Major pro-crypto political action committees have raised $80 million, earmarked for candidates who favor cryptocurrency regulation and innovation.
According to Politico, three major PACs — Fairshake, Protect Progress, and Defend American Jobs — are backed by cryptocurrency industry giants like Coinbase, Ripple, and Andreessen Horowitz.
They invest money in the business.
In West Virginia, for example, the cryptocurrency advocacy group American Jobs recently funded Governor Jim Justice's candidacy with $1.5 million.
The justice, who was praised by former President Donald Trump for his commitment to various conservative causes, found his Senate aspirations intertwined with the issue of cryptocurrencies.
An alliance with Trump, who recently softened his previously lukewarm stance on cryptocurrencies, adds another layer to the narrative. On Fox News, the Republican presidential candidate pointed to the influence of Bitcoin, especially among younger demographics, despite his loyalty to the US dollar.
These political action committees are also strategically positioning themselves for high-impact interventions that could potentially tip the scales against crypto critics like Senators Elizabeth Warren and Sherrod Brown.
This tactic has been demonstrated in Ohio and Massachusetts, where Republican candidates are receiving an enthusiastic boost from blockchain advocates and vocal support for Trump.
Bernie Moreno gets support from Trump
In Ohio, Bernie Moreno – who is seeking to unseat Senator Brown – is campaigning with a narrative supporting cryptocurrencies.
Backed by both Trump and Sen. J.D. Vance, Moreno — a former car salesman — has previously garnered attention as a leading advocate for blockchain technology, keeping cryptocurrencies at the forefront of his campaign strategy.
Deaton confronts Warren
John Deaton, a Republican cryptocurrency lawyer based in Rhode Island, has launched his own bid to take on Massachusetts Senator Elizabeth Warren.
Despite concerns about his background, Deaton's campaign has already generated significant interest on social media, where he has consistently challenged Warren's position on cryptocurrency regulation.
Warren and other senators — including Republicans — introduced the bipartisan Anti-Money Laundering Act for Digital Assets.
Deaton has strong ties to Ripple and is often a prominent participant in legal discourse within the cryptocurrency industry.
By shifting the focus to California, the Fairshake super PAC — which recently received a major financial infusion from cryptocurrency exchange founders Tyler and Cameron Winklevoss — is trying to assert its mission of advocating for candidates willing to nurture the cryptocurrency economy.
The move comes at a pivotal time when large sums of money are being funneled into political campaigns with the potential to impact the cryptocurrency ecosystem.
The political rules of the game being crafted could shape the future course of cryptocurrency regulation and its grip on innovation and economic growth in America.
Echoing a sentiment larger than any individual race, these cryptocurrency giants, armed with their own political action committees, are not only engaging in political discourse, but aiming to shape a future where digital assets can take control of the country's economic steering wheel.
