Deep Tide TechFlow News, on November 8, according to Bloomberg, the cryptocurrency industry invested approximately $135 million to support over 50 candidates during 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 announced victory, with 5 candidates still leading in the remaining 8 elections.
This outcome 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 such as Coinbase, Ripple Labs, and Andreessen Horowitz.
The nonprofit organization Public Citizen points out that the political influence of the crypto industry has surpassed that of 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 that of the fossil fuel industry.