The 2024 election cycle has seen a significant increase in contributions from the cryptocurrency industry, with millions of dollars being donated to digital asset-friendly candidates. This trend is evident in the upcoming Super Tuesday primary contests in Texas, California, and Alabama, where candidates have received substantial support from crypto-related donors.
Three new super PACs, namely Fairshake, Protect Progress, and Defend American Jobs, have collectively spent over $13 million on the March 5th races. These groups have received backing from notable players in the industry, such as Coinbase and the Winklevoss twins. According to Fairshake spokesperson Josh Vlasto, the crypto community is actively using its resources to influence the political landscape and support candidates who align with their agenda and vision.
Data from the Federal Election Commission shows that these three super PACs have raised a total of $102 million between January 2023 and January 2024. This contribution is a significant increase compared to the $26.8 million in donations during the 2022 midterm cycle and $1.6 million in the 2020 election.
In addition to these super PACs, the OpenSecrets organization reports that the crypto sector, including its employees and PACs, has contributed approximately $59.2 million to the 2024 election cycle. This figure is significantly higher than the $26.8 million during the 2022 midterm cycle and $1.6 million in the 2020 election.
One of the targets of these lobbying efforts is U.S. Rep. Katie Porter, a progressive Democrat running for California’s Senate seat. Fairshake has spent over $10 million on a statewide ad campaign to discourage Californians from voting for Porter, who has been critical of the cryptocurrency industry in the past.
Porter has been vocal about the influence of “shadowy crypto billionaires” in the election and their attempts to silence consumer advocates like herself. She believes that their fear of being called out for corporate greed is driving their spending on misleading and dishonest ads against her.
These efforts from the crypto industry come at a time when the price of cryptocurrencies, particularly Bitcoin, has been on the rise. Last week, Bitcoin reached a record high of over $60,000, thanks to investor optimism and the launch of Bitcoin exchange-traded funds (ETFs) in the U.S.
This surge in price is a significant turnaround from the previous months, which saw a downturn in the market due to the collapse of major players and increased regulatory scrutiny. The last time Bitcoin reached $60,000 was in November 2021, the same month it hit an all-time high of $69,000.
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