US Welcomes Pro-Crypto Congress, Boosting Industry Sentiment

2025-01-06 09:35:04 Primitive Reading

From beincrypto by Oluwapelumi Adejumo

Ripple CEO Brad Garlinghouse has highlighted the 119th US Congress as a landmark moment for cryptocurrency, calling it the most pro-crypto legislative body in American history.

This optimism reflects a growing belief within the industry that significant regulatory progress may be on the horizon for the emerging industry.

Pro-Crypto Congress Sparks Optimism for Blockchain Innovation

On January 3, Garlinghouse shared his enthusiasm about the fresh congressional term, emphasizing the energy surrounding this pivotal shift. His remarks echo the sentiment of a burgeoning pro-crypto movement fueled by recent electoral victories.

“Today, here in the US, we welcomed the 119th Congress — better known as the most pro-crypto Congress in history. The journey is just beginning, but you can’t deny the energy & excitement already building across the industry. Let’s get to work,” Garlinghouse stated.

The cryptocurrency advocacy group Stand With Crypto has also expressed optimism, celebrating the election of 298 pro-crypto lawmakers from both political parties. This diverse coalition includes first-time representatives and seasoned policymakers committed to advancing blockchain innovation.

“SWC welcomes the 119th Congress: The most Pro-Crypto Congress in History. We look forward to a productive year with the 298 pro-crypto legislators sworn in today. The future is bright!,” Stand With Crypto wrote on X.

The rise of pro-crypto legislators is partly due to the substantial industry support. During the election cycle, political Action Committees (PACs) like Fairshake raised over $200 million to back candidates advocating for innovation-friendly policies. Key contributors included Coinbase, Ripple, and Jump Crypto, alongside prominent investors such as Andreessen Horowitz.

This unprecedented alignment between the crypto industry and policymakers has sparked optimism for regulatory clarity.

Many industry stakeholders believe the new Congress could advance critical initiatives like the Financial Innovation and Technology for the 21st Century Act (FIT21). There is also hope for support of Senator Cynthia Lummis’s proposal to establish a Strategic Bitcoin Reserve.

Additionally, the crypto community anticipates that this Congress will challenge overreaching policies from regulators like the Securities and Exchange Commission (SEC), whose actions have previously stifled innovation. Already, several crypto companies, including Coinbase and the Blockchain Association, have expressed readiness to collaborate with lawmakers to craft balanced frameworks.

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