Live Updates: Crypto and the 2024 U.S. Election

Up-to-the-minute coverage on the presidential and congressional races and how they stand to shape crypto legislation and regulation.

The U.S. crypto industry is waiting with bated breath for the results of the 2024 election.

Nearly $200 million from crypto-aligned political action committees has gone into supporting favored candidates, but some of the biggest races remain too close to guess who may win.

CoinDesk will cover the election results live over the coming day (or days, depending on how things go), with market commentary and up-to-the-minute alerts on major races we're following – and how they may affect the crypto industry's chances for legislation, regulatory updates and more across the coming months. The biggest race is obviously the U.S. presidential election, with Kamala Harris facing off against Donald Trump.

Polls begin closing on the east coast at 7:00 p.m. EST, but due to the tight nature of some of the races we're following, we may not learn results immediately. Significant lawmakers running for reelection include Sherrod Brown, the Ohio Democrat who runs the Senate Banking Committee, Elizabeth Warren, Jon Tester and Debra Fischer.

The electoral map favors Republicans regaining the majority in the Senate. Similarly, Democrats are expected to regain the majority in the House of Representatives.

In the House, there's an open question as to who will succeed retiring Congressman Patrick McHenry, who chairs the powerful House Financial Services Committee. A handful of Republican lawmakers are running to lead their party on the committee.

Crypto political action committees, including the Fairshake super PAC and its affiliated entities, Defend American Jobs and Protect Progress, have supported dozens of candidates across the House and Senate.

We'll also be keeping an eye on the prediction markets, especially crypto-based betting site Polymarket. For the last few months, these markets have mostly favored Trump winning, although Polymarket has given him higher odds than U.S.-regulated exchange Kalshi and other platforms.

Right now, Trump is ahead by 23.4 points at 61.7% on Polymarket. An aggregate of eight prediction markets (plus Nate Silver's forecast) built by trader Flip Pidot of American Civics Exchange gives Trump a more modest the lead with 16 points at 58.1%

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