Crypto undefeated in 48 races so far

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The crypto industry spent $135 million on the election. It paid off.

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Crypto broke the tradition of siding with one party or another; instead, crypto companies supported or opposed candidates on both sides of the aisle, depending on how “pro-crypto” they were.

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For example, Republican candidate Bernie Moreno got a $40MM boost from the crypto industry in the weeks before the election, which helped him win Ohio’s U.S. Senate seat. Meanwhile, the crypto industry spent $10MM to help Adam Schiff, a Democratic candidate who has demonstrated support for crypto and digital assets. Adam beat out Katie Porter in the California primary earlier this year.

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Coinbase CEO Brian Armstrong shared on X that the crypto industry got 219+ pro-crypto candidates elected, making it America’s most pro-crypto Congress ever. Coinbase’s shares also surged 31% on Election Day, mirroring a big run-up by Bitcoin that pushed it over $75,000.

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Here’s a crazy stat: the crypto industry endorsed 48 candidates in the Nov. 5 races; all 48 won.