Crypto Industry Spends $130M Backing Pro-Congress Candidates, Secures Senate Banking Chair

The cryptocurrency industry has significantly increased its political influence in the United States, investing over $130 million in the 2024 elections to support pro-crypto candidates, which has translated into a wave of new legislation and regulatory changes under President Donald Trump's administration. Key victories include the election of crypto-friendly legislators such as Senator Bernie Moreno, who unseated Sherrod Brown in Ohio, and the appointment of Senator Tim Scott as chairman of the Senate Banking Committee, who openly thanked the crypto industry for their role in these political successes. Sherrod Brown, formerly a strong crypto opponent, is attempting a political comeback for the 2026 midterms and is now seeking to reconcile with the crypto sector, although he faces skepticism due to his past stance and primary challenges. Industry advocates and lobbyists, including Kristin Smith of the Solana Policy Institute, have played a crucial role in shaping legislation such as the Genius Act and the pending Clarity Act, aiming to integrate cryptocurrency into the U.S. financial system and reform market regulations. The crypto sector's political muscle has raised concerns about the growing influence of billionaire interests in American democracy, with critics questioning whether voter preferences are being overshadowed by massive financial contributions. Despite the controversies, the Trump administration's support for crypto initiatives, including establishing a Strategic Bitcoin Reserve, signals a commitment to positioning the U.S. as a global leader in blockchain innovation.