CoinWorld reported:
With the support of both parties, a new wave of cryptocurrency-friendly candidates will enter the next Congress. These legislators include Democrats who advocate for financial inclusivity and Republicans who promote economic freedom through cryptocurrencies. However, this shift may receive support in the millions of dollars.
The cryptocurrency industry’s political spending frenzy of $160 million by companies and executives has propelled their interests into mainstream political discourse. This has enabled them to establish a strong lobbying force in the upcoming US elections.
Who are the most cryptocurrency-friendly lawmakers?
According to a report, as many as 13 new cryptocurrency-friendly candidates are expected to secure seats in the House of Representatives next year. Financial support comes from super political action committees (PACs) dedicated to advancing allies and countering critics.
In Senate races, familiar faces such as Adam Schiff (Democrat from California) and John Curtis (Republican from Utah) are expected to win their campaigns. Key battleground states have also seen a surge in cryptocurrency supporters from the Republican party.
Regardless of who wins the presidency, the 2024 elections could produce the most cryptocurrency-friendly Congress in history. This could ultimately pave the way for the industry to overcome regulatory hurdles, a long-term goal.
Despite Bitcoin’s failure to recover to the anticipated $70,000 level, the cryptocurrency market is seeing bullish sentiment. The BTC price has grown by nearly 59% year-on-year. As of writing, the average price of Bitcoin is around $67,158. On Wednesday morning, the cumulative market capitalization of digital assets reached $2.31 trillion.
A new type of pro-crypto Democrats
A report mentioned that a significant number of new legislators have received $31.5 million in spending from super PACs. Top targets for House Democrats include Shomari Figures (Alabama) with $2.6 million, Representative Don Davis (North Carolina) with $2.2 million, Yadira Caraveo (Colorado) with $2 million, Pat Ryan (New York) with $1.9 million, Mary Peltola (Alaska) with $1.9 million, Steven Horsford (Nevada) with $1.8 million, Emily Randall (Washington) with $1.4 million, Yassamin Ansari (Arizona) with $1.3 million, and Shri Thanedar (Michigan) with $1 million.
With this investment, it is expected that around 9 new Democrats may secure seats in the House, leading to discussions on progressive legislation regarding digital assets.
Reportedly, the cryptocurrency super PAC Protect Progress has spent $2.6 million on Shomari Figures. Despite his ties to the Biden administration, he is pushing for a pro-crypto agenda focused on innovation and reasonable regulation.
Protect Progress has also invested $1.4 million in Emily Randall, a state senator who, after a successful primary against Hillary Franz, is poised to become the first openly LGBTQ+ Latinx member of Congress.