Pro-Crypto Faces Present On Capitol Hill

JAKARTA - In the recent United States elections, a number of new politicians who support crypto-friendly regulations have succeeded in securing strategic positions in Congress. This brings new hope to the crypto industry, which has been struggling under strict US government regulations.

Thanks to strong support from the crypto community, these politicians pledged to push for policies that enable technological innovation without ignoring investor protection. It can be seen that these politicians have financial support from some pro-crypto Political Action Committee (PAC), such as Fairshake, Protect Progress, and Defend American Jobs, who during elections focused on supporting Congress and Senate seats.

One of the big wins for the crypto community was the election of Jim Justice, Governor of West Virginia, who won the Senate seat for his state. Justice beat rivals from the Democratic Party, Glenn Elliot, by winning about 68% of the vote.

During the campaign, Justice received funding from PAC Defend American Jobs which poured out more than US$3 million (Rp47.3 billion) to support it. Justice has stated that it supports a balanced crypto market structure, where innovation can develop but still protect investor interests.

Justice is not a new face in politics, but its commitment to encouraging progressive crypto regulation to bring fresh air to the crypto community. Armed with its influence in the Senate, it is hoped that it will play an important role in the formation of more friendly regulations against the crypto industry, a step that is urgently needed to offset policies that tend to limit the previous administration.

Julie Johnson, who has just won a seat at the US House of Representatives for Texas's 32nd district, is a popularly welcomed politician by the crypto community. Johnson, a Texas state representative, defeated runny Day of Republicans with full support from Protect Progress, part of the Fairshake Super PAC. PAC poured nearly 1 million US Dollars (Rp15.7 billion) to ensure its victory.

One of the most highlighted wins was Bernie Moreno's win in Ohio. The Republican politician defeated the incumbent Senator, Sherrod Brown, with a narrow vote of 50.2%. Brown, widely known as Chairman of the Senate Banking Committee and is often seen as a barrier to the crypto industry, lost to Moreno who received great support from PAC pro-crypto.

Defend American Jobs, PAC, which supports Moreno's campaign, poured more than 34 million US Dollars (Rp536 billion) into ensuring its victory. Brown was previously notorious for his refusal to a resolution seeking to drop the SC 121 accounting guide from the Securities and Exchange Commission (SEC), which regulates crypto asset reporting. Instead, Moreno promised support for regulations that favor the crypto industry more, giving new hope to investors who have been feeling limited by overly strict regulations.

With the presence of new faces in the Senate in favor of the crypto industry, many analysts hope for significant changes in crypto regulation in the US. Currently, a number of large crypto PACs prefer to focus on candidate support in Congress rather than presidential elections. This shows that the crypto industry is aware of the importance of Congress's influence in policy making on digital assets.