What’s Next for Crypto After the Election?

Crypto may not have been top-of-mind for most voters during the 2024 election cycle, but pro-crypto super PACs almost certainly helped move the needle. According to OpenSecrets, Fairshake, Protect Progress, Defend American Jobs, and other crypto super PACs poured more than $130 million into the hotly contested election cycle.

These efforts have paid off in a big way. In addition to Donald Trump’s defeat of Kamala Harris, the industry scored two high-profile Senate victories, replacing crypto skeptics serving in the Senate Banking Committee and other high places with pro-crypto voices. And crypto prices have skyrocketed over the ensuing weeks.

In this article, we’ll look at the new political landscape and what significant changes might be coming in the Trump administration.

What Did Trump Promise?

Trump hasn’t always been a supporter of crypto—he once called it a “scam”—but his tune has changed over the past few years. During the months leading up to the election, he vowed to oust crypto-villain and SEC Chairman Gary Gensler. He even proposed creating a national Bitcoin reserve to stockpile the digital asset.
Of course, Trump’s close alliance with Elon Musk also bodes well for the industry. Musk has been a long-time supporter of both popular and nascent cryptocurrencies. And his new department’s acronym, The Department of Government Efficiency (DOGE), is almost surely a sly reference to Dogecoin—a popular meme coin.

Dogecoin prices skyrocketed following the election and the Department of Government Efficiency (DOGE) creation. Source: CoinMarketCap

But most importantly, the crypto lobby has been very active in Mar-a-Lago, where Trump is rapidly appointing new members of his cabinet. Thus far, new appointees in financial positions—including Commerce Secretary and Treasury—have been strong crypto supporters and could reshape how the industry looks in four years.

Who’s in the Cabinet So Far?

Trump tapped Howard Lutnick, Chairman and CEO of Cantor Fitzgerald and co-chair of the transition team, as his nominee for Commerce Secretary. In addition to his firm’s work with Tether, Lutnick is a staunch supporter of cryptocurrencies and has said that Bitcoin should trade like gold everywhere in the world without limit.

While Elon Musk hoped Lutnick would become Treasury Secretary, Trump appointed Scott Bassent instead, a former partner at Soros Fund Management and founder of the hedge fund Key Square Group. Like Lutnick, Bassent strongly supports crypto, pushing for blockchain technology to modernize financial systems.

According to some reports, Trump is considering Teresa Goody Guillen to replace Gary Gensler as Chair of the SEC. As a seasoned blockchain expert and crypto advocate, she has made a career of representing crypto companies in cases against the agency. She would almost certainly reverse the SEC’s current course.

There’s little sign that the pro-crypto appointments will stop. In Mar-a-Lago, Trump has regularly met with crypto lobbyists to shape the administration. And these moves make it likely that the rest of the cabinet will continue to support the nascent industry.

Beyond the Presidency

Presidents need support from the Senate and House to enact new laws. While both branches have attracted Republican majorities, there’s no guarantee that everyone will follow the President’s wishes. It’s crucial to have support in the right areas of the House and the Senate to push new proposals into law.

Crypto PACs spent more than $40 million to unseat Senate Banking Committee Chair and crypto critic Sherrod Brown (D-Oh) and elect Bernie Moreno (R-Oh). Moreno has regularly attended crypto conferences and will be a strong crypto ally in the Senate, which has historically been critical of crypto efforts passed by the House.

In addition to Moreno, Tim Sheehy (R-Mt) defeated Jon Tester (D-Mt), who has been a critic of cryptocurrencies and supported regulating it within the Senate Banking Committee alongside Sherrod Brown. Like Moreno, Sheehy has been a staunch supporter of cryptocurrencies and holds digital assets himself. 

While the House approved a measure in May to make the CFTC the primary regulator of digital assets—a move that could reduce oversight by defanging the SEC, the move failed to pass the Senate despite Republican control. With new crypto voices and a message strongly sent, the new term could lead to these changes finally taking place.

Potential Roadblocks

There’s little doubt the crypto industry will have more power in Washington than ever. Between a favorable administration and a trifecta in the government, it’s almost certain the government will overhaul an array of financial regulations. And that could help the U.S. become more competitive, and crypto become more established.

However, there’s no guarantee of how industry-backed candidates will act in Congress, and questions remain about the depth of support in the Senate. Some Senate Republicans have supported proposals strengthening anti-money laundering restrictions, including Lindsey Graham of South Carolina—a powerful voice in the chamber.

Expectations may also exceed the likely outcomes. Many crypto enthusiasts who are not policy-focused wrote big checks to support the industry, but money alone doesn’t guarantee success. The most prominent element of successful legislation is making compromises—and some of those may not be quite as appealing.

What’s Next?

Crypto may not have been at the top of most Americans’ minds during the election cycle, but there’s little doubt that the money spent helped sway at least some elections. And that sends a powerful message to Washington that could result in less regulation and a more dynamic crypto space over the coming four years.

Meanwhile, Fairshake, the largest crypto super PAC, has already amassed nearly $80 million for the 2026 midterm elections where it promises to keep making changes. While voters may not see crypto commercials, the influx of money could help unseat other vulnerable crypto skeptics and push the nascent asset class forward.

It’s also worth noting that many existing regulations won’t change overnight. While the SEC may stop pursuing initial coin offerings, the IRS won’t stop taxing crypto capital gains or pursuing those who owe unpaid taxes. Therefore, most consumers and businesses must stay the course until more regulatory clarity exists.

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