypto candidates won in this US Election

Posted on by Audrey

As Donald Trump wins, several pro-crypto politicians won in the Senate and House thanks to cryptocurrency funding.

Finally, Donald Trump defeated Kamala Harris by a significant majority in both the House and Senate to win the US Presidential Election of 2024. According to current trends, a number of pro-crypto politicians are dominating the presidential campaign in the US Election 2024, and crypto voters have played a significant part in this contest. The massive influx of cryptocurrency donations via Super PACs in recent months has the potential to significantly impact the direction of the US cryptocurrency market.

Pro-Crypto candidates to dominate US congress?

226 pro-crypto candidates were elected to the House of Representatives, compared to 107 anti-crypto candidates, according to statistics from Stand With Crypto. However, there are nine anti-crypto parliamentarians and fourteen pro-crypto candidates in the Senate. With the whole cryptocurrency market applauding, this development also caused the price of Bitcoin to reach an all-time high.

In Ohio, Republican businessman Bernie Moreno is defeating incumbent Democratic Senator Sherrod Brown, according to the Fox News Decision Desk. According to writer Eleanor Terret, this is a triumph for cryptocurrency and moves the GOP closer to a Senate majority.

The bitcoin sector strongly supported Moreno, a vocal supporter of cryptocurrencies, in this US election. His campaign received $40.1 million from Defend American Jobs, a pro-crypto super PAC. The Super PAC commented on this development, saying:

“Elizabeth Warren ally Sherrod Brown was a top opponent of cryptocurrency and thanks to our efforts, he will be leaving the Senate. Senator-Elect Moreno’s come-from-behind win shows that Ohio voters want a leader who prioritizes innovation, protects American economic interests, and will ensure our nation’s continued technological leadership.”

In addition to Super PAC’s backing, prominent members of the cryptocurrency community, including as Coinbase CEO Brian Armstrong, venture investor Marc Andreessen, Ben Horowitz, Chris Dixon, and Fred Ehrsam, contributed $54,600 to Moreno’s campaign. The pledge made by Donald Trump to establish America as the global center of cryptocurrency will now be worked on by these Republicans and other crypto politicians.

Additionally, according to the Fox News Decision Desk, Texas Senator Ted Cruz defeated Democratic Congressman Colin Allred to win a third term. Cruz has been a well-known advocate for Bitcoin since gaining support from the Bitcoin Voter PAC, which provided funds for an online advertising campaign like to the one recently carried out by cryptocurrency exchange Gemini.

Democratic Representatives Ritchie Torres and Dan Goldman both won their contests in favor of cryptocurrency. Protect Progress, a pro-crypto super PAC, made a sizable donation, spending $110,148 on Torres and $150,853 on Goldman.

However, anti-crypto Senator Elizabeth Warren defeated XRP attorney Johh Deaton in the Massachusetts contest. The crypto community contributed over $2.6 million to Deaton’s support.

Crypto voter dominates US election

Veteran members of the crypto sector applauded the results of the US election and the victories of a number of pro-crypto politicians. “To all those who were skeptical, the crypto voter is here to stay, loud and clear!” said Brad Garlinghouse, CEO of Ripple. Brian Armstrong, CEO of Coinbase, also wrote:

“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”.

However, Coinbase CLO Paul Grewal wrote to the US SEC saying it was evident that the cryptocurrency electorate wanted a change. “Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait,” he added.

Elizabeth Warren retains senate seat, beats XRP advocate John Deaton

In Massachusetts, US Senator Elizabeth Warren was elected to a third term. She overcame Republican opponent John Deaton, a well-known lawyer and bitcoin supporter.

At around 8 p.m. on Tuesday, the Associated Press declared the win, with Warren claiming 73% of the vote and Deaton 26%.

Crypto community backs Deaton, but Warren wins senate seat

Despite being well-liked by the cryptocurrency world for his vocal support of XRP and for more general demands for regulatory friendliness, Deaton had a difficult time winning his first election. In a three-way primary, he defeated opponents Ian Cain and Robert Antonellis to become the Republican Senate nominee.

Several well-known individuals in the cryptocurrency sector, notably billionaire Mark Cuban, strongly backed his candidacy. Brad Garlinghouse, the CEO of Ripple, also praised Deaton and his dedication to promoting the digital asset industry. This support increased Deaton’s visibility and brought attention to the differences between him and Warren, especially with regard to how they both feel about regulating cryptocurrencies.

Deaton emphasized his goal of a well-rounded regulatory strategy for cryptocurrencies throughout his campaign. He earlier stated in an interview that he thought “overregulation” would hurt American competitiveness and impede innovation.

Crypto enthusiasts found resonance in this position. However, it was unable to get widespread support from Massachusetts’s traditional voters. Warren’s track record as an accomplished lawmaker made him very appealing.

Elizabeth Warren vs. John Deaton
John Deaton vs. Elizabeth Warren. Source: New York Times

In the meanwhile, prominent senator Warren, who was previously renowned for opposing the cryptocurrency business, has tempered her rhetoric in recent weeks.

“I’m all for having a cryptosystem if people want to buy and sell crypto. All I want is for them to follow the same rules as everyone else,” Warren said.

She has previously advocated for stringent regulations to control cryptocurrency, frequently portraying it as a consumer danger and a means of financial crime. Co-founder of the Gemini cryptocurrency exchange Tyler Winklevoss has been a strong opponent of Warren’s stance on digital assets, frequently calling her viewpoint “outdated” and “overly restrictive.”

Warren’s win probably guarantees that Washington will continue to consider regulatory examination of digital assets. Her recent change in tone from one of strong criticism to one of more balance may, however, mark a new stage in the discussion of crypto-regulation.

Deaton’s candidacy demonstrated the growing importance of cryptocurrency concerns in US politics, despite his overwhelming defeat. Voters who supported cryptocurrencies and business supporters who saw the space as the financial industry’s future found resonance in his agenda.

In his concession address, Deaton maintained a conciliatory tone despite his loss. He suggested possible bipartisan initiatives even on divisive subjects and offered to work together on areas of shared interest.

“I just called Senator Warren and congratulated her on her victory. If there was something that you think I could be helpful with, for example, women’s reproductive rights or issues we agree upon… I wouldn’t hesitate to offer my assistance,” Deaton said.

Deaton stated that he will keep pushing for transparent and sensible crypto regulations in the future. In particular, he would continue to be involved in the Ripple v. Securities and Exchange Commission (SEC) litigation over the status of XRP.

Dogecoin (DOGE) price powers 24% higher, eyes test of yearly highs at $0.2280 as Trump election victory nears

As former US President Trump focuses on winning a landslide US presidential election, the price of Dogecoin (DOGE) is surging, up 24% so far today.

Just about $0.21 was DOGE’s most recent price, which was near its peak in 2024.

Trump’s chances of winning the president are currently around 90%, according to Polymarket. He currently has 80% chance of winning the popular vote, which is extremely unlikely for a Republican, and 65% chance of winning each swing state.

And because of Trump’s adamantly pro-crypto policy positions that he made public this year, it has caused cryptocurrency prices to soar.

Although recent trading saw Bitcoin (BTC) reach new all-time highs above $75,000, the price of Dogecoin is taking center stage.

This is due to the possibility that Elon Musk may serve in a future Trump government as the director of a brand-new organization known as the Department of Government Efficiency, or DOGE for short.

Musk has been a longtime admirer of Dogecoin, and if he is going to create a Department of Government Efficiency, Dogecoin will likely receive a lot more attention.

Where next for the Dogecoin (DOGE) price?

Could we be witnessing a new meme season now that a Trump victory is all but certain? It certainly provides the market with a lot of positive stories.

A national Bitcoin reserve is what Trump wants to create. Trump wants to dismiss Gary Gensler, the chair of the anti-crypto SEC. Trump’s endorsement of the impending World Liberty Financial initiative highlights how much he loves DeFi.

Additionally, a Republican-controlled Congress increases the possibility that comprehensive crypto laws would be passed in 2025.

That will be more than enough to stimulate the cryptocurrency markets in the upcoming weeks. Additionally, keep in mind that 1) the US economy is still doing well and 2) the Fed is lowering interest rates at the same time.

Thus, a new meme coin may be on the horizon. And because of the Department of Government Efficiency storyline, Dogecoin (DOGE) is probably going to be a leader.

Dogecoin (DOGE) Price Powers 24% Higher

Very soon, the price of Dogecoin is probably going to challenge its 2024 highs in the $0.2280 range. Additionally, a break above this level would pave the way for a fresh upswing back towards all-time highs in the $0.75 region.

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