In a significant turn of events, the cryptocurrency industry is actively participating in the 2024 U.S. election, allocating substantial funds in the Super Tuesday primary races across California, Alabama, and Texas.
These investments aim to support candidates favoring crypto-friendly policies while opposing those advocating for stricter regulations. The outcome of these races will provide insight into the potential influence of wealthy crypto executives on the election’s trajectory.
Newly established industry super PACs, including Fairshake, Protect Progress, and Defend American Jobs, have collectively spent over $13 million in the primary contests. Supported by funding from prominent entities like Coinbase and the Winklevoss twins, these PACs seek to bolster candidates aligned with the crypto agenda.
The cryptocurrency sector has witnessed a surge in growth in recent months, marked by Bitcoin’s new high. This expansion has prompted increased political engagement, with industry players contributing approximately $59.2 million to the 2024 election cycle.
This substantial increase reflects a growing desire within the industry to shape policy outcomes conducive to its interests.
One of the key targets of these efforts is progressive Democrat Katie Porter, a Senate candidate in California. Fairshake has invested over $10 million to sway voters away from Porter, highlighting her stance on issues related to crypto regulation.
Similarly, Protect Progress has backed Democrat Shomari Figures in Alabama’s 2nd congressional district race, aiming to support candidates embracing digital assets to foster innovation.
In Texas, Protect Progress has thrown its support behind Representative Julie Johnson, emphasizing her commitment to advancing crypto-related initiatives.
Additionally, Defend American Jobs has allocated funds to support Republican Representatives John Bradford III and Tim Moore in North Carolina, acknowledging their potential roles in shaping legislative outcomes.
