Is this the crypto revolution? 219+ pro-crypto lawmakers elected  as Trump wins presidency

In the recent US elections, pro-crypto candidates emerged victorious, prompting Ripple CEO Brad Garlinghouse to respond to sceptics questioning the political influence of crypto supporters. On X, Garlinghouse shared his enthusiasm about the “crypto champions” and said that “the crypto voter is here to stay.” 

This statement follows a series of wins for crypto-positive politicians across the nation. The November 5 election has been described as the ‘first crypto election’ because there has been a lot of debate on digital assets during the campaign period. This includes the Republican and Democratic candidates who have supported the industry. 

Crypto advocates gain ground in recent elections

Garlinghouse pointed to several pro-crypto winners in his tweet, such as Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr. Moreno. Moreno is a first-time Republican candidate who defeated the current Sherrod Brown in Ohio in a major victory. 

Pro-crypto candidates list, according to Stand With Crypto, which monitors the composition of Congress, now includes 247 members of the House as opposed to 113 anti-crypto candidates. For the Senate, the ratio is 15 in favor of crypto and 10 against it. 

Coinbase founder Armstrong has noted that according to the poll, the American consumer wants digital assets and requires more clear guidance. Armstrong emphasized, “Americans disproportionately care about crypto and want clear rules for digital assets.” 

The Chief Legal Officer of Coinbase, Paul Grewal, shared similar views and said that the election victories for the pro-crypto candidates could alter the course of crypto regulation. Grewal stated that the emergence of pro-crypto politicians might result in a better judicial environment for digital assets. He stated,  “I’m going to guess that at least a couple of Supreme Court Justices now feel free to make retirement plans.”

What’s next for Gary Gensler?

Donald Trump’s re-election has led to speculations over possible reshuffles at the SEC. Especially regarding how it will handle digital assets. The Trump campaign also outlined plans to remove the current chairman of the SEC, Gary Gensler. Under Gensler’s leadership the regulator went after prominent crypto firms.These include Coinbase and the DEX.

The Trump administration’s pledge to replace Gensler has raised debate concerning possible contenders in the slot, especially those who may embrace crypto assets. Hester Peirce, a SEC commissioner, is often mentioned as a potential nominee for the position. 

Peirce has often directly challenged the SEC’s enforcement-centric approach, explaining that a more rules-based system would help the public and the US position itself within the international digital finance system. The change in leadership of the SEC could have a big impact on firms such as Ripple, which is in the middle of a legal dispute with the agency.