Crypto Industry Sees Major Victory on Election Day
The crypto industry is celebrating a significant win following the recent election, with Coinbase CEO Brian Armstrong emerging as one of the biggest winners. The company’s shares surged 31% on Wednesday, marking its best day on record, as investors reacted positively to the success of pro-crypto candidates.
Fairshake’s Impressive Track Record
Fairshake, a Coinbase-backed Political Action Committee (PAC), reported that 46 out of 58 candidates it supported won their elections, with 12 remaining contests still undecided. This impressive track record is a testament to the growing influence of the crypto industry in the political arena.
Armstrong’s Stakes in Coinbase
As the co-founder and largest shareholder of Coinbase, Armstrong’s stake in the company jumped by approximately $2.1 billion in value on Wednesday, bringing his total holdings to almost $9 billion. His ownership of 34.8 million Class A and Class B shares makes him a significant player in the industry.
Bitcoin Soars to New Heights
The election results also had a positive impact on the value of Bitcoin, which rose by over 9.5% to reach a record high of over $76,400.
Crypto Industry’s Growing Political Clout
The crypto industry’s influence in politics is growing rapidly, with Coinbase launching the Stand With Crypto Alliance last year to promote a more favorable regulatory environment. The Alliance gave Senator Sherrod Brown, a Democrat, an “F” grade, while awarding his opponent, Bernie Moreno, an “A” grade. Moreno’s subsequent victory is seen as a major win for the crypto industry.
Moreno’s Victory and the Future of Crypto Regulation
Moreno’s win is expected to have a significant impact on the future of crypto regulation, with the industry hoping for a more favorable environment under the new Republican majority in the Senate. Armstrong has been vocal about the need for clearer rules and legislation governing the industry, and his company has been actively working with regulators to achieve this goal.
Coinbase’s Political Donations
In the 2024 election cycle, Coinbase was one of the top corporate donors, contributing over $75 million to Fairshake and its affiliate PACs. Armstrong personally donated more than $1.3 million to various candidates, focusing exclusively on congressional races to build a coalition of lawmakers with favorable views of the industry.
A New Era for Crypto Regulation?
As the dust settles on the election, the crypto industry is hopeful that the new political landscape will pave the way for clearer regulations and a more favorable environment. With Coinbase and other industry players actively engaging with regulators, the future looks bright for the crypto industry.
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