As of November 8, 2024, results from the U.S. House of Representatives races indicate a successful outcome for candidates supported by cryptocurrency political action committees (PACs). Republican Young Kim won in California’s 40th district, while Democrats Susie Lee and Steven Horsford triumphed in Nevada’s 3rd and 4th districts. The Fairshake PAC invested over $3.7 million in these races, with contributions from crypto executives including Gemini co-founders, Cameron and Tyler Winklevoss. Concurrently, Republican David McCormick defeated Democrat Bob Casey Jr. in a significant Senate race in Pennsylvania, supported by the Bitcoin Voter PAC. Stand With Crypto, an initiative backed by Coinbase, claims that over 200 pro-crypto candidates across multiple offices won in the elections. This new Congress, alongside the potential for a crypto-friendly President, is anticipated to advance pro-crypto legislation, like the Financial Innovation and Technology for the 21st Century Act. Furthermore, industry advocates foresee a shift in SEC leadership, as candidates have criticized current Chair Gary Gensler’s regulatory approach, suggesting a possible overhaul in how crypto regulations are enforced.

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