US Votes in 'Most Pro-Crypto Congress Ever' as Senate Flips Republican

The U.S. crypto industry is celebrating major wins after Donald Trump’s re-election as the 47th U.S. President and Republican gains across Congress.

In the election, 247 pro-crypto candidates won seats in the House of Representatives, compared to 113 anti-crypto members according to data compiled by Stand With Crypto. The Senate also leans toward crypto, with 15 supporters and 10 opponents, as per data from Stand With Crypto, a crypto advocacy group launched by Coinbase.

Trump’s victory, coupled with pro-crypto majorities in both the Senate and House, has industry insiders optimistic about the potential for clear and supportive regulation.

Donald Trump Wins the Presidency: Here's What It Means for Crypto

Donald Trump, the self-styled stalwart of the U.S. crypto industry, has secured a second term as president of the United States. While the Associated Press has yet to call the race for Trump, the former president came out to a packed crowd at the Republican Headquarters at Mar-a-Lago in Florida after winning the US Presidential Election. Republicans have also secured victory in the Senate alongside a possible win in the House, though counting still continues. The embattled Republican billionaire...

The House’s larger membership provides diverse representation and typically initiates legislation, while the Senate, with its smaller, more conservative body, often moderates these proposals.

With the House and Senate both leaning pro-crypto, the path to favorable legislation could be smoother.

Coinbase CEO Brian Armstrong hailed the election outcome as a watershed moment for crypto. “Welcome to the new members of America’s most pro-crypto Congress ever,” Armstrong tweeted.

A significant victory for crypto lobbyists was the defeat of Sen. Sherrod Brown (D-OH), a vocal crypto critic and head of the Senate Banking Committee, by Republican Bernie Moreno. Brown’s loss followed a record-breaking $40 million pro-crypto campaign by Fairshake.

Armstrong called Brown’s defeat an example of how “being anti-crypto is simply bad politics.”

During his campaign, Trump advocated himself as a pro-crypto leader, pledging support for the industry. His promises include creating a Bitcoin reserve, encouraging U.S.-based mining, and opposing a central bank digital currency (CBDC).

Trump Pledges to Protect Bitcoin, End 'Un-American' Crackdown in Republican Platform

In a draft party platform passed on Monday, the Republican Party set out its goals surrounding crypto and artificial intelligence (AI). These plans include ending what it sees as the “crypto crackdown” by the current party in power, as well as ensuring Americans can transact without government surveillance. “Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency,” the document says.  This comes after a span in which th...

“A Trump victory could lead to clearer regulation that would create a safer environment for institutional players to engage with the industry,” Peter Kris, CEO of Gasp, told Decrypt just before U.S. media outlets started decisively calling the race for Trump. “This could mean less regulatory scrutiny and a more pro-business approach,” he added, predicting how Trump’s administration will favor growth in the U.S. crypto sector.

However, a key figure remains on the other side of the crypto debate. Sen. Elizabeth Warren (D-MA), a long-time advocate for stricter regulation, secured a decisive re-election in Massachusetts despite a well-funded challenge from pro-crypto Republican candidate John Deaton, who drew huge industry support.

Bitcoin Volatility Spikes as US Election Raises Stakes for Crypto Markets

With the U.S. presidential election just a day away, Bitcoin’s (BTC) expected price volatility is experiencing a sharp increase as the political climate tightens. Data from Deribit, the largest crypto options exchange, show the implied volatility index for Bitcoin soaring to 63.24% on an annualized basis—its highest level since July.  Implied volatility measures expected price swings over a given period—in this case, over the next 30 days—providing insight into how much market participants antic...

Crypto markets, particularly Bitcoin (BTC), are likely to see increased volatility in the coming days as investors react to the political shift.

“We expect volatility to be high in the first 10 days of November, leading up to and following the election,” Bitfinex analysts told Decrypt, anticipating either a surge or a sharp sell-off. They pointed out how Bitcoin often rises amid political uncertainty, with growing demand for safe-haven assets during periods of fiscal instability.

Bitcoin is currently trading at around $73,000, up 7.4% on the day, per data from CoinGecko.

Edited by Stacy Elliott.