The crypto world is preparing for a renaissance under Trump
Subscribe to enjoy similar stories. Bernie Moreno was celebrating Tuesday night at La Centre, a banquet center in the Cleveland suburbs, when he got a call from Brian Armstrong, Brad Garlinghouse and a handful of other crypto executives. The Republican had just defeated three-term Sen.
Sherrod Brown, the head of the Senate Banking Committee and one of the largest crypto critics on Capitol Hill. The executives wanted to congratulate Moreno. The crypto industry emerged as one of the biggest spenders of the election cycle by donating $170 million to a trio of super PACs to elect friendly lawmakers such as Moreno, a former blockchain entrepreneur and car dealer running for election in Ohio.
The effort met with resounding success: 54 of the 58 general-election candidates that the super PACs supported won their races, the AP projects. Three contests were still too close to call as of Friday evening. The enthusiasm has been reflected in the market, too.
Bitcoin pricessurged to a recordSunday, hitting $80,000for the first time, in a rally that seemed unfathomable in the midst of the 2022 market meltdown that culminated in the collapse of exchange FTX. Now, the crypto world expects President-elect Donald Trump and the next Congress to deliver what it has long desired: rules that treat it differently from Wall Street. Trump has vowed to ease the regulatory burden on crypto and create a reserve to hold the nation’s bitcoin supply.
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