PANews reported on November 8 that according to Bloomberg, the crypto industry spent about $135 million to support more than 50 candidates in the 2024 US election cycle, including Democrats and Republicans, incumbents and challengers, candidates with a sure win and candidates with little hope. But they all have one thing in common now: victory. In the November 5 election, as of noon local time on Friday, all 48 candidates supported by the largest political action committee in the crypto industry were declared winners. In the eight elections still counting votes, candidates supported by the political action committee are leading in all but three.
It may come as a surprise to voters that candidates and ads backed by crypto PACs barely mention the industry or its focus (regulation). However, the main vehicle for its campaigns, Fairshake, has become the largest single-issue Super PAC in history. Fairshake and two other related Super PACs (Defend American Jobs and Protect Progress) are funded by industry giants such as Coinbase, Ripple Labs, and Andreessen Horowitz.
Its influence campaigns far outpace those of traditional corporate donors such as Koch Industries and Chevron Corp., according to consumer advocacy nonprofit Public Citizen. The sector ranks second only to the fossil fuel industry in terms of the total dollars deployed since a landmark 2010 Supreme Court decision lifted limits on corporate political spending. Now the industry is trumpeting its massive election spending and its results as evidence that it has become a political force to be reckoned with, gearing up for the next legislative session and the 2026 midterm elections.
