ProCryptoLawmakers

The cryptocurrency industry significantly increased its political engagement during the recent election cycle, contributing over $131 million to congressional races and supporting pro-crypto candidates across party lines. This investment aimed to influence the regulatory environment in favor of digital assets.

A key objective for the industry is to ensure that President-elect Donald Trump appoints a Securities and Exchange Commission (SEC) chairperson who is favorable to cryptocurrencies, replacing the current chair, Gary Gensler, known for his stringent enforcement actions against crypto firms. Potential candidates include former SEC commissioners Dan Gallagher and Paul Atkins, both viewed as more sympathetic to the industry's interests.

Additionally, the industry is advocating for legislative changes to establish a clearer regulatory framework, which they argue is essential for integrating cryptocurrencies into the mainstream U.S. financial system. This includes proposals to shift oversight from the SEC to the Commodity Futures Trading Commission (CFTC), perceived as a more crypto-friendly regulator.

The election results have been favorable for the crypto sector, with 274 pro-crypto candidates elected to the House and 20 to the Senate. This bipartisan support reflects a significant rebound for the industry, especially considering the setbacks following the collapse of the FTX exchange two years prior.

President-elect Trump's evolving stance on cryptocurrencies, transitioning from skepticism to active support, further bolsters the industry's prospects. His campaign promises included making the U.S. the "crypto capital of the planet" and creating a national cryptocurrency reserve.

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