In the midst of a resurgent cryptocurrency industry, significant political involvement has emerged in the 2024 U.S. election, particularly evident in the Super Tuesday primary contests across key states like California, Alabama, and Texas. Various crypto-backed super PACs, including Fairshake, Protect Progress, and Defend American Jobs, funded by industry giants like Coinbase and the Winklevoss twins, have collectively invested over $13 million in these primary races. This substantial financial backing reflects a concerted effort to support candidates favorable to the crypto sector and counter those advocating for increased regulation. The outcome of these primary races will serve as a barometer for the growing influence of wealthy crypto executives in shaping political landscapes and policies leading up to the November elections.
Furthermore, these super PACs have amassed significant financial resources, with a total fundraising amount nearing $102 million from January 2023 to January 2024, as reported by the Federal Election Commission. This surge in political spending underscores the escalating prominence of the cryptocurrency industry within the political arena.
One notable target of this political maneuvering is California progressive Democrat Katie Porter, a Senate candidate, who has faced substantial opposition from Fairshake, with over $10 million spent in an attempt to sway voters away from her. Similarly, Protect Progress has directed funds towards supporting candidates like Shomari Figures in Alabama and Representative Julie Johnson in Texas, both of whom have expressed support for embracing digital assets and innovation.
The crypto industry’s engagement in the 2024 election follows a period of significant growth but also controversy, highlighted by the conviction of FTX founder Sam Bankman-Fried for financial fraud. Despite this, the industry’s influence continues to expand, with a focus on supporting candidates aligned with its interests and shaping legislative agendas in the coming years.