Ripple CEO Brad Garlinghouse has declared the 119th United States Congress as the most cryptocurrency-friendly legislative body in American history, marking a potential watershed moment for the digital asset industry.
"Today, here in the US, we welcomed the 119th Congress — better known as the most pro-crypto Congress in history," Garlinghouse stated, highlighting the growing momentum in the blockchain space.
The optimistic outlook is backed by concrete numbers, with cryptocurrency advocacy group Stand With Crypto reporting that 298 pro-crypto lawmakers from both major political parties have been elected. This bipartisan support suggests a shifting landscape for cryptocurrency regulation and adoption in the United States.
The industry's political influence has grown substantially, with Political Action Committees (PACs) like Fairshake raising over $200 million during the election cycle. Major players including Coinbase, Ripple, and Jump Crypto contributed to supporting candidates who favor innovation-friendly policies. In an unprecedented display of financial influence in American politics, cryptocurrency companies emerged as major campaign donors during the last election cycle, strategically backing candidates who could shape the industry's regulatory future.
The new Congress is expected to advance key initiatives like the Financial Innovation and Technology for the 21st Century Act (FIT21). There are also discussions around Senator Cynthia Lummis's proposal to establish a Strategic Bitcoin Reserve.
The appointment of Mike Johnson as Speaker of the House has further bolstered industry confidence. Johnson's previous support for pro-crypto legislation, including the CBDC Anti-Surveillance State Act, aligns with the sector's interests.
This unprecedented level of cryptocurrency support in Congress could lead to clearer regulations and potentially challenge what many view as restrictive policies from agencies like the Securities and Exchange Commission (SEC).
Several cryptocurrency companies, including Coinbase and the Blockchain Association, have expressed their readiness to work with lawmakers to develop balanced regulatory frameworks that could position the United States as a leader in blockchain innovation.
With this new Congress, the cryptocurrency industry appears poised for a period of potentially transformative policy development and regulatory clarity.