Donald Trump’s election victory was announced by key media outlets. As can be seen, the politician has already gained the necessary threshold of 270 electoral votes.

Donald Trump has reached the necessary level of 270 electoral votes

The final result of the counting will be known later. However, the current data allow us to recognise Trump as the winner of the election.

What will happen to cryptocurrencies now?

The presidential chair is not the only battleground in the US political arena. Senator Sherrod Brown, who served as chairman of the US Senate Banking Committee, will soon officially lose his position.

He was an ardent opponent of adequate regulation of the digital asset sector and constantly criticised this sphere. Most interestingly, Brown’s resignation was largely made possible by lobbying the crypto industry through Fairshake, which we mentioned earlier.

Senator Sherrod Brown

Fairshake is an independent political action committee (PAC) registered in the US. It supports political candidates who advocate for the development and adoption of innovative technologies, including cryptocurrencies and blockchain. The organisation aims to ensure the United States is a leader in digital innovation by promoting legislative initiatives for clearer regulation and development of the crypto industry.

Cryptofirms and other major players from the digital asset industry have invested at least $169 million in Fairshake to influence the outcome of the Senate election. In addition, they have managed to “flood” Congress with a significant number of politicians who identify themselves as crypto-friendly.

Thanks to tens of millions of dollars spent, Sherrod Brown’s career in the Senate is over. His seat will be taken by Bernie Moreno, an experienced entrepreneur who has already dealt with blockchain projects.

Brown’s departure will also help give Republicans a majority in the Senate. This means that Brown’s committee will have a new chairman who will surely welcome legislation to adequately regulate crypto.

U.S. President-elect Donald Trump and Vice President-elect JD Vance

According to CoinDesk’s sources, the Senate has been a major obstacle to progress on new laws regarding cryptocurrencies. Specifically, we’re talking about FIT21, a bill that was passed by the House of Representatives earlier this year, but didn’t go any further before full approval from the branch of government.

One of the key provisions of FIT21 is the separation of oversight authority between the SEC and the CFTC. The bill clearly defines which digital assets fall under the jurisdiction of each of these agencies, which helps eliminate regulatory uncertainty.

FIT21 also introduces a “decentralisation test” to determine whether a digital asset is a security or a commodity. The main criterion is the level of decentralisation of the asset. If it is deemed sufficiently decentralised, it is regulated by the CFTC as a commodity, and otherwise it is subject to regulation by the SEC as a security.

The importance of the bill is that the SEC, with its current chairman Gary Gensler, has consistently caused problems for cryptocurrencies. For example, Gensler called altcoins unregistered securities, thus creating an excuse for the regulator to intervene. Well, the latter dealt with various companies like crypto exchanges through the court, imputing to them just the distribution of such assets without the appropriate licence.

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The passage of FIT21 was an important step in creating a predictable and transparent regulatory environment for cryptocurrencies in the US. However, for the bill to take effect, it must be approved by the Senate and signed by the president. And this is unlikely to happen before a change in power, as Democrats are clearly not in favour of the digital asset sphere.

US Congress

That’s why Brown’s resignation, as noted in a statement from a Fairshake affiliate called Defend American Jobs, will play into the hands of the coin industry in the long run. Here’s a rejoinder to that.

Sherrod Brown has been a leading opponent of cryptocurrencies, and thanks to our efforts, he will leave the Senate. His successor Moreno is prioritising innovation, protecting American economic interests and will ensure our country continues to be a technological leader.

Coinbase General Counsel Paul Grewal

Coinbase General Counsel Paul Grewal tweeted on election night and expressed hope that the SEC understood the message to American voters. That is, the regulator will now have a vested interest in making sure that the digital asset industry doesn’t cause problems on the flip side.

On many issues, voters have made it loud and clear that they want change. Cryptocurrencies are no exception. Stop suing crypto. Start a dialogue with the industry. Start drafting regulations now. There’s no reason to wait.

Fairshake’s spending also helped bring a large number of new faces to Congress on election night. While the industry leaders who largely funded the PAC kept the PAC’s origins and leadership opaque, the group’s strategy was clear.

Fairshake and its two affiliated PACs weren’t interested in other candidate policies as long as they supported cryptocurrency-friendly legislation. And the PACs didn’t pretend to do anything other than get their candidates elected.

Alas, this election was not without setbacks for crypto. Today it was revealed that Elizabeth Warren, who has been a constant critic of crypto and even built her previous election campaign around her fight against the coin, will make it to the Senate for the third time. She beat out John Deaton, who openly supports the industry.

Elizabeth Warren’s election campaign calling for a fight against cryptocurrencies


The crypto community's reaction to the US election results has been unequivocally positive. Still now there is a possibility that the government will not just stop fighting the niche of coins, but will support it. Well, under such conditions, there will be much more reasons for crypto growth, which we have already seen today.
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Look for more interesting things in our crypto chat. In it we discuss other important news related to the world of decentralised applications.

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