Trump Wins Presidency as Industry-Friendly Candidates Sweep Congress
Donald Trump has won the U.S. presidential election with 277 electoral votes, defeating Vice President Kamala Harris. The election results coincided with Bitcoin reaching a new all-time high of $75,011, reflecting market optimism about the industry’s regulatory future.
The crypto-friendly outcome extends beyond the presidential race, with pro-crypto candidates securing significant majorities in both chambers of Congress. According to Stand With Crypto, 257 pro-crypto representatives were elected to the House, compared to 116 anti-crypto candidates. In the Senate, 17 pro-crypto senators won their races, while 12 crypto-skeptical candidates secured seats.
A notable victory came in Ohio, where Republican Bernie Moreno, running on a strong pro-crypto platform, defeated incumbent Sherrod Brown, who had maintained an anti-crypto stance. However, crypto critic Elizabeth Warren retained her Massachusetts Senate seat despite opposition from industry supporters.
Trump, who has evolved from his previous crypto-skeptical position, made several bold promises during his campaign, including pledging to fire SEC Chair Gary Gensler “on day one” and establishing a national strategic Bitcoin reserve. The former president also committed to commuting the sentence of Silk Road founder Ross Ulbricht and ending what he called an “unlawful and un-American crackdown” on the U.S. crypto industry.
Coinbase CEO Brian Armstrong welcomed the election results, noting that “Americans disproportionately care about crypto and want clear rules of the road for digital assets.” The total cryptocurrency market capitalization reached $2.57 trillion as investors responded positively to the election outcome.
The president-elect’s victory was particularly significant for the crypto industry after his campaign raised substantial support from sector leaders, including $21 million during a roundtable at the Bitcoin 2024 event attended by prominent figures such as the Winklevoss twins and various celebrities.
