BTC

$96326.38

-0.39%

ETH

$3704.499

1.60%

XRP

$1.89

4.53%

BNB

$651.852

-0.64%

News

Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

November 8, 2024 - Around 2 mins mins to read

Key Points:

  • The crypto industry campaign spent $135 million supporting over 50 U.S. election candidates in 2024, with 48 backed candidates declaring victory so far.
  • Major crypto PACs, including Fairshake, became prominent political players, outspending traditional corporate donors like Koch Industries.
The crypto industry campaign spent about $135 million to support more than 50 candidates across the U.S. election cycle in 2024, including Democrats and Republicans, according to Bloomberg.
Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

Read more: US Presidential Election Heats Up BTC Price With Expectations of Trump Win

Crypto Industry Campaign Seals History-Maker Victory

The support involved incumbents, challengers, and candidates of all different levels of chance. Remarkably, all 48 candidates endorsed by the industry’s largest political action committee (PAC) are shown to have a victory as of Friday, while only three out of eight remaining races show competitors leading.

That investment perhaps flew under the radar since few campaigns featured ads that mentioned the sector or regulatory issues as such. The crypto industry campaign has emerged as one of the large players.

Crypto Industry Preparing for Post-Election Legislative Push

Fairshake, the largest super PAC associated with the industry, is now the largest single-issue super PAC in U.S. history, thanks to major companies including Coinbase, Ripple Labs, and Andreessen Horowitz.

Along with its two sibling super PACs, Defend American Jobs and Protect Progress, the crypto industry campaign is outspending some of the more traditional corporate donors, such as Koch Industries and Chevron.

Crypto spending in the 2024 elections was second only to the fossil fuels industry in total contributions since a 2010 Supreme Court decision allowed unlimited corporate political spending, according to Public Citizen, a nonprofit government watchdog group. Now, the industry is positioning itself as a formidable political force as it heads into the upcoming legislative session and the 2026 midterm elections.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Crypto Industry Campaign

Fairshake

PAC

US Election

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

Key Points:

  • The crypto industry campaign spent $135 million supporting over 50 U.S. election candidates in 2024, with 48 backed candidates declaring victory so far.
  • Major crypto PACs, including Fairshake, became prominent political players, outspending traditional corporate donors like Koch Industries.
The crypto industry campaign spent about $135 million to support more than 50 candidates across the U.S. election cycle in 2024, including Democrats and Republicans, according to Bloomberg.
Crypto Industry Campaign Wins Overwhelming Victory With $135M Spent

Read more: US Presidential Election Heats Up BTC Price With Expectations of Trump Win

Crypto Industry Campaign Seals History-Maker Victory

The support involved incumbents, challengers, and candidates of all different levels of chance. Remarkably, all 48 candidates endorsed by the industry’s largest political action committee (PAC) are shown to have a victory as of Friday, while only three out of eight remaining races show competitors leading.

That investment perhaps flew under the radar since few campaigns featured ads that mentioned the sector or regulatory issues as such. The crypto industry campaign has emerged as one of the large players.

Crypto Industry Preparing for Post-Election Legislative Push

Fairshake, the largest super PAC associated with the industry, is now the largest single-issue super PAC in U.S. history, thanks to major companies including Coinbase, Ripple Labs, and Andreessen Horowitz.

Along with its two sibling super PACs, Defend American Jobs and Protect Progress, the crypto industry campaign is outspending some of the more traditional corporate donors, such as Koch Industries and Chevron.

Crypto spending in the 2024 elections was second only to the fossil fuels industry in total contributions since a 2010 Supreme Court decision allowed unlimited corporate political spending, according to Public Citizen, a nonprofit government watchdog group. Now, the industry is positioning itself as a formidable political force as it heads into the upcoming legislative session and the 2026 midterm elections.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.