The year 2024 marked a pivotal moment for the cryptocurrency industry, as it emerged as a significant force in global politics.
With unprecedented political spending, strategic alliances, and the election of key pro-crypto figures, the industry solidified its influence on regulatory and legislative agendas.
Here’s a detailed look at the key political figures and their roles in shaping the crypto landscape in 2024.
Donald Trump: The Crypto-Friendly President-Elect
Trump’s return to the presidency in 2024 was a watershed moment for the cryptocurrency sector. Once a skeptic who dismissed Bitcoin as a “scam,” Trump embraced digital assets during his campaign, promising to make the US “the crypto capital of the planet.”
His pro-crypto stance resonated with industry leaders and voters alike, contributing to Bitcoin’s record-breaking surge past $100,000 following his election victory.
Key actions and promises by Trump included replacing SEC Chair Gary Gensler. Known for his stringent enforcement against crypto firms, Gensler became a target for removal under Trump’s administration.
Trump pledged to appoint a more crypto-friendly SEC chair, with names like Dan Gallagher and Paul Atkins emerging as potential candidates.
Furthermore, Trump proposed stockpiling Bitcoin as a national reserve asset, signaling a shift in how governments view digital currencies.
Trump named David Sacks, former COO of PayPal, as his “Crypto Czar,” underscoring his commitment to fostering innovation in blockchain and digital assets.
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Moreno: The Crypto Champion In Congress And Politics
Republican Bernie Moreno’s victory in Ohio was another significant win for the crypto industry.
Backed by millions from crypto-funded super PACs, Moreno unseated Senate Banking Chair Sherrod Brown, a long-time critic of cryptocurrencies.
Moreno’s pro-crypto agenda aligns with broader Republican efforts to push for favorable regulations and position the US as a leader in blockchain technology.
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Cynthia Lummis: The Bitcoin Advocate
Senator Cynthia Lummis of Wyoming continued to be one of the most vocal advocates for Bitcoin in 2024.
She introduced the BITIN Act, which proposed classifying Bitcoin as a reserve asset alongside gold and oil. Lummis also suggested that the US government purchase 200,000 Bitcoins annually over five years to hedge against inflation and reduce national debt.
Wyoming itself remained at the forefront of crypto innovation, passing laws like the Decentralized Unincorporated Non-profit Association (DUNA) Act, which granted legal recognition to decentralized autonomous organizations (DAOs).
Kristin Smith: The Industry Advocate
As CEO of the Blockchain Association, Smith played a crucial role in coordinating the industry’s political strategy. Her organization worked closely with lawmakers and Trump’s transition team to ensure that crypto priorities were well-represented in Washington. Smith described 2024 as delivering “the most pro-crypto Congress and administration in history.
Ripple’s Brad Garlinghouse: The Corporate Strategist
Garlinghouse, CEO of Ripple, emerged as another influential figure in 2024. Ripple played a central role in funding Fairshake, one of the largest crypto-backed super PACs.
Fairshake spent over $135 million supporting pro-crypto candidates across party lines, achieving an impressive success rate of 85% in congressional races.
Garlinghouse also highlighted the growing importance of “crypto voters,” a diverse demographic that sees digital assets as tools for financial freedom.
These voters turned out in large numbers during the election cycle, further amplifying the industry’s influence.
Atkins and Gallagher: SEC Chair Contenders
Two names frequently mentioned as potential successors to Gensler were Atkins and Gallagher.
A former SEC commissioner involved with the Token Alliance, Atkins has advocated for policies that encourage blockchain innovation.
Currently serving as Robinhood’s chief legal officer, Gallagher has experience navigating regulatory challenges related to cryptocurrency trading platforms.
Both candidates represent a significant departure from Gensler’s enforcement-heavy approach and are seen as allies by industry leaders.
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David Sacks: The White House Crypto Czar
Sacks’ appointment as Trump’s “Crypto Czar” signaled an era where blockchain technology would take center stage in federal policymaking.
Sacks is expected to oversee initiatives aimed at integrating cryptocurrencies into mainstream finance while addressing challenges like consumer protection and regulatory clarity.
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In This Article
- Donald Trump: The Crypto-Friendly President-Elect
- Moreno: The Crypto Champion In Congress And Politics
- Cynthia Lummis: The Bitcoin Advocate
- Kristin Smith: The Industry Advocate
- Ripple’s Brad Garlinghouse: The Corporate Strategist
- Atkins and Gallagher: SEC Chair Contenders
- David Sacks: The White House Crypto Czar
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