The 2024 US election saw the crypto industry investing heavily in political campaigns to ensure favorable regulations for digital assets. The Financial Innovation and Technology for the 21st Century Act (FIT21) passed the House of Representatives with a vote of 279 to 136, allowing the development of the crypto industry.
Political action committees (PACs) spent over $133 million on elections to support candidates who promised to not heavily regulate cryptocurrencies. The top 10 recipients of funds included Ripple, Coinbase, and Jump Trading, among others. The regulatory framework for cryptocurrencies in the US is expected to improve, benefiting the industry in the long run.
