Crypto Industry Investment in Congressional Candidates

By Hannah Lang

(Reuters) – The cryptocurrency industry, including heavyweights like Coinbase (NASDAQ:COIN) and Ripple, has spent over $119 million backing pro-crypto U.S. congressional candidates to advance crypto-friendly legislation.

The initiative saw success on Tuesday, as many chosen candidates won their races, potentially leading to a Congress more supportive of cryptocurrency than ever.

Much of the 2024 spending was led by political action committees (PACs) that can expend unlimited funds. Fairshake, a prominent PAC advocating for favorable crypto candidates, distributed over $40 million during this election cycle, according to OpenSecrets.

Notable Races and Outcomes

Here are key races where crypto investment was significant, along with the outcomes for preferred candidates:

1. Ohio Senate: (R) Bernie Moreno vs. (D) Sherrod Brown
   The cryptocurrency industry invested a record $40.2 million to support Moreno, projecting his victory over Brown, who has been a major critic of crypto.

2. Michigan Senate: (R) Mike Rogers vs. (D) Elissa Slotkin
   Crypto funding of $10 million backed Slotkin, who narrowly won and has supported crypto-friendly measures in Congress.

3. Arizona Senate: (R) Kari Lake vs. (D) Ruben Gallego
   An investment of $10 million supported Gallego, with the race still uncalled.

4. Massachusetts Senate: (R) John Deaton vs. (D) Elizabeth Warren
   The industry backed Deaton with $4.2 million, but Warren, a long-time critic, secured re-election.

5. West Virginia Senate: (R) Jim Justice vs. (D) Glenn Elliott
   $3 million was spent on Justice, who won, citing the importance of a positive regulatory framework for cryptocurrency.

6. Indiana Senate: (R) Jim Banks vs. (D) Valerie McCray
   $3 million was invested in Banks, who won and has a supportive stance on crypto issues.

7. California 45th District: (R) Michelle Steel vs. (D) Derek Tran
   The crypto sector spent $2.8 million on Steel, with the race still undecided.

8. Alabama 2nd District: (R) Caroleene Dobson vs. (D) Shomari Figures
   A total of $2.6 million was spent backing Figures, who won and supports crypto inclusivity in the Democratic platform.

9. North Carolina 1st District: (R) Laurie Buckhout vs. (D) Donald Davis
   $2.3 million was directed toward Davis, who won and promotes crypto legislation.

10. Colorado 8th District: (R) Gabe Evans vs. (D) Yadira Caraveo
    The industry invested $2.3 million in Caraveo’s campaign, with the race still ongoing.