The cryptocurrency industry has set its sights on the U.S. Congress, planning to spend a massive $160 million through super PACs (political action committees) to support pro-crypto candidates and shape favorable legislation.
The Growing Political Power of the Crypto Industry
The political influence of the crypto sector in Congress is rapidly increasing. This shift could impact up to 13 pro-crypto candidates who may win seats in the House of Representatives in 2024. These candidates come from both sides of the political spectrum, from progressive Democrats who see digital assets as a way to promote financial inclusion, to Republicans who oppose the Biden administrationâs crypto policies and promote the technology as key to "economic freedom."
In the Senate, a wave of pro-crypto lawmakers is also expected, with notable candidates like Adam Schiff (D-California) and John Curtis (R-Utah) likely to secure seats. With most Republicans in key Senate battlegrounds supporting cryptocurrency, any gains by the GOP would expand this base.
A Crypto-Friendly Congress in 2024
Regardless of the outcome of the presidential election, 2024 could bring the most crypto-friendly Congress to date. This could be exactly what the crypto industry needs to remove regulatory barriers that hinder broader adoption. Although only a small portion of the U.S. population currently uses #Cryptocurrencies , crypto leaders are investing significant sums into the political system to raise awareness among lawmakers.
Rising Political Spending by the Crypto Industry Ahead of 2024 Elections
According to Jordan Libowitz from Citizens for Responsibility and Ethics in Washington (CREW), the crypto industry has dramatically increased its political spending. From spending very little on campaigns, it has become one of the biggest spenders in this election cycle, demonstrating its rapidly growing influence on shaping U.S. policy.
As the 2024 elections approach, the crypto industry is positioning itself as a major political player, with super PACs spending large amounts to support pro-crypto candidates. For instance, Bitcoin Voters PAC recently launched an ad campaign in support of presidential candidate Donald Trump.
Significant Investments in Key Races
The crypto industry has invested around $31.5 million to support Democratic candidates in the House, targeting key races across the country. Among the major investments are $2.6 million for Shomari Figures in Alabama, $2.2 million for Rep. Don Davis in North Carolina, and $2 million for Rep. Yadira Caraveo from Colorado. Other recipients of substantial support include Rep. Pat Ryan from New York and Rep. Mary Peltola from Alaska.
Supporting Innovation and Legislative Changes
The crypto industry is spending large amounts in both the House and Senate, hoping to elect candidates who favor less restrictive regulations that promote innovation. Senate candidates like Ruben Gallego from Arizona and Elissa Slotkin from Michigan have each received at least $10 million in support from pro-crypto super PACs.
Recently, it was revealed that Ripple co-founder Chris Larsen made three separate donations totaling nearly $10 million to Future Forward, a super PAC supporting Kamala Harris.
Gaining Political Influence
This growing influence is particularly important on the Republican side, where figures like Michelle Steel from California and Bernie Moreno from Ohio have received support from the crypto industry. For Moreno, one-third of his financial backing comes from crypto donors, and his success in this race could remove one of cryptoâs harshest critics, Senator Sherrod Brown.
Both Democrats and Republicans see these candidates as progressive supporters who would back the industryâs push for more open regulations and innovation in the digital asset space.
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