There Has Never Been A More Pro-Crypto Congress Than The Next One: Here's Why

The cryptocurrency industry is ramping up its political influence with a $160 million spending spree through various super PACs, aimed at bolstering pro-crypto candidates in the U.S. House and Senate.

This bipartisan effort is expected to significantly increase the number of lawmakers in Congress who support the industry's goals, regardless of the outcome of the 2024 presidential election.

What Happened: Up to 13 pro-crypto candidates could secure seats in the House next year, thanks to the financial backing of these super PACs, according to Politico.

These candidates range from progressive Democrats, who view digital assets as tools for financial inclusion, to Republicans who criticize the Biden administration's approach to cryptocurrency and advocate for the technology's potential to foster economic freedom.

On the Senate side, candidates like Reps. Adam Schiff (D-Calif.) and John Curtis (R-Utah) are set to secure wins in their states, while Republicans in key battleground contests have also expressed strong support for crypto.

If the GOP flips any Senate seats, it could further shift the balance toward a more industry-friendly legislative environment.

Regardless of the final election outcomes, this new class of lawmakers is expected to form the most pro-crypto Congress in history, potentially paving the way for long-sought reforms that would remove regulatory roadblocks for the industry.

"There has not been something to just explode like this — to go from an industry that spent very little to being arguably the biggest spender of the election cycle," said Jordan Libowitz, vice president for communications at Citizens for Responsibility and Ethics in Washington.

The crypto industry's spending is primarily directed toward ensuring its legislative priorities are represented in key races.

Crypto super PACs have allocated $31.5 million in support of House Democrats, including candidates like Shomari Figures of Alabama and Emily Randall of Washington.

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These candidates have embraced the industry's focus on innovation and regulation, positioning themselves as forward-thinking advocates of digital assets.

Meanwhile, Senate Democrats like Ruben Gallego of Arizona and Elissa Slotkin of Michigan have also benefited from significant crypto backing, with $10 million allocated to each candidate.

On the Republican side, incumbents like Rep. Michelle Steel of California and Senate candidate Bernie Moreno of Ohio, who has long been a crypto advocate, have received large sums to support their campaigns.

The Ohio Senate race, where the industry is backing Moreno with more than $40 million, is one of the most critical contests for the crypto industry.

A victory for Moreno could solidify Republican control of the Senate and eliminate one of the industry's most vocal critics, Sen. Sherrod Brown (D-Ohio).

What’s Next: These issues will likely be a key focus at the upcoming Benzinga Future of Digital Assets event on Nov.19, where industry leaders and lawmakers are expected to discuss the evolving regulatory landscape and its potential impact on the future of digital assets.

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