Crypto Lobby Sees Worst Midterm Losses Since Tracking Began

Crypto's efforts to influence US lawmakers have experienced a rare loss in recent years, despite a growing number of politicians showing interest in digital assets. According to CoinDesk research, there are now more crypto proponents on Capitol Hill than ever before.

In the 2022 midterms, the crypto industry saw its worst losses at the ballot box since tracking began. Only 12% of pro-crypto candidates won their elections compared to 70% in the previous cycle.

The results were seen as a setback for the crypto lobby, which had hoped to build on the momentum from 2020 when two notable politicians - Tom Emmer (R-MN) and Josh Harder (D-CA) - expressed support for blockchain technology. However, despite these setbacks, many industry insiders remain optimistic about the future of crypto in Congress.