Hannah Lang
(Reuters) – The cryptocurrency industry, including huge names like Coinbase (NASDAQ:) and , has spent more than $119 million to support pro-crypto U.S. congressional candidates, hoping to support those who would pass cryptocurrency-friendly bills to promote digital assets.
The effort succeeded Tuesday, with many of the industry’s chosen candidates winning their races, potentially ushering in a Congress ready to promote cryptocurrencies like never before.
Much of the sector’s spending in 2024 came from strengthened political action committees, which can spend unlimited amounts of money. Fairshake, one of the most prominent PACs supporting candidates with favorable views on cryptocurrencies, has spent more than $40 million this election cycle, according to OpenSecrets.
Spending data comes from both OpenSecrets and the Federal Election Commission.
Here are the races where cryptocurrency spent the most money and whether the industry ultimately succeeded in promoting its preferred candidate:
1. Ohio Senate: (R) Bernie Moreno vs. (D) Sherrod Brown (incumbent)
The cryptocurrency industry spent by far the most money trying to unseat incumbent Senate Banking Committee Chairman Sherrod Brown in this year’s election, contributing $40.2 million on behalf of Brown’s opponent, Republican Bernie Moreno.
As Edison Research predicted, Moreno defeated Brown on Tuesday in one of the most exorbitant Senate races in history, unseating one of cryptocurrency’s biggest foes in Congress.
Brown was skeptical of cryptocurrencies, expressing particular concern about their exploit among funding groups considered by the U.S. to be state sponsors of terrorism. Meanwhile, Moreno founded a blockchain company and said he would “lead the fight to defend cryptocurrencies” in the Senate.
Moreno benefited from input from Defend American Jobs – a subsidiary of Fairshake – as well as Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss.
2. Michigan State Senate: (R) Mike Rogers (NYSE: ) vs. (D) Elisa Slotkin
Crypto spent $10 million to support incumbent U.S. Rep. Elissa Slotkin of Michigan in her race for an open Senate seat, with support from Fairshake affiliate Protect Progress and Chris Larsen, Ripple’s executive chairman. According to Edison Research, Slotkin narrowly won her race.
In Congress, Slotkin voted to repeal the Securities and Exchange Commission’s cryptocurrency accounting bulletin, as well as a bill announced by House Financial Services Committee Chairman Patrick McHenry that would have sought to develop a regulatory framework for cryptocurrencies.
3. Arizona Senate: (R) Kari Lake vs. (D) Ruben Gallego
Protect Progress, along with individual donors such as Coinbase general partners Armstrong and Andreessen Horowitz, Chris Dixon and Ben Horowitz, spent $10 million to support current U.S. Rep. Ruben Gallego’s campaign for an Arizona Senate seat.
Gallego voted with Slotkin for the crypto industry-backed legislation.
The race has not been announced yet.
4. Massachusetts Senate: (R) John Deaton vs. (D) Elizabeth Warren (incumbent)
The cryptocurrency industry spent $4.2 million supporting Massachusetts Senate candidate John Deaton in his race against Sen. Elizabeth Warren, who has repeatedly clashed with digital asset leaders. Warren, the incumbent president, won re-election, Edison Research projects.
Warren called for strict anti-money laundering standards for cryptocurrencies and said crypto companies are reluctant to follow the same rules that other financial companies, such as banks, follow.
After Brown lost the Ohio Senate race, Warren could become one of the top Democrats on the Senate Banking Committee next year.
5. West Virginia Senate: (R) Jim Justice vs. (D) Glenn Elliott
Crypto spent $3 million to support the former West Virginia governor in his bid for the Senate nomination, led by Defend American Jobs, Armstrong and the Coinbase Inc Innovation PAC. Justice won a Senate seat on Tuesday, Edison Research Projects.
On his website, Justice said earlier this year that the United States has a “tremendous opportunity” with cryptocurrency and blockchain innovation and that he supports a regulatory framework for digital assets that “empowers entrepreneurs to innovate, flourish and reach their full potential.”
6. Indiana State Senate: (R) Jim vs. (D) Valerie McCray
According to Edison Research, individual donors such as Armstrong, Horowitz and Dixon, as well as Coinbase Inc Innovation PAC and Defend American Jobs, spent $3 million in the primary campaign to support Indiana Republican Party Senate candidate and incumbent Congressman Jim Banks, who won the seat in Senate.
Banks have backed crypto industry-backed legislation in Congress.
7. California’s 45th Congressional District: (R) Michelle Steel (incumbent) vs. (D) Derek Tran
The cryptocurrency industry spent $2.8 million to support Rep. Michelle Steel’s re-election campaign, led by Fairshake, Cameron and Tyler Winklevoss, and the Coinbase Inc Innovation PAC.
Steel voted for legislation repealing the U.S. Securities and Exchange Commission’s accounting bulletin and creating a regulatory framework for cryptocurrencies.
The race has not been announced yet.
8. Alabama’s 2nd Congressional District: (R) Caroleene Dobson vs. (D) Shomari Figures
Edison Research Crypto projected to spend $2.6 million to support Shomari Figurs’ congressional race for a brand fresh district in Alabama, which he won by a wide margin. The $2.6 million includes contributions from Protect Progress, the Winklevoss Twins, Armstrong and Coinbase Inc Innovation PAC.
In July, the numbers signed on to a Democratic letter asking the Democratic National Committee to soften its stance on cryptocurrencies and include cryptocurrency-supporting language in the party’s platform. On its website, Figury stated that it would exploit digital assets to drive innovation and technological progress.
9. North Carolina’s 1st Congressional District: (R) Laurie Buckhout vs. (D) Donald Davis (incumbent)
Individual donors such as Armstrong, Larsen and the Winklevoss and Fairshake twins spent $2.3 million on the primary campaign for Rep. Donald Davis’s re-election campaign, which Davis won, Edison Research projects.
Davis has supported legislation in Congress supported by the crypto industry.
10. Colorado’s 8th Congressional District: (R) Gabe Evans vs. (D) Yadira Caraveo (incumbent)
The cryptocurrency industry spent $2.3 million to support Yadira Caraveo’s congressional campaign in Colorado, led by contributions from Fairshake, Armstrong, Dixon and Horowitz.
Caraveo is the ranking member of the House Agriculture Committee’s Subcommittee on Commodity Markets, Digital Assets and Rural Development and has called for a regulatory framework for digital assets.
The race has not been announced yet.
