The crypto industry spent $130 million supporting pro-crypto congressional candidates in the 2024 election, and it’s already seeing a massive return on investment. In just eight months, the Trump administration and Congress approved new laws and regulations that will officially bring cryptocurrency into the U.S. financial system.
According to Stand with Crypto, which tracks key races, 253 pro-crypto candidates were elected to the House of Representatives and 16 were elected to the Senate.
Sen. Tim Scott, R-S.C., flew to Jackson Hole, Wyoming, this week, where he thanked the crypto industry for its financial support. He spoke specifically about the Ohio Senate race, which resulted in a key flip – Republican Bernie Moreno defeated three-term incumbent Democrat Sherrod Brown. SuperPACs funded by the crypto industry spent $40 million to help Moreno win.
“Thank you to all of ya’ll for getting rid of Sherrod Brown,” Scott said at the Wyoming Blockchain Symposium. “But literally the industry put Bernie Moreno in the Senate, and he’s on the Banking Committee. And having the opportunity to have a team that’s focusing on the industry because we have passion for people that want to make a profit and help people.”
The Ohio Senate race changed everything. Brown, who is running again in 2026, was the chairman of the Senate Banking Committee and was very critical of crypto. He pointed out that crypto is used to fund terrorism, helps countries like Russia and North Korea evade sanctions, and even allows human and drug traffickers to funnel their profits from country to country. Crypto users are also susceptible to fraud and scams.
Brown’s loss not only gave Republicans the Senate majority, but it also made Sen. Scott the new chairman of the Banking Committee.
Scott has prioritized crypto legislation. His first big success was the Genius Act, which President Trump signed into law in July. The legislation created the first-ever regulatory framework for stablecoins, which are cryptocurrencies with a value tied to an asset like the U.S. dollar, so they are not subject to significant fluctuations.
Next, the Senate wants to pass the Clarity Act, which would create a regulatory framework for blockchain-based digital commodities. It would also allow crypto exchanges, brokers and dealers to register with the Commodity Futures Trading Commission.
Scott says this is only the beginning.
“Just the other day, I had the administration over. We are working as a hand in a glove,” Scott said. “Because if we’re going to make this happen, we have to make it happen right now. I think this is the most important time in American history for the evolution of this innovative opportunity.”
The Trump administration has also been very friendly to crypto. The industry has donated $26 million to President Trump’s SuperPACs so far this year. Crypto investors also bought $200 million worth of President Trump’s meme coin.
It’s paying off.
The Department of Justice is no longer pursuing cases related to the regulation of digital assets; instead, it will focus on crimes that involve digital assets, such as drug and human trafficking.
In June, the Federal Housing Finance Agency directed lenders Fannie Mae and Freddie Mac to consider a customer’s cryptocurrency holdings when conducting mortgage loan risk assessments. Once the rules are finalized, it will be the first time Americans can secure a loan using crypto.
According to Gallup, 14% of Americans own cryptocurrency. According to the Federal Reserve, only 2% use it to make purchases, and 1% use it to send money to family or friends.