| Many investors are viewing Tuesday's US election as a make-or-break moment for crypto that may finally set the industry up to thrive. Republican candidate Donald Trump has vowed to support Bitcoin miners and other industry participants if he returns to the White House. Democrat Kamala Harris has signaled support as well, though in less concrete terms. Yet the industry clearly isn't hanging a "Mission Accomplished" banner just yet. Instead, it's already gearing up for the next election. On Aug. 1, the biggest US crypto exchange, Coinbase Global Inc., said it moved certain policy expenses to the "general and administrative" category, since they are expected to continue even after the election. Then last week Coinbase committed $25 million to the Fairshake PAC to support pro-crypto congressional candidates in the 2026 midterms. On Monday, venture capital firm a16z followed suit, committing more than $23 million to Fairshake for the midterms. "We're not slowing down post-election," Coinbase CEO Brian Armstrong wrote in a blog last week. No matter who controls the White House or Congress this time, changing US laws to make them more favorable for crypto could take years. US legislation still has yet to pass regarding market structure, stablecoins and other issues that the crypto industry is hoping will be resolved. "They might recognize that any kind of codification of law in a complex area could take a fair amount of time and they want not to take the chance that it would stall out again," Bobby Zagotta, chief executive officer of exchange Bitstamp USA, said in an interview. That likely means that in the foreseeable future, the crypto industry will continue to rain money on politicians. Crypto companies were by far the dominant political spenders in 2024 with 44% of all corporate money contributed during this year's elections coming from crypto backers, according to consumer advocacy Public Citizen's August report. "This year marked a turning point for the crypto industry – with a vocal crypto advocate, an engaged crypto voter, and a mature and organized industry – but our efforts are just beginning," said Kristin Smith, CEO of the Blockchain Association trade group. "Smart policymaking is an art – not a science – that will take time to materialize into law. Our industry is preparing for the future, more optimistic than ever before." | 
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