A cryptocurrency advocacy super PAC (political action committee) earmarked for candidates who favor cryptocurrency regulation and innovation has raised $80 million.
According to Politico, three super PACs – Fairshake, Protect Progress, and Defend American Jobs – are backed by cryptocurrency industry heavyweights such as Coinbase, Ripple, and Andreessen Horowitz.
And they are putting money to work.
For example, in West Virginia, cryptocurrency advocacy group Defend American Jobs recently gave $1.5 million to gubernatorial candidate Jim Justice.
Justice, who earned praise from former President Donald Trump for his commitment to a variety of conservative causes, has found his Senate aspirations intertwined with the cryptocurrency cause.
The recent alliance with Trump, who has softened his previously cold stance on cryptocurrencies, adds another layer to the story. On Fox News, the Republican presidential frontrunner cited Bitcoin’s influence, especially among young people, despite his loyalty to the U.S. dollar.
These PACs are also strategically positioned for high-impact interventions that could potentially tip the scales against cryptocurrency critics such as Senators Elizabeth Warren and Sherrod Brown.
This tactic has been seen in Ohio and Massachusetts, where Republican hopefuls are receiving enthusiastic support from both blockchain supporters and Trump’s vocal support.
Bernie Moreno gets a boost from Trump
In Ohio, Bernie Moreno, who is rallying to oust Senator Brown, is campaigning on a pro-crypto narrative.
With support from Trump and Senator J.D. Vance, Moreno, a former car salesman, previously gained attention as a key advocate of blockchain technology, putting cryptocurrency at the forefront of his campaign strategy.
Deaton takes on Warren
Rhode Island-based Republican cryptocurrency lawyer John Deaton has launched his own bid to take on Massachusetts Senator Elizabeth Warren.
Despite concerns about his background, Deaton’s campaign has already generated significant attention on social media, where he has consistently challenged Warren’s stance on cryptocurrency regulation.
Warrne and other senators, including Republicans, have introduced bipartisan digital asset anti-money laundering legislation.
Deaton has strong ties to Ripple and is often a notable participant in legal discourse within the cryptocurrency industry.
Fairshake super PAC, which received significant financial backing from cryptocurrency exchange founders Tyler and Cameron Winklevoss, has shifted its focus to California, claiming a mission to support candidates prepared to foster the cryptocurrency economy. It is known that
The move comes at a pivotal time when significant sums are being poured into political campaigns that have the potential to impact the digital currency ecosystem.
The political playbook that is drafted could very well indicate the trajectory of the regulatory future of cryptocurrencies and their impact on innovation and economic growth in the United States.
Reflecting a sentiment larger than that of any individual race, these cryptocurrency giants, armed with PACs, are not only engaging in political discourse but also aiming to shape a future where digital assets can dictate the steering wheel of a nation’s economy.