According to Bloomberg, California's Senate race has been disrupted by the candidacy of Republican Steve Garvey and the involvement of the cryptocurrency industry. The state uses a 'top two' system, where all candidates run in a single primary, and the top two vote-getters, regardless of party, advance to the general election. Democrat Adam Schiff is spending an estimated $7.5 million in ads attacking Garvey, but also boosting his name recognition among GOP voters. Schiff's strategy has given Garvey a chance to make the November runoff, where he would likely be defeated in a heavily Democratic state.
Jessica Levinson, director of Loyola Law School's Public Service Institute, said that Schiff would be delighted to run against Garvey because it means the open primary is the last competitive election he has to worry about. Meanwhile, Democrat Katie Porter's hard line on the consumer and environmental impacts of crypto has led industry leaders to take action through Fairshake, a super political action committee funded by billionaire twins and Bitcoin investors. Campaigns and super PACs combined have spent $88.3 million, according to Federal Election Commission data.
The race represents a generational change for California, which in 1992 became the first state to elect two female senators, Dianne Feinstein and Barbara Boxer. After Feinstein's death, Governor Gavin Newsom appointed Alex Padilla to her seat. If Schiff and Garvey advance to the November runoff, there is a possibility that California could be represented by two men next year, said Jessica Taylor, Senate and governors editor at the Cook Political Report.