Read this article on bsc.news Ripple (@Ripple) $XRP executives are pushing back on the view that the US midterm elections were a setback for crypto, pointing to wins by pro-crypto lawmakers i
Ripple (@Ripple) $XRP executives are pushing back on the view that the US midterm elections were a setback for crypto, pointing to wins by pro-crypto lawmakers in both parties.
CEO Brad Garlinghouse (@bgarlinghouse) said lawmakers who support the industry were elected from both sides of the aisle. He added that more than 67 million Americans use crypto and that the industry's push for clear US rules is unchanged. "New Congress, with the same mission," he wrote.
Chief Legal Officer Stuart Alderoty (@s_alderoty) said the results are more nuanced than some headlines suggest. He pointed to wins by the Fairshake super PAC in both the primaries and the general election, and to early Stand With Crypto data showing pro-crypto lawmakers elected across both parties. Alderoty said the industry's political engagement helped build that support. "Clear rules for digital assets were never a one-cycle project," he noted.
Stand With Crypto's tally as of November 4 counted 222 House winners it rated pro-crypto and 106 it rated anti-crypto, alongside 19 pro-crypto and eight anti-crypto Senate winners. The group said results were unofficial until certified. Fairshake's primary record has also been cited by press reports: 53 of the 58 candidates Fairshake supported in primaries or special elections won and advanced to the November 3 ballot.
Fairshake is backed in part by Ripple. Its chief backers include Coinbase, Ripple and venture capital firm Andreessen Horowitz.
The broader picture is less clear-cut. According to Reuters reporting carried by U.S. News, the greatest blow for the industry came in Ohio, where Democrat and crypto skeptic Sherrod Brown decisively won his race to return to the Senate, despite crypto political action committees spending more than $60 million to defeat him. The same report noted that Fairshake has won 29 of the 34 races it spent on, with several races not yet called.
Analysts expect a tougher legislative path. The new Congress takes office in January 2027, and unless lawmakers revive the Clarity Act before the current session ends, the industry will need to start a new legislative effort with Democrats controlling both chambers, according to Yahoo Finance. CoinDesk reported that the industry's main market-structure bill stalled in a 49 to 50 vote in the Senate in September.
Some in the industry see a longer horizon. Grayscale's head of research, Zach Pandl, told CoinDesk that the movement toward greater regulatory clarity and institutional adoption of digital assets has much deeper foundations than the efforts of the last Congress.
Ripple's message mirrors that view: the election changes the makeup of Congress, but not the industry's goal of securing clear federal rules for digital assets.
Sources:
U.S. News: Crypto's Midterm Spending Spree Stumbles as Democrats Rack up Big WinsCoinDesk: Crypto's Washington Hopes Fade, but Grayscale and BlackRock See Growth AheadYahoo Finance: Bitcoin Rebounds After Democratic Midterm Sweep
