00:00The crypto industry spent $130 million supporting pro-crypto congressional candidates in the 2024 election and they're already seeing a massive return on investment.
00:10Here's a look at the impact the industry's spending has had on federal law in just eight months.
00:18Senator Tim Scott flew to Jackson Hole, Wyoming this week where he personally thanked the crypto industry for its financial support.
00:24He spoke specifically about the Ohio Senate race which resulted in a key flip.
00:35Super PACs funded by the crypto industry spent $40 million to help Marino win.
00:40Thank you to all of y'all for getting rid of Sherrod Brown.
00:46He's running again by the way.
00:48But literally the industry put Bernie Marino in the Senate and he's on the banking committee.
00:55So really having the opportunity to have a team that's focusing on the industry because we have passion for people who want to make a profit and help people.
01:06This industry does it better than anything I've seen in my adult lifetime.
01:10The Ohio Senate race changed everything.
01:13Brown was the chairman of the Senate Banking Committee and was very critical of crypto.
01:17He pointed out that crypto is used to fund terrorism, helps countries like Russia and North Korea evade sanctions,
01:24and even helps human and drug traffickers funnel their profits from country to country.
01:29Crypto users are also susceptible to fraud and scams.
01:33Brown's loss not only gave Republicans the Senate majority, it also made Senator Scott the new chairman of the banking committee.
01:40Scott has prioritized crypto legislation.
01:43His first big success was the Genius Act, which President Trump signed into law in July.
01:49The legislation created the first ever regulatory framework for stablecoins, which are cryptocurrencies with a value tied to an asset like the U.S. dollar, so they are not subject to significant fluctuations.
02:00Next, the Senate wants to pass the Clarity Act, which would create a regulatory framework for blockchain-based digital commodities.
02:07It would also allow crypto exchanges, brokers, and dealers to register with the Commodity Futures Trading Commission.
02:14Scott says this is only the beginning.
02:16Just the other day I had the administration over.
02:18We are working as a hand in a glove because if we're going to make this happen, we have to make it happen right now.
02:25I think this is the most important time in American history for the evolution of this innovative opportunity.
02:32The Trump administration has also been very friendly to crypto.
02:36The industry has donated $26 million to President Trump's super PAC so far this year.
02:42Crypto investors also bought $200 million worth of President Trump's meme coin.
02:47It's paying off.
02:48The Department of Justice is no longer pursuing cases related to regulation of digital assets.
02:54Instead, it will focus on crimes that involve digital assets like drug and human trafficking.
02:59In June, the Federal Housing Finance Agency directed lenders Fannie Mae and Freddie Mac to take a customer's cryptocurrency into consideration when conducting mortgage loan risk assessments.
03:09Once the rules are finalized, it will be the first time Americans can secure a loan using crypto.
03:15According to Gallup, 14% of Americans own cryptocurrency.
03:19According to the Federal Reserve, only 2% use it to make purchases and 1% use it to send money to family or friends.
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