In 2024, a formidable capital force emerged—the cryptocurrency industry.

Especially with the return of 2.0, its pro-cryptocurrency stance has buoyed the industry. On Sunday, Bitcoin approached $100,000 before retreating slightly, now standing at $98,455 per coin.

Over the years, top figures and investors in this industry have poured in billions of dollars, propelling the election of numerous pro-cryptocurrency candidates, ultimately leading to the creation of the most cryptocurrency-friendly Congress in American history.

This political maneuvering has not only affected election outcomes but also laid the political groundwork for the future of the cryptocurrency industry.

Over $245 million in cryptocurrency industry funding

According to data from the Federal Election Commission (FEC), political action committees (PACs) and other organizations related to the cryptocurrency industry raised over $245 million in 2024.

This amount is staggering, especially considering that cryptocurrency accounts for nearly half of all corporate donation funds flowing into the election.

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This year, many cryptocurrency industry magnates have "opened their wallets" to donate to congressional campaigns.

FEC documents show that the Winklevoss brothers (Cameron and Tyler) are the top individual donors of cryptocurrency in this election cycle, with a total of $10.1 million. Ripple's executives have also donated millions, with founder Chris Larsen contributing around $12 million.

Coinbase CEO Brian Armstrong donated over $1.3 million to PACs, including Fairshake and JD Vance, for Senate elections. He also made direct contributions to Democratic and Republican House and Senate candidates.

The cryptocurrency industry's funding is not just simple donations; it involves carefully selecting candidates and using funds strategically to change the entire election landscape. According to Stand With Crypto, nearly 300 pro-cryptocurrency legislators will take office in the House and Senate.

A prime example is Bernie Moreno, who successfully defeated long-time Banking Committee Chairman Sherrod Brown in 2024. Companies like Coinbase provided up to $40 million in funding for his campaign.

The political strategy of the cryptocurrency industry

The cryptocurrency industry has achieved such success by adopting a strategy that is radically different from traditional lobbying methods. Unlike in previous years, the cryptocurrency industry did not engage in large-scale lobbying after the election this time.

According to CNBC, cryptocurrency companies and industry leaders did not wait until after the election to exert influence; instead, they got involved early, actively supporting candidates who support cryptocurrency and focusing their substantial funds on attacking political forces opposed to cryptocurrency.

Especially cryptocurrency giants like Coinbase, which donated over $75 million through its super PAC—Fairshake—to support dozens of pro-cryptocurrency candidates.

Armstrong wrote on X after Moreno's victory:

"Being anti-cryptocurrency is simply bad politics."

"Welcome to the most pro-cryptocurrency Congress in American history"

The forces against cryptocurrency are not weak. SEC Chairman Gary Gensler is one of the biggest adversaries of the cryptocurrency industry, and for a long time, he has been pushing for strict cryptocurrency regulation policies to limit the industry's growth.

Gensler has taken major cryptocurrency companies like Coinbase and Ripple to court, accusing them of selling unregistered securities and avoiding cooperation with the companies to establish new, specialized regulations.

For example, Brown has worked with Elizabeth Warren and others to promote stringent cryptocurrency legislation. Brown has also called for increased regulation following the collapse of cryptocurrency exchange FTX.

However, in the 2024 election, the cryptocurrency industry successfully used financial support to unseat many opponents, especially politicians who sought to suppress the cryptocurrency industry.

With pro-cryptocurrency members entering the U.S. Congress, the cryptocurrency industry will occupy a more important position in future legislation and policy-making.

He has stated that he will fire the SEC Chairman and choose a regulator who is more supportive of cryptocurrency. This promise has further driven the cryptocurrency industry's political operations.