Crypto Community Celebrates Donald Trump's Election Victory

The cryptocurrency community is basking in the glow of a major political victory following the reelection of Donald Trump after pouring over $200 million into campaigns and political action committees.

Bloomberg reports that the cryptocurrency industry emerged as a dominant force in the 2024 U.S. election, with their massive campaign contributions and lobbying efforts paying off in spectacular fashion. The industry, led by major players such as Coinbase, the Winklevoss twins, and Jesse Powell of Kraken, donated over $200 million to political action committees and candidates, making them the highest spending industry in American politics.

The centerpiece of the crypto industry’s political strategy was the Fairshake PAC, which alone received $75 million from Coinbase. Fairshake and its affiliated groups spent a total of $135 million backing 56 candidates, with 47 of them emerging victorious in their races. The PAC’s top priority was defeating Sen. Sherrod Brown (D-OH), who had called for hearings on cryptocurrency’s potential use by terrorists. Brown’s opponent, Bernie Moreno (R), received $40 million in backing from the crypto industry and ultimately prevailed in the election.

The industry’s political clout was further bolstered by the support of former President Donald Trump, who had previously been skeptical of Bitcoin but reversed course during the campaign. Trump promised to make the U.S. the “crypto capital of the world,” establish a national Bitcoin stockpile, and replace SEC Chairman Gary Gensler with a more crypto-friendly regulator if elected.

The crypto industry’s aggressive lobbying efforts were driven by existential concerns, as the SEC had filed lawsuits against several major crypto exchanges, threatening to shut down the highly profitable crypto trading business in the U.S. Coinbase CEO Brian Armstrong urged the industry to match the political spending of Wall Street and the oil and gas industry, calling the fight “existential.”