Crypto industry gains advantage as US Senate shifts towards Republicans and removes obstacle to digital assets legislation

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Cointime2024/11/06 07:33

By:Cointime

The crypto industry's desire for a favorable U.S. president became less pressing on election night as the Senate shifted towards the Republicans, who have pledged to introduce legislation for digital assets. Senator Sherrod Brown, who obstructed crypto legislation and chaired the Senate Banking Committee, was voted out, partly due to the millions of dollars spent by crypto interests in his state. The crypto sector's campaign-finance efforts this year, which amounted to $169 million, helped remove a powerful Democratic senator who opposed legislation and also brought many new supporters to Congress. The industry may have an outspoken ally in the presidency if former President Donald Trump secures enough electoral votes to return to the White House, but the industry had already gained an unprecedented advantage earlier in the election.

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