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Crypto industry smashes all lobbying records in 2024, influencing US election

Coin Telegraph
Crypto industry smashes all lobbying records in 2024, influencing US election
Biden

 The crypto lobby has made its mark on the US presidential elections.

The crypto industry smashed all lobbying records in 2024 as President-elect Donald Trump secured a second term to return to the White House.

All across America, in key battleground states, money from crypto lobbyists made its mark. One of the biggest wins came in Ohio, where Republican Bernie Moreno ousted Democrat Sherrod Brown at a cost to crypto lobbyists of $40 million.

Brown, a crypto skeptic, was also chair of the Senate Banking Committee. Moreno’s victory removes a major crypto roadblock in Washington.

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Republicans won the Senate, but 2 crypto races are still up for grabs

Coin Telegraph
Republicans won the Senate, but 2 crypto races are still up for grabs
Coin Telegraph

Democrat Ruben Gallego was leading in a race for Arizona’s Senate race, while Republican Sam Brown trailed in Nevada. 

Republican lawmakers in the United States have already flipped enough seats to secure a slim majority in the Senate for 2025, but the outcome for two candidates who received support from crypto-backed political action committees (PACs) and executives has yet to be determined.

As of Nov. 8, Republican Kari Lake was trailing Democrat Ruben Gallego in the race for an Arizona Senate seat. Lake has claimed to be a “pro-crypto candidate,” pledging to support some of Donald Trump’s policies on digital assets and Bitcoin (BTC), but did not appear to have received any campaign contributions from industry leaders or support from crypto-backed PACs.

The Fairshake PAC and its affiliates spent more than $10 million on media buys supporting Gallego, who led in the race against Lake with roughly 77% of votes counted at the time of publication. The Arizona lawmaker currently represents the state’s 3rd congressional district and voted in favor of the Financial Innovation and Technology for the 21st Century Act while in office.

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

After US election wins, the crypto industry looks to the 2026 midterms

Coin Telegraph
After US election wins, the crypto industry looks to the 2026 midterms
Coin Telegraph

Contributions from Coinbase and statements from executives suggested that crypto companies were likely to keep pouring money into future US elections. 

Though reporting varies and may still come in after all the elections are called, many experts said crypto interest groups and political action committees (PACs) spent more than $100 million through campaign contributions and media buys supporting or opposing political candidates in the United States — a strategy that is unlikely to change after 2024.

As of Nov. 7, more than 200 candidates running for the House of Representatives, Senate, and White House who had expressed support for digital assets and blockchain had won their respective 2024 races. Among some of the biggest wins crypto leaders claimed would be good for the industry included Republican Donald Trump for US President and Bernie Moreno for one of Ohio’s Senate seats. 

“The Ohio race was actually incredibly impactful and really proved just how powerful the crypto lobby is now,” Exodus chief legal officer Veronica McGregor told Cointelegraph, adding: 

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

US Election: House races still uncertain after Trump win

Coin Telegraph
US Election: House races still uncertain after Trump win
Coin Telegraph

Though Republicans won the US Presidency and a majority in the Senate, it’s still unclear if Democrats will win enough seats to flip the House of Representatives.

Republicans could notch a trifecta in the 2024 United States elections after Donald Trump won enough Electoral College votes to secure the presidency, and the party flipped three seats to gain a majority in the Senate, but control of the House of Representatives was still up for grabs.

As of Nov. 6, the Associated Press had called 181 seats for Democrats and 199 for Republicans in the House, with the results of 55 races yet to be announced. Whichever party controls the House of Representatives will significantly impact the chamber’s legislative agenda for oversight and passing bills. 

Under a Republican majority, the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), the CBDC Anti-Surveillance State Act and the Financial Technology Protection Act. The bills could move to the Democratic-controlled Senate before a new Congress is sworn in on Jan. 3 or the new Republican-controlled chamber in 2025. 

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Crypto-backed Super PAC reports raising $78M for 2026 midterm efforts

Coin Telegraph
Crypto-backed Super PAC reports raising M for 2026 midterm efforts
Coin Telegraph

The 2024 election results are likely still days away from being called, but industry advocates are looking to the next session of the US Congress.

With polls in the 2024 United States elections closing in less than 48 hours, a political action committee (PAC) has already announced millions of dollars raised to support pro-crypto candidates in the 2026 midterms.

In a Nov. 4 notice, the Fairshake PAC reported it had received $48 million in contributions from cryptocurrency exchange Coinbase and venture capital firm Andreessen Horowitz, in addition to the $30 million the committee had “in the bank.”

Coinbase CEO Brian Armstrong announced a $25-million contribution to Fairshake on Oct. 30, and the PAC reported receiving $23 million from Andreessen Horowitz. 

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Whale Trader Looking for $80,000,000 Gains on Polymarket Says He Has No Political Agenda: Report

The Daily Hodl
Whale Trader Looking for ,000,000 Gains on Polymarket Says He Has No Political Agenda: Report
Betting
Whale Trader Looking for ,000,000 Gains on Polymarket Says He Has No Political Agenda: Report

A deep-pocketed investor who is looking to make tens of millions of dollars from crypto betting platform Polymarket reportedly says that he has no political motivation behind putting his money on Donald Trump to win the upcoming US election. According to a new report by The Wall Street Journal (WSJ), a French national calling himself […]

The post Whale Trader Looking for $80,000,000 Gains on Polymarket Says He Has No Political Agenda: Report appeared first on The Daily Hodl.

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Bitcoin can still hit $100K, no matter who wins US election

Coin Telegraph
Bitcoin can still hit 0K, no matter who wins US election
Coin Telegraph

 The prospect of favorable regulations and Bitcoin’s hedge status mean that Bitcoin can weather any election result and even reach $100,000.

Opinion by Georgii Verbitskii, founder of TYMIO Yield and TYMIO Protect.

The 2024 United States presidential election has raised debates about how both candidates might shape the future of cryptocurrencies, particularly Bitcoin (BTC). 

With the growing number of Bitcoin and altcoin holders in the United States, any winner would make crypto regulation a key issue. 

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

5% of US voters identify as single-issue crypto voters — Paradigm poll

Coin Telegraph
5% of US voters identify as single-issue crypto voters — Paradigm poll
2024 election

According to Paradigm, 20% of individuals surveyed indicated that they currently hold or have previously purchased crypto.

An October 2024 poll from venture capital firm Paradigm revealed that 5% of respondents indicated they were single-issue crypto voters in the United States presidential election. The results suggest that the voting bloc has the power to swing an election that will be determined by a “razor-thin” margin.

According to the Paradigm poll, roughly one-quarter of crypto owners surveyed indicated they were single-issue crypto voters, including 11% of voters in the 18-34 age bracket, 8% of male respondents, 7% of African American voters, and 8% of Hispanic voters.

Paradigm noted that the 5% of pro-crypto, single-issue voters is more than double the margin of victory in swing states such as Pennsylvania, Michigan, and Wisconsin, where election results are decided by a slim 1-2% margin.

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Republican seeking to unseat Sherrod Brown said he sold all his Bitcoin

Coin Telegraph
Republican seeking to unseat Sherrod Brown said he sold all his Bitcoin
bernie moreno

The Defend American Jobs political action committee has spent more than $40 million on media buys supporting businessman Bernie Moreno’s Senate run.

Bernie Moreno, the Republican Party candidate for the United States Senate race in Ohio, reportedly claimed to have sold his Bitcoin (BTC) holdings in an apparent attempt to push back against potential conflicts of interest with support from the cryptocurrency industry.

According to an Oct. 28 Cleveland.com report, Moreno said he was “proud” to have the support of the crypto industry in his race to unseat Senator Sherrod Brown.

The Senate candidate has received more than $40 million in support through media buys from the political action committee (PAC) Defend American Jobs, an affiliate of Fairshake that primarily helps Republican candidates. 

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

US lawmaker claims crypto PACs forced out ’important voices in Congress’

Coin Telegraph
US lawmaker claims crypto PACs forced out ’important voices in Congress’
Coin Telegraph

Representative Summer Lee took aim at crypto-backed Super PACs funding media buys that could have contributed to two Democratic lawmakers losing their primaries.

Pennsylvania Representative Summer Lee staunchly criticized cryptocurrency-backed political action committees (PACs) for funding ads “demonizing” candidates in 2024 primaries — often for reasons unrelated to digital assets.

Speaking at an Oct. 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee took aim at the “influence and control” special interest groups like crypto Super PACs used to target lawmakers running for reelection in 2024.

The Pennsylvania Representative claimed that money from the digital asset industry was being used to “silence the few representatives actually fighting to hold them accountable.” 

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

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