The Election Results That Matter for Crypto

With the election finally here, the crypto community is closely watching races beyond just the presidential ticket. 

Key Congressional seats and Senate contests could shape the future of crypto policy as control of both chambers hangs in the balance. And according to Perianne Boring, founder of the Digital Chamber, this election could be pivotal in creating the most crypto-friendly Congress ever.

"Crypto has had significant setbacks under the current administration," Boring explained, emphasizing how recent years have seen policies that many in the crypto space view as hostile, particularly around regulations and enforcement actions led by figures like Senator Elizabeth Warren. The Biden administration’s stance has created challenges, driving some crypto companies and investors overseas to escape stringent regulatory pressures. But as Boring highlighted, this election could be a turning point.

The Key Races to Watch

Several key races across the country hold particular significance for crypto, with bipartisan support emerging for more crypto-friendly policies. Coinbase's Stand with Crypto even put together a tracker to follow race results in real time.

Despite crypto often being painted as a partisan issue, Boring noted that digital assets have gained support across both parties, especially as Americans grow more educated about the sector. Evidence of this bipartisan support was seen this past summer when two digital asset bills passed with overwhelming support in both the House and Senate.

In Ohio, the Senate race between Democrat Sherrod Brown and Republican Bernie Moreno could also influence crypto’s future. Brown, a long-serving senator and chair of the Banking Committee, has been a prominent figure in pushing for tighter regulations on crypto. His opponent, Moreno, is a former cryptocurrency entrepreneur with strong support from Ohio’s substantial crypto community. With around 2 million crypto holders in Ohio, even a modest turnout from this voter bloc could tilt the scales in this closely contested race.

Meanwhile, Pennsylvania’s Senate race has also drawn attention, with polling indicating a tight contest that could impact the overall balance of power in Congress. Crypto advocates are closely watching this race as the winner could be influential in shaping future financial policies, including those affecting digital assets. Heading into the election, Republican Dave McCormick was closing in on three-term Democratic Senator Bob Casey.

One of the long shot races is in Massachusetts, where Senator Elizabeth Warren faces a challenge from John Deaton, a pro-crypto advocate. Warren’s reputation as a vocal crypto critic has made her a central figure in the debate around digital assets. “It’s incredibly important to have people like John Deaton going up against the biggest critics of crypto,” Boring noted, stressing that even if Deaton falls short of victory, his candidacy sends a powerful message to Washington about the public's demand for open access to digital assets.

What a Shift in Power Could Mean for Crypto

If the Senate flips to Republican control, as some analysts expect, it could create a more favorable legislative environment for crypto. Republicans have increasingly embraced digital assets as part of their platform, advocating for a legal framework that enables innovation while protecting consumers. Boring noted that a pro-crypto Senate could lead to substantial progress on critical issues like stablecoin legislation and market structure reforms, which have seen bipartisan support in recent years.

In the House, a wave of pro-crypto candidates could also bring about significant changes. Regardless of which party ultimately holds the majority, Boring expressed optimism that the next Congress will include a robust pro-crypto coalition capable of advancing meaningful legislation.

The Growing Influence of Crypto Voters

The emergence of a distinct “crypto voting block” has added a new dynamic to this year’s election. According to the Digital Chamber’s recent poll, one in seven likely voters considers a candidate's stance on crypto a deciding factor. This voter bloc skews younger, with many crypto enthusiasts among Gen Z and millennials, a demographic group that could prove crucial in tight races.

Boring emphasized that candidates stand to gain more support than they risk alienating by taking a pro-crypto stance. "Being pro-crypto for a candidate is actually very risk-adjusted,” she explained, pointing out that crypto’s popularity is surging among both Democrats and Republicans. The Digital Chamber’s survey showed that 25% of Democrats and 21% of Republicans are more likely to support a candidate who favors crypto, while only 2-3% of voters from each party view pro-crypto policies negatively.

The Stakes

While congressional races are essential, the presidential election also carries implications for crypto. With Trump and Harris presenting markedly different views on digital assets, their policies could impact the sector significantly. Trump’s recent statements have leaned more pro-Bitcoin, including comments about potentially using Bitcoin to address the U.S. debt, while Harris has signaled an openness to crypto, though details on her specific policies remain limited.

Despite their contrasting approaches, Boring pointed out that crypto's future is likely bright regardless of who wins. "Crypto is well positioned going into 2025," she said, adding that the Digital Chamber is prepared to continue its advocacy work regardless of the election outcome.

With key races across the country, a crypto-savvy Congress could emerge, poised to create a balanced framework that empowers innovation while safeguarding consumers, positioning the U.S. as a leader in the global digital asset space.

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