Republicans won the Senate, but 2 crypto races are still up for grabs

Republican lawmakers in the United States have already flipped enough seats to secure a slim majority in the Senate for 2025, but the outcome for two candidates who received support from crypto-backed political action committees (PACs) and executives has yet to be determined.

As of Nov. 8, Republican Kari Lake was trailing Democrat Ruben Gallego in the race for an Arizona Senate seat. Lake has claimed to be a “pro-crypto candidate,” pledging to support some of Donald Trump’s policies on digital assets and Bitcoin (BTC), but did not appear to have received any campaign contributions from industry leaders or support from crypto-backed PACs.

The Fairshake PAC and its affiliates spent more than $10 million on media buys supporting Gallego, who led in the race against Lake with roughly 77% of votes counted at the time of publication. The Arizona lawmaker currently represents the state’s 3rd congressional district and voted in favor of the Financial Innovation and Technology for the 21st Century Act while in office.

The Arizona Senate race will be one of the last to be called by news outlets alongside the Nevada election. At the time of publication, Republican Sam Brown was trailing Democrat Jacky Rosen for a Nevada Senate seat, with roughly 96% of votes counted. 

Related: After US election wins, the crypto industry looks to the 2026 midterms

Though Cointelegraph did not find any crypto-backed PACs supporting Brown, several high-profile figures including Gemini co-founders Cameron and Tyler Winklevoss, Ripple chief legal officer Stuart Alderoty, and Coinbase co-founder Fred Ehrsam donated thousands of dollars directly to his campaign.

56 days until a new Congress takes office

While many crypto advocates have declared the 2024 US Election as an overall win for the industry, not all of the races paid off. Republican John Deaton lost his bid for the US Senate against Massachusetts incumbent Elizabeth Warren, one of the most vocal crypto skeptics in Congress. 

Estimates from news outlets suggested that Fairshake and other crypto PACs spent roughly $134 million on candidates in 2024 races, from the presidential election with Donald Trump and JD Vance to congressional runs in swing states. The full impact on the industry may not be felt until the new Congress is sworn in on Jan. 3, but the price of BTC and other tokens have significantly surged after many of the results were announced on Nov. 6.

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