Majority of candidates backed by pro-crypto PACs won the elections News ▸ US ▸ Election 2024
Majority of candidates backed by pro-crypto PACs won the elections
The successful results following substantial investments could set the stage for expanded crypto influence in Washington.
2 min read
Updated: Nov. 8, 2024 at 8:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Pro-crypto political action committees (PACs) scored significant victories in the U.S. elections, with 48 of their endorsed candidates winning as of Nov. 8, positioning the industry for stronger influence in Washington, Bloomberg News reported.
A record-breaking $135 million in PAC investments spanned over 50 candidates, crossing party lines to support both Democrats and Republicans, according to Bloomberg News. Over 60% of the funds were directed toward Republican candidates or against Democratic opponents.
Crypto PACs, led by the sector’s largest super PAC, Fairshake, strategically supported key races without directly highlighting regulatory interests. Instead, their ads focused on broader themes like economic growth and social security.
Fairshake at the forefront
Fairshake, alongside affiliate PACs Protect Progress and Defend American Jobs, has become one of the most powerful single-issue groups, rivaling traditional heavyweights like Koch Industries and Chevron.
With funding from Coinbase, Ripple Labs, and Andreessen Horowitz, the super PAC is now second only to fossil fuel interests in political contributions.
In Ohio, the industry’s support proved pivotal, with crypto PACs investing over $40 million to support Republican Bernie Moreno in his bid to unseat Democratic Sen. Sherrod Brown, a vocal crypto critic.
Despite trailing in polls weeks earlier, Moreno won with 50.2% of the vote. Ads supporting Moreno emphasized economic issues, avoiding discussions of his blockchain background.
Crypto PACs also took a strategic approach in targeting specific opponents. Fairshake reportedly spent $10 million on ads against California Senate candidate Katie Porter, a crypto opponent who lost in the primary.
Industry gaining momentum
Coinbase CEO Brian Armstrong recently said that the results sent a “clear message” to Washington that anti-crypto stances may prove costly, noting that voters frustrated with the current financial system want to change.
The Cedar Innovation Foundation, another crypto-backed lobby, celebrated what it called the “most pro-crypto Congress in history” and urged President-elect Donald Trump to remove SEC Gary Gensler.
The crypto industry’s advocacy efforts are set to increase, with Coinbase and Ripple expanding their lobbying initiatives and Andreessen Horowitz establishing a Washington office.
Fairshake has also started preparations for the 2026 midterms, with recent contributions from Coinbase and Andreessen Horowitz adding $48 million to its campaign fund.
Ripple co-founder Chris Larsen called the election results an “enormous day for crypto,” pledging continued support for pro-crypto candidates.
Growing influence and criticism
The election outcomes suggest the crypto industry’s significant investment in the political landscape has yielded both immediate wins and long-term positioning, paving the way for increased influence in Washington. This success could also prompt other sectors to adopt similar strategies.
However, political analysts caution that while campaign contributions can provide access to lawmakers, they don’t guarantee policy outcomes.
Peter Loge, a public affairs professor at George Washington University, emphasized the need for sustained engagement, stating:
“You need to be there campaign after campaign, cycle after cycle. It’s not write a check, get a bill.”
Meanwhile, Rick Claypool, affiliated with the consumer watchdog group Public Citizen, criticized the aggressive approach, alleging that crypto firms are using their “deep pockets” as a means of “intimidation” to sway candidates and lawmakers.
He contended that while corporate money in politics isn’t new, the crypto industry is exploiting it in unprecedented ways.
Mentioned in this article
Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Donald John Trump was born on June 14, 1946, in Queens, New York City.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
Chris Larsen stands as the Executive Chairman of Ripple’s board of directors, bringing a wealth of experience from his extensive career in financial technology.