Over the recent election, crypto-focused political action committees (PACs) invested approximately $131 million in congressional races to secure a government more favorable to digital assets and blockchain technology. Prominent industry billionaires also spent considerable sums supporting efforts to have Donald Trump re-elected.
As the dust settles, the sector is now focused on reshaping its regulatory landscape in Washington. Key objectives include replacing Gary Gensler, the SEC chair known for his strict regulatory stance, with someone who takes a more favorable approach to crypto. In addition, industry leaders are lobbying Congress to introduce a comprehensive regulatory framework to integrate cryptocurrencies into the mainstream financial system in the U.S.
According to Stand with Cryptocurrency, 274 crypto-friendly candidates won House seats, while 20 secured Senate positions in the latest elections. The PACs targeted both Republican and Democratic races, with notable wins including Elissa Slotkin and Ruben Gallego in Michigan and Arizona, respectively.
The bipartisan support marks a dramatic recovery for the industry, which faced intense scrutiny after the collapse of FTX in 2022. The aftermath saw lawmakers distancing themselves from FTX’s disgraced founder Sam Bankman-Fried who is currently serving a prison sentence for fraud.
Trump, who once dismissed Bitcoin as a “scam,” has changed his tune over time. He has since engaged with the crypto market, including trading in NFTs (non-fungible tokens) and publicly endorsing the industry’s growth. During his campaign, Trump promised to transform the U.S. into the “global crypto capital” and indicated plans to remove Gensler from the SEC.
Potential replacements for Gensler include former SEC commissioners Dan Gallagher, currently with Robinhood, and Paul Atkins, a consultant with ties to the crypto sector.
Some of Trump’s notable supporters include Elon Musk, who contributed around $119 million to his campaign and has been selected to lead a government efficiency initiative humorously nicknamed “DOGE,” after Dogecoin. Others include venture capitalists Ben Horowitz and Marc Andreessen, and the Winklevoss twins, all of whom made substantial donations to pro-Trump PACs.
Crypto PACs also poured millions into congressional races, targeting candidates aligned with their goals. For instance, industry groups spent heavily to defeat Representative Katie Porter, a crypto skeptic, in California’s Senate primary. Similarly, they backed Bernie Moreno, a blockchain entrepreneur, in Ohio’s Senate race, helping him unseat Sherrod Brown, a vocal advocate for stricter regulations.
The industry is already preparing for the future, amassing a substantial war chest for the 2026 elections. PACs like Fairshake along with affiliated groups have already secured $78 million, positioning themselves as a lasting force in Washington.
Despite concerns from consumer advocates about potential risks to protections and heavy political funding, the industry insists that it is seeking clear and fair regulations—not to evade oversight but to ensure sustainable growth as digital assets become increasingly mainstream.
Companies like HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) will be hoping that this incoming administration formulates policies that protect consumers and also promote innovation within the industry.
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