According to PANews on November 8, Bloomberg reports that the cryptocurrency industry has spent approximately $135 million to support over 50 candidates in the 2024 U.S. election cycle, including Democrats and Republicans, incumbents and challengers, frontrunners and long-shot candidates. But they now all share one thing in common: victory. In the elections on November 5, as of noon local time on Friday, all 48 candidates supported by the cryptocurrency industry's largest political action committee have declared victory. In the eight elections still counting votes, candidates supported by the political action committee are leading in all but three.
This may surprise voters — candidates and advertisements supported by cryptocurrency political action committees have hardly mentioned the industry or its key issues (regulation). However, its main campaign vehicle Fairshake has become the largest single-issue super political action committee (Super PAC) in history. Fairshake and two other related super political action committees (Defend American Jobs and Protect Progress) are funded by industry giants such as Coinbase, Ripple Labs, and Andreessen Horowitz.
According to the consumer advocacy nonprofit Public Citizen, its influence campaign far exceeds that of traditional corporate donors, such as Koch Industries and Chevron. Since the landmark Supreme Court decision in 2010 that lifted restrictions on corporate political spending, the industry is second only to the fossil fuel industry in terms of total amount deployed. Now, the industry is touting its substantial election spending and its results as evidence that it has become an undeniable political force, gearing up for the next legislative session and the 2026 midterm elections.
