The U.S. crypto industry celebrates a significant political shift as Donald Trump reclaims the presidency, leading to a Congress predominantly supportive of cryptocurrency. In the recent election, 247 pro-crypto candidates won seats in the House of Representatives, outpacing 113 anti-crypto members. The Senate reflects similar sentiments, with 15 supporters against 10 opponents. The outcome is seen as a victory for cryptocurrency advocates, with hopes for clearer and more favorable regulations. Coinbase CEO Brian Armstrong welcomed this era, stating that voters decisively favored pro-crypto candidates across party lines. A critical setback for the anti-crypto camp was the defeat of Senator Sherrod Brown, a notable critic, by pro-crypto Republican Bernie Moreno. Trump’s administration is expected to encourage domestic crypto operations, countering the push for a central bank digital currency (CBDC). Despite this pro-crypto wave, Senator Elizabeth Warren remains a prominent voice advocating for stricter regulations. Following the election, Bitcoin prices exhibit increased volatility due to investors reacting to the political landscape, currently trading around $73,000, showing a notable rise amidst the uncertainty.

Source 🔗