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us elections 2024

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

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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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

Kalshi rolls out political betting contracts for Trump presidency

The prediction market has listed contracts for betting on events, including a prospective Trump impeachment.

Prediction marketplace Kalshi has rolled out more markets for betting on United States political events in a bid to keep engagement high after the Nov. 5 presidential election.

The contracts cover outcomes ranging from how President-elect Donald Trump will staff his administration to whether he will be impeached during his presidency, according to regulatory filings with the US Commodity Futures Trading Commission.

Bettors flocked to political prediction platforms ahead of the US elections, with betting volumes tied to the presidential race nearing $4 billion as of election day on Nov. 5, according to a Cointelegraph analysis.

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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

Arkham launches crypto perpetuals exchange

Analysts expect crypto products to proliferate after Republican presidential candidate Donald Trump's Nov. 5 US election win.

Blockchain analytics firm Arkham Intelligence has launched a cryptocurrency derivatives exchange, according to a Nov. 6 announcement.

The exchange will reportedly target retail traders and compete with existing platforms such as Binance. 

It will integrate Arkham’s research and feature live on-chain audits and proof-of-reserve (PoR), Arkham said in a post on the X platform.

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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

US Election: House races still uncertain after Trump win

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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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

Crypto PAC’s final media buys before US Election Day go to Wisconsin

The Fairshake PAC reported to the FEC spending more than $760,000 on a media buy supporting Wisconsin Representative Bryan Steil, running for reelection in 2024.

The cryptocurrency-backed political action committee (PAC) Fairshake has reported one of its last expenditures before Election Day in the United States — and it’s supporting a Republican candidate in Wisconsin.

In an Oct. 28 filing with the Federal Election Commission, Fairshake reported spending more than $760,000 on a media buy supporting Wisconsin Representative Bryan Steil, running for reelection in the state’s 1st congressional district. With seven days until US voters decide who their elected representatives will be in Congress and the White House, the media buy for Rep. Steil will likely be one of Fairshake’s final actions before Election Day.

Steil, who has served as a Wisconsin representative in the US Congress since 2019, voted in favor of the Financial Innovation and Technology for the 21st Century Act and a resolution overturning the US Securities and Exchange Commission’s Staff Accounting Bulletin No. 121. The Republican lawmaker will face off against Democrat Peter Barca on Nov. 5, with an October poll showing Barca trailing Steil by three points.

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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

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

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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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

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

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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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

Mining PAC launches ad for Ted Cruz as early voting begins in Texas

More than 18 million registered voters in the Lone Star State will decide whether to replace Senator Ted Cruz with Representative Colin Allred starting in 2025.

A political action committee (PAC) backed by cryptocurrency mining executives has launched two ad spots for Republican candidates as early voting continues in the United States for the November election.

In an Oct. 21 X post, the Bitcoin Voter PAC said it was responsible for an ad supporting Texas Senator Ted Cruz as residents of the state began early voting. The ad spot claimed Cruz understood “embracing Bitcoin” without explicitly mentioning any of his opponent Colin Allred’s policies. 

Executives from crypto mining firms Marathon Digital Holdings, CleanSpark, and Riot Platforms form the board members of the Bitcoin Voter Project, an advocacy group launched in June to identify potential voters and influence crucial elections. According to Federal Election Commission records as of Sept. 30, the organization’s PAC had filed no contributions or expenditures in the 2024 election.

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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

Crypto Super PACs spend $1.3M on candidates as early voting continues

The Fairshake and Defend American Jobs PACs reported media buys for GOP and Democratic candidates in the House of Representatives ahead of the elections.

With many areas of the United States already allowing residents to cast their ballots in the 2024 election, cryptocurrency-backed political action committees (PACs) have reported roughly $1.3 million worth of expenditures to support the campaigns of Democratic and Republican candidates for the House of Representatives.

In an Oct. 17 filing with the Federal Election Commission (FEC), the Fairshake PAC reported spending more than $900,000 in a media buy supporting Democratic Representative Thomas Suozzi for New York’s 3rd Congressional District. The same PAC disclosed it had spent more than $60,000 on a media buy for Democratic Representative Yadira Caraveo for Colorado’s 8th Congressional District.

Source: FEC

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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights

Sen. Warren calls out Deaton’s ‘pro-bono work for crypto’ in 2nd debate

The Oct. 17 debate was likely the final time the two Senate candidates faced off before the November election.

Massachusetts Senator Elizabeth Warren faced off against lawyer John Deaton in their second and final debate to discuss policies before the November election. The Senator attacked Deaton for his ties to the cryptocurrency industry in an apparent effort to appeal to voters.

In a debate streamed by New England Public Media and GBH News on Oct. 17, Senator Warren reiterated her earlier claims that cryptocurrency transactions were tied to “drug cartels” and “terrorists,” calling for rules of the road for the industry. The two candidates made different allegations over corruption, with Senator Warren calling out Deaton over his loyalty to crypto backers.

“80% of Mr. Deaton’s wealth is tied up in crypto, 90% of his funding from this campaign is coming from crypto, and 100% of his loyalty in Washington will be to crypto: that is corruption,” said Senator Warren.

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Cryptoquant Report: Record-Breaking Activity Propels Altcoins to New Heights