RICHMOND: After pouring record sums of money into the 2024 US elections, the cryptocurrency industry is hopeful -- if not certain -- of a newly friendly reception from DC policymakers after what it perceived to be a hostile environment in the Biden administration.

Crypto-aligned interests pumped millions of dollars into campaigns for President Donald Trump and pro-crypto candidates, hoping he and a supportive Congress would enact industry-friendly regulations after dealing with dozens of enforcement actions from the Securities and Exchange Commission (SEC) under Biden.

On the potential policy priority menu is legislation that would offer clarity on crypto’s place in the markets, a US-backed ‘strategic Bitcoin reserve’ and legislation on stablecoins, which are cryptocurrencies whose value is tied to another asset.

Even with Republican majorities, Congress could well end up stymied over major new legislation. But crypto advocates are still welcoming new leadership at key regulatory agencies like the SEC, which they have criticised for being heavy-handed in targeting the industry.

“I think we’re going to see movement both from the executive branch and through Congress,” said Zack Shapiro with the Bitcoin Policy Institute, adding that he would be very surprised if there were not at least one or two comprehensive bills passed.

The Fairshake PAC, an outside political group that received major donations from key crypto interests like the platform company Coinbase, was one of the most active of such groups in 2024.

Shapiro noted “the effect that crypto (as) a political force seems to have had up and down the ballot in the 2024 election,” including what he called “the stunning impact” of groups like the Fairshake PAC.

“I think that did not escape legislators’ notice,” he said. For its part, Trump’s team suggested a new day will dawn on how the industry is governed.

“There has been an effort in the Washington bureaucratic swamp to stifle innovation with more regulation and higher taxes, but President Trump will deliver on his promise to encourage American leadership in crypto and other emerging technologies,” Brian Hughes, a spokesman for the transition team, told Context days before Trump was sworn into office.