“Crypto Industry Super PACs Spend $120 Million in 2024 Elections, Backing Both Republicans and Democrats”

The cryptocurrency industry is making a significant impact on the 2024 election cycle, with super PACs backed by the industry pouring a total of $120 million into key races. These super PACs, led by Fairshake, are supporting candidates from both the Republican and Democratic parties who are seen as friendly to protecting the industry against stricter regulation.

The massive ad blitz funded by the crypto industry has been fueled by donations from major players in the industry, including leading cryptocurrency exchange Coinbase, crypto payments project Ripple, VC firm Andreessen Horowitz, and trading firm Jump Crypto. The billionaire Winklevoss twins and Coinbase CEO Brian Armstrong have also made significant contributions to the cause.

With a hefty $85.5 million cash on hand as of August, the crypto super PACs are actively involved in almost four dozen federal races, with a focus on key races that will determine control of Congress next year. Their top target is the critical Senate race in Ohio, where they are backing Republican Bernie Moreno against Senate Banking Committee Chair Sherrod Brown, who has endorsed stronger government regulation of crypto assets.

The industry’s influence in the 2024 elections is undeniable, and their spending power is shaping the political landscape in significant ways. As the election day approaches, the impact of the crypto industry on key races will be closely watched.