By Hannah Lang
(Reuters) – The cryptocurrency {industry}, together with heavyweights resembling Coinbase (NASDAQ: ) and , have spent greater than $119 million supporting pro-crypto candidates for U.S. Congress, hoping to bolster those that cross with crypto-friendly marketing campaign accounts digital belongings.
The hassle was profitable on Tuesday, with most of the {industry}'s handpicked candidates profitable their races, doubtlessly ushering in a Congress poised to dominate cryptocurrencies like by no means earlier than.
A lot of the sector's spending in 2024 got here from overburdened political motion committees, which may spend limitless quantities of cash. Fairshake, one of the distinguished PACs dedicated to supporting candidates with favorable views on cryptocurrencies, spent greater than $40 million throughout this election cycle, in response to OpenSecrets.
The spending information comes through OpenSecret and the Federal Election Fee.
Listed below are the races the place cryptocurrencies spent probably the most cash and whether or not the {industry} was in the end profitable in supporting the popular candidate:
1. Ohio Senate: (R) Bernie Moreno vs. (D) Sherrod Brown (Performing)
The cryptocurrency {industry} spent by far probably the most cash attempting to unseat present Senate Banking Committee Chairman Sherrod Brown on this yr's election, handing out $40.2 million on behalf of Brown's opponent, Republican Bernie Moreno.
Moreno defeated Brown on Tuesday in what Edison Analysis predicted can be one of the costly Senate races in historical past, unseating one in every of crypto's largest foes in Congress.
Brown has been skeptical of cryptocurrencies, expressing explicit concern about their use to fund teams the US considers state sponsors of terrorism. In the meantime, Moreno based a blockchain-based firm and mentioned he would “lead the battle to defend cryptocurrencies” within the Senate.
Moreno loved contributions from Defend American Jobs — a Fairshake affiliate — in addition to Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss.
2. Michigan Senate: (R) Mike Rogers (NYSE: ) vs. (D) Elissa Slotkin
Crypto spent $10 million to help present U.S. Consultant Elissa Slotkin of Michigan in her run for the vacant Senate seat, with contributions coming from Fairshake's Shield Progress in addition to Chris Larsen, Ripple's govt chairman. Slotkin narrowly gained her race, in response to Edison Analysis.
In Congress, Slotkin voted to repeal the Securities and Trade Fee's cryptocurrency-related accounting bulletin, in addition to a invoice introduced by Republican Home Monetary Providers Committee Chairman Patrick McHenry that may search to create a regulatory framework for cryptocurrencies.
3. Arizona Senate: (R) Kari Lake vs. (D) Ruben Gallego
Shield Progress, together with particular person donors like Coinbase's Armstrong and Andreessen Horowitz common companions Chris Dixon and Ben Horowitz, spent $10 million to help present U.S. Rep. Ruben Gallego's marketing campaign for the Arizona Senate seat.
Gallego voted alongside Slotkin in favor of the laws, which the crypto {industry} supported.
The race has not but been introduced.
4. Massachusetts Senate: (R) John Deaton vs. (D) Elizabeth Warren (incumbent)
The crypto {industry} spent $4.2 million to help Massachusetts Senate candidate John Deaton in his race in opposition to Sen. Elizabeth Warren, who has clashed many occasions with digital asset leaders. Warren, the incumbent, gained re-election, Edison Analysis tasks.
Warren has known as for strict anti-money laundering requirements to be utilized to cryptocurrencies, saying crypto companies are reticent to comply with the identical guidelines that different monetary corporations resembling banks comply with.
With Brown dropping his Senate race in Ohio, Warren may develop into one of many prime Democrats on the Senate Banking Committee subsequent yr.
5. West Virginia Senate: (R) Jim Justice Vs. (D) Glenn Elliott
Crypto spent $3 million to help the previous West Virginia governor in his Senate bid, led by Defend American Jobs, Armstrong and Coinbase Inc Innovation PAC. Justice gained a Senate seat Tuesday, Edison Analysis tasks.
On his web site, Justice mentioned earlier this yr that the US has a “super alternative” with crypto and blockchain innovation, and that he helps a regulatory framework for digital belongings that “permits entrepreneurs to innovate, thrive and attain their full potential.”
6. Indiana Senate: (R) Jim Vs. (D) Valerie McCray
Particular person donors like Armstrong, Horowitz and Dixon, together with Coinbase Inc Innovation PAC and Defend American Jobs, spent $3 million within the main marketing campaign to help Indiana Republican Senate candidate and incumbent Congressman Jim Banks, who gained the Senate seat, in response to Edison Analysis.
Banks in Congress backed crypto industry-backed laws.
7. California forty fifth Congressional District: (R) Michelle Metal (incumbent) vs. (D) Derek Tran
The crypto {industry} spent $2.8 million to help Rep. Michelle Steele's re-election marketing campaign led by Fairshake, Cameron and Tyler Winklevoss and Coinbase Inc Innovation PAC.
Metal voted in favor of laws to repeal the US Securities and Trade Fee's accounting bulletin and create a regulatory framework for cryptocurrencies.
The race has not but been introduced.
8. Alabama 2nd Congressional District: (R) Caroleene Dobson vs. (D) Shomari Figures
Crypto spent $2.6 million to help Shomari Figures' congressional race for a model new district in Alabama, a race he gained by a large margin, in response to a projection by Edison Analysis. The $2.6 million consists of contributions from Shield Progress, the Winklevoss twins, Armstrong and Coinbase Inc Innovation PAC.
The figures signed off on a letter from Democrats in July asking the Democratic Nationwide Committee to melt its stance on cryptocurrencies and embrace pro-crypto language within the celebration's platform. Figures mentioned on its web site that it’s going to undertake digital belongings to spur innovation and technological development.
9. North Carolina 1st Congressional District: (R) Laurie Buckhout vs. (D) Donald Davis (Performing)
Particular person donors resembling Armstrong, Larsen and the Winklevoss twins, together with Fairshake, spent $2.3 million within the main marketing campaign on behalf of Consultant Donald Davis's re-election marketing campaign, which Davis gained, Edison Analysis tasks.
Davis has supported crypto-industry-backed laws in Congress.
10. Colorado eighth Congressional District: (R) Gabe Evans vs. (D) Yadira Caraveo (Performing)
The crypto {industry} spent $2.3 million to help Yadira Caraveo's congressional marketing campaign in Colorado, which was led by contributions from Fairshake, Armstrong, Dixon and Horowitz.
Caraveo is a number one member of the Home Agriculture Committee's Subcommittee on Commodity Markets, Digital Belongings and Rural Improvement and has known as for a regulatory framework for digital belongings.
The race has not but been introduced.
