Deep Tide TechFlow news, on November 8, according to Bloomberg, the cryptocurrency industry has invested about $135 million to support more than 50 candidates in the 2024 U.S. election cycle, achieving significant results. As of noon on November 8, all 48 candidates supported by the industry's largest political action committee have declared victory, with 5 candidates still leading in the remaining 8 elections.
This result is surprising, as the campaigns of these candidates hardly mentioned cryptocurrency or related regulatory issues. However, its main vehicle Fairshake has become the largest single-issue super political action committee (Super PAC) in U.S. history. Fairshake, along with two other related super political action committees (Defend American Jobs and Protect Progress), is funded by industry giants like Coinbase, Ripple Labs, and Andreessen Horowitz.
The nonprofit organization Public Citizen pointed out that the political influence of the crypto industry has surpassed traditional corporate donors, such as Koch Industries and Chevron. Since the U.S. Supreme Court lifted restrictions on corporate political spending in 2010, the total political spending of the crypto industry ranks second only to the fossil fuel industry.