As American ballot stations were finalizing their counts yesterday, bitcoin’s price already seemed to signal the outcome. BTC surged 11%, reaching an all-time high of $74,400—perhaps heralding a new era of crypto-friendly policy in the United States.

Indeed, the crypto industry secured a sweeping victory. Along with a pro-crypto president, the industry now has 247 (more or less) pro-crypto House representatives and 15 pro-crypto senators, according to the crypto advocacy group Stand With Crypto. This performance is particularly significant, considering that only a third of the Senate’s 100 seats were contested in 2024.

This remarkable result can be attributed not only to the growing crypto adoption in America, but also to the great efforts of the crypto lobby. In 2024, it rivaled even the oldest lobbying powerhouses. Moreover, the crypto industry’s lobbying efforts will extend into the 2026 midterms, aiming to establish a lasting political presence.

Crypto in the White House       

President Trump laid out a clear pro-crypto vision at the Bitcoin 2024 conference. His key points include:

  • Creating a US Bitcoin Strategic Reserve to retain all the coins currently held by the government
  • Ensuring ample electricity supply for bitcoin miners
  • Appointing a Presidential Bitcoin Advisory Council to guide policy
  • Supporting individuals’ right to self-custody of their cryptoassets
  • Replacing SEC Chair Gary Gensler, a long-standing opponent of crypto
  • Pardoning Ross Ulbricht, founder of the Silk Road darknet marketplace and early bitcoiner

While some of these initiatives may face challenges in execution, this sweeping pro-crypto stance demonstrates a strong political will.

Crypto in Congress

The U.S. has a glaring gap in crypto-specific legislation, leaving key federal agencies like the SEC to interpret existing laws as they apply to crypto. This legal ambiguity has led to the SEC frequently suing crypto companies. As a result, many Web3 firms either relocated from the U.S. or restricted access to American users. As the primary legislative body, Congress—comprising the House and the Senate—is essential to addressing this gap. However, the legislative momentum has often fallen short.

One of the most critical bills facing hurdles is the Financial Innovation and Technology for the 21st Century Act (FIT21). Passed by the House but stalled in the Senate, FIT21 seeks to clarify regulatory responsibilities by assigning oversight of digital commodities to the CFTC, while the SEC would oversee digital assets classified as securities. Currently, the SEC interprets all cryptoassets except for bitcoin as securities.

Another significant bill, still pending a full House vote, is the Clarity for Payment Stablecoins Act of 2023. Advanced by the House Financial Services Committee, it aims to establish clear rules for stablecoin issuers and ensure strong consumer protections.

Perhaps the most ambitious proposal yet is Senator Lummis’s BITCOIN Act of 2024 (S.4912). Introduced in July 2024, this bill proposes acquiring 1 million BTC over five years, funded through the Federal Reserve's discretionary surplus and a revaluation of the Fed’s gold reserves. It is currently under review by the Senate Committee on Banking, Housing, and Urban Affairs.

Crypto Lobby

The U.S. crypto lobby has grown significantly, with Fairshake emerging as a leader. Launched last year by a consortium of crypto firms, Fairshake is a super PAC. This means that it can raise unlimited funds from companies to influence elections without coordinating directly with campaigns.

According to OpenSecrets, in the 2023-2024 cycle, Fairshake raised $204 million, mostly from Coinbase, Ripple Labs, and Andreessen Horowitz (a16z). It spent around $172 million supporting pro-crypto candidates across both parties. To put this in perspective, Big Oil spent $242 million in the same period, while the automotive lobby “only” $152 million.

Together with its affiliated super PACs Defend American Jobs and Protect Progress, Fairshake has made a substantial impact, helping to reduce the ranks of crypto skeptics and fill Congress with crypto friends. Among its most notable achievements so far are the defeat of prominent anti-crypto politicians Katie Porter and Senator Sherrod Brown. Porter, associated with long-time crypto critic Elizabeth Warren, lost her Senate primary in March, while Brown, the Senate Banking Committee chair and outspoken crypto opponent, lost his Senate seat to pro-crypto candidate Bernie Moreno yesterday.

Fairshake’s bipartisan strategy reflects a long-term vision of cultivating a Congress that supports cryptoassets. For the 2026 cycle, it has already raised over $78 million, signaling that the best is yet to come for the crypto sector.