Is a pro-crypto wave set to hit Washington after record spending?

A fresh wave of pro-crypto candidates is set to enter the next Congress with support from both parties. These lawmakers range from Democrats advocating for financial inclusion to Republicans touting economic freedom through crypto. However, this shift might be backed by millions of dollars.

A $160 million political spending spree from crypto firms and executives has pushed their interests into mainstream political discourse. This has allowed them to establish a formidable lobbying force in the upcoming US elections.

Most pro-crypto Congress yet?

According to a report, as many as 13 new pro-crypto candidates are expected to secure House seats next year. The financial support emerged from super PACs that are dedicated to promoting allies and countering critics. 

In the Senate race, familiar faces like Adam Schiff (D-Calif.) and John Curtis (R-Utah) are both expected to win their races. Key battleground states are also seeing a surge in Republican crypto supporters.

No matter who wins the presidency, the 2024 elections are likely to yield the most pro-crypto Congress in history. This could finally clear the path for the industry’s long-sought goal of removing regulatory obstacles.

A bullish sentiment can be seen in the crypto market despite Bitcoin failing to regain the much anticipated $70,000 level. BTC price is up by almost 59% on year to date basis. Bitcoin is trading around the average price of $67,158, at press time. The cumulative digital assets market cap stood at $2.31 trillion on Wednesday morning.

A new class of pro-crypto democrats

A report mentioned a long tally of a new class of lawmakers with super PACs spending $31.5 million on candidates. The top targets for House Democrats include Shomari Figures (Alabama) $2.6 million, Rep. Don Davis (North Carolina) $2.2 million, Rep. Yadira Caraveo (Colorado) $2 million, Rep. Pat Ryan (New York) $1.9 million, Rep. Mary Peltola (Alaska) $1.9 million, Rep. Steven Horsford (Nevada) $1.8 million, Emily Randall (Washington) $1.4 million, Yassamin Ansari (Arizona) $1.3 million, Rep. Shri Thanedar (Michigan) $1 million.

It is expected that with this kind of investment, around nine new Democrats could potentially secure seats in the House. This could lead to many progressive legislative discussions on digital assets.

The crypto super PAC Protect Progress has reportedly spent $2.6 million on Shomari Figures. He is promoting a pro-crypto agenda focused on innovation and reasonable regulation despite his ties to the Biden administration.

Protect Progress has also invested $1.4 million in Emily Randall. She is a state senator who is expected to become the first openly LGBTQ+ Latina in Congress after a successful primary against Hilary Franz.