The 2024 election marked a historic turning point for the crypto community, delivering the most pro-crypto Congress in American history and a strongly pro-crypto President. This success wasn’t a coincidence; it was the result of meticulous organizing and unprecedented turnout by crypto voters determined to secure a vibrant and fair future for the industry in the United States.
The results speak for themselves: the vast majority of states elected at least one pro-crypto legislator to Congress and overall, 278 pro-crypto candidates were elected to the House and 20 to the Senate. This wave of support means there are champions for crypto innovation, financial inclusion, and small business growth across Washington—from Capitol Hill to the White House. For the first time,leaders committed to improving the crypto regulatory environment are in the driver's seat."
Looking ahead, this election has irreversibly altered how the politics of crypto will look moving forward. At the New York Times DealBook Summit last month, progressive political commentator Van Jones attributed the results of this election in large part to the Democrats’ unwillingness to authentically engage the crypto voter: "Democrats ran people out of the party on crypto. 50 million people bought crypto. It’s a bet on a better future.” Across parties, America finally recognizes the power of the crypto voter.
This is just the beginning of a much-needed reset between the government and America’s crypto community. The mandate is clear: bold and immediate action is needed to reclaim U.S. leadership. Delay risks ceding ground to international competitors like Singapore and Hong Kong, which are forging ahead with regulatory frameworks that encourage innovation and growth. If America doesn’t act, we risk Asia overtaking North America as the global hub for crypto development. These developments underscore the urgency of enacting policies that protect consumers, provide clarity to innovators, and enable crypto businesses to thrive.
The path forward requires a comprehensive approach and must be prioritized in the first 100 days of the new Congress. Legislators must immediately build on previous bipartisan efforts like the Financial Innovation and Technology Act (FIT21). Equally critical is ensuring that regulatory agencies such as the SEC and CFTC are led by people who understand the transformative potential of crypto. Early indicators, such as the nominations of Paul Atkins at the SEC and David Sacks as a White House advisor, are positive signs that should be a step in the right direction to adjust the onerous regulatory posture of formerly anti-crypto agencies.
Action must be swift and decisive.The end of the election does not mean that the crypto voter will be any less focused on progress. This new crypto constituency is widespread, enduring and will remain an active force whether it is election season or not. We saw this demonstrated by the 107,000 letters sent to Congress by Stand With Crypto advocates demanding that the Senate Banking Committee decline to advance the renomination of anti-crypto SEC Commissioner Caroline Crenshaw— a nomination which was ultimately pulled.
Crypto offers transformative potential for financial inclusion, economic freedom, and technological leadership. Millions of Americans—from entrepreneurs and small business owners to everyday citizens—are leveraging crypto to take control of their financial futures.
The 2024 election has set the stage for a new era of policymaking that could position the United States as a global leader in crypto innovation and enable millions of hardworking Americans to fully take advantage of this transformative new technology. With the most pro-crypto Congress in history and a growing coalition of advocates, the opportunity is ours to seize. We must act decisively and without delay.
