A recent report by OpenSecrets.org revealed that cryptocurrency industry Super Political Action Committees (PACs) have accumulated a staggering $102 million war chest to exert their influence on the upcoming 2024 US congressional elections.
The data, compiled by Public Citizen, highlights the sector’s concerted efforts to sway elections in favor of pro-crypto candidates and impede regulatory measures to ensure compliance within the industry.
Crypto Billionaires Lead Funding Surge
Rick Claypool, a research director for Public Citizen and author of the report, emphasized that a fresh wave of crypto corporations, executives, and their allies have returned to the political landscape, pouring millions of dollars into campaigns.
Their objectives reportedly include influencing elections, supporting cryptocurrency-friendly candidates, and obstructing accountability measures to enforce industry regulations.
The report further discloses that over half of the funds raised originate from direct corporate expenditures, primarily attributed to Coinbase and Ripple Labs.
The remaining contributions come from billionaire crypto executives and venture capitalists, including significant sums from the founders of venture capital firm Andreessen Horowitz, the Winklevoss twins, and Coinbase CEO Brian Armstrong.
Of the eight corporate Super PAC donors, four have either settled or faced charges by the US Securities and Exchange Commission (SEC) for alleged violations of securities laws.
According to the report, the largest crypto Super PAC, Fairshake Political Action Committee, has resorted to running political ads that deliberately avoid any mention of cryptocurrencies, employing a “manipulative strategy” to sway voters.
The report also highlights the intervention of crypto Super PACs in primary races for the 2024 elections. Out of the six completed primaries, only one crypto-backed candidate suffered defeat.
However, eleven primary races involving crypto-backed candidates are still ongoing. Moreover, the crypto Super PACs have pledged to allocate funds to Senate races in Ohio and Montana, two crucial battleground states in the general election.
Voters In ‘Swing States’ Demand Reasonable Regulations
A separate study conducted by Digitial Currency Group (DCG), a global investor in blockchain companies, found that more than 20% of registered voters in key “swing states,” or states where support for political parties is divided, consider digital assets an important issue in the 2024 election.
The survey, conducted in partnership with The Harris Poll and encompassing Michigan, Ohio, Montana, Pennsylvania, Nevada, and Arizona, reveals that a pro-crypto stance can be “advantageous” for policymakers and candidates. It emphasizes the desire among voters for “reasonable regulations” that protect consumers without stifling innovation.
Julie Stitzel, Senior Vice President of Policy at DCG, highlighted the poll’s findings, stating that the digital asset industry is at the forefront of swing state voters’ minds and that a positive stance on virtual assets can benefit policymakers and candidates.
Kristin Smith, CEO of the Blockchain Association, echoed this sentiment, emphasizing the growing relevance of digital assets in shaping the electoral landscape in 2024.
The 1-D chart shows the total digital asset market cap’s valuation at $2.3 trillion. Source: TOTAL on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Author: Ronaldo Marquez
