As the 2024 U.S. election unfolds, the crypto industry is closely watching several pivotal Senate races. While the presidential race between Kamala Harris and Donald Trump has dominated headlines, all 435 seats in the House and 34 of the 100 Senate seats are up for grabs. The new 119th Congress won’t take office until January, but they could play a critical role in passing crypto-related bills currently stalled in Congress. The crypto industry has backed candidates with a combined $240 million in support, highlighting the importance of these races.
Ohio: Brown vs. Moreno
One of the most closely watched races is in Ohio, where incumbent Democratic Senator Sherrod Brown is facing pro-crypto Republican challenger Bernie Moreno. Brown, the chair of the Senate Banking Committee, has long been critical of crypto and has been labeled as “strongly against crypto” by the lobbying group Stand With Crypto (SWC). He has made several anti-crypto remarks, making him a target for pro-crypto advocates.
In contrast, Bernie Moreno is an entrepreneur and blockchain advocate who founded Ownum and Champ Titles and has pushed for Cleveland to become a hub for blockchain and crypto companies. Although Moreno has promised regulatory certainty for the crypto industry, his campaign has not specifically mentioned digital assets. The race is close, with polls showing it to be a coin flip as of November 3, 2024.
Massachusetts: Warren vs. Deaton
In Massachusetts, Democrat Senator Elizabeth Warren, one of the most vocal crypto critics, is being challenged by John Deaton, a crypto lawyer known for his advocacy for XRP tokenholders during Ripple’s legal battle with the Securities and Exchange Commission (SEC).
Deaton has garnered significant support from the crypto community, with $2 million in funding from the Winklevoss twins (co-founders of Gemini) and Ripple. Despite his backing, Elizabeth Warren was re-elected on November 6, 2024, with polling data showing her leading Deaton 60% to 37% as of November 1.
Montana: Tester vs. Sheehy
In Montana, incumbent Democratic Senator Jon Tester is facing a challenge from pro-crypto GOP candidate Tim Sheehy. While Tester has served on the Senate Banking Committee, which plays a pivotal role in crafting crypto regulations, he has also publicly dismissed crypto as “all bullshit” and argued that there is no reason for crypto to exist. Tester’s stance has raised concerns within the crypto community, and Sheehy has positioned himself as a strong proponent of crypto.
Sheehy, who views crypto as “the future of finance and the internet,” has also promised to ban a potential central bank digital currency (CBDC). He has a strong lead, with polls showing him 11 percentage points ahead as of November 3.
Pennsylvania: Casey vs. McCormick
In Pennsylvania, a key swing state in both the presidential and Senate elections, incumbent Democratic Senator Bob Casey Jr. is up against GOP challenger Dave McCormick. Casey, who sits on the Senate Finance Committee, has been seen as neutral toward crypto, voting both for and against crypto-related legislation. However, his support for the Digital Asset Anti-Money Laundering Act of 2023, which the industry views as anti-crypto, has raised concerns.
McCormick, who has authored an op-ed arguing that the U.S. “must lead” on crypto, has received endorsements from Coinbase CEO Brian Armstrong. The race is tight, with Casey leading McCormick by just 3 percentage points in the latest November 3 polls.
Wisconsin: Baldwin vs. Hovde
In Wisconsin, Democrat Senator Tammy Baldwin is facing GOP challenger Eric Hovde in another competitive race. Hovde has made statements supporting DeFi and Bitcoin, which aligns with the views of the crypto industry, but he has been cautious about some of the more speculative aspects of crypto, like “junk coins.”
Baldwin has been more anti-crypto, voting against key industry-backed legislation, including the SEC’s anti-crypto banking guidance. Polling on November 3 has Baldwin narrowly leading Hovde by 1 percentage point.
Conclusion
The 2024 U.S. Senate elections are crucial for the future of crypto regulation in the U.S. The crypto industry is closely watching races in Ohio, Massachusetts, Montana, Pennsylvania, and Wisconsin—states where the outcome could significantly influence the development of pro-crypto policies in the next Congress. As the vote counting begins, the crypto sector’s efforts to support pro-crypto candidates could help shape the regulatory landscape in the coming years. With many races still too close to call, the results could have a lasting impact on the future of digital assets in the U.S.
