Fox News has projected Donald Trump as the winner of the 2024 presidential race, with 277 electoral votes to Kamala Harris’ 226. Trump’s victories in key states like Pennsylvania, Georgia, and Wisconsin secured his path to the White House.
Trump has been elected as the first U.S. president openly supportive of Bitcoin and cryptocurrencies. Throughout his campaign, Trump pledged to bolster the crypto industry, including plans to establish a national Bitcoin reserve and appoint crypto-friendly regulators. His victory is anticipated to significantly influence the future of digital assets in the United States.
Trump supporters gathered at his election night watch party were hugging one another, making calls, jumping up and down, and throwing their MAGA hats in the air every chance they got to celebrate as results continued to trickle in.
Guests are still arriving at the convention center in West Palm Beach.
Wins Against Anti-Crypto Candidates
The political contributions from the sector are indicative of a strategic effort to gain influence in Washington, particularly in light of the Biden administration’s regulatory approach, which many in the industry view as overly restrictive.
Former President Donald Trump has openly criticized the current regulatory framework and promised to fire SEC Chairman Gary Gensler on day one if elected to another term in the White House on Tuesday, further appealing to investors.
The industry’s financial influence is largely funneled through super PACs like Fairshake, which has raised $170 million and spent $135 million in this presidential election cycle. These PACs aim to support congressional candidates who are favorable to digital initiatives.
Fairshake has already succeeded in campaigning against candidates perceived as “anti-crypto,” such as California Rep. Katie Porter and New York Rep. Jamaal Bowman, who lost their primary races after facing significant ad spending.
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