Silicon Valley has made a lasting impact on Washington, especially in the aftermath of the 2024 election. Donald Trump’s return to the White House was not the only significant outcome—Congress has now become a battleground for crypto advocates.
One of the most surprising victories in the election was Bernie Moreno’s defeat of Sherrod Brown, a long-standing Senate heavyweight. Moreno, who was relatively unknown in the political sphere just a year ago, received massive support from the crypto industry, raising $40 million in crypto funding to secure his win.
The influx of crypto dollars into the election was unprecedented, with PACs and advocacy groups linked to the industry spending over $245 million nationwide. This substantial financial backing, led by Coinbase’s Stand With Crypto Alliance, played a crucial role in determining the election outcomes.
Fairshake, a super PAC funded by Coinbase, played a significant role in supporting pro-crypto candidates and influencing key races. Candidates who aligned with the crypto industry’s interests received substantial financial support, leading to their victories in various Senate and House races.
Brian Armstrong, CEO of Coinbase, emphasized the industry’s growing influence in Washington, stating that nearly 300 pro-crypto lawmakers would be entering Congress. This shift in the political landscape marks a significant win for the crypto industry, positioning it as a dominant force in shaping future regulations and policies.
Bernie Moreno’s successful Senate campaign was not a stroke of luck but a result of extensive preparation and engagement with key figures in the crypto world. Moreno spent over a year building trust with Silicon Valley heavyweights like Marc Andreessen and Ben Horowitz, proving his commitment to understanding blockchain technology.
The support from industry leaders like Armstrong and Fred Ehrsam, who vetted Moreno’s blockchain knowledge, solidified his position as a pro-crypto candidate worthy of backing. Moreno’s background as a blockchain entrepreneur further bolstered his credibility among crypto donors, who sought candidates with a genuine understanding of the technology.
The 2024 election also saw major contributions from prominent figures in the crypto industry, including Ripple founder Chris Larsen and Kraken Chairman Jesse Powell. These financial investments underscored the industry’s commitment to supporting candidates who champion blockchain technology and innovation.
With the crypto industry’s growing influence in Washington, key appointments and policy decisions are already reflecting this shift. Meetings between industry leaders like Armstrong and Trump signal a potential overhaul of regulations in favor of the crypto industry, with rumors of a “crypto czar” role being created in the White House.
The departure of SEC Chair Gary Gensler, a vocal critic of the industry, is seen as a significant victory for crypto advocates. His exit paves the way for a more favorable regulatory environment, allowing the industry to thrive and innovate without stringent restrictions.
Overall, the 2024 election has solidified the crypto industry’s position as a major player in Washington politics, with implications that extend far beyond the campaign trail. As the industry continues to grow and evolve, its influence on policy-making and regulation will shape the future of technology and finance in the United States.