A pro-crypto super PAC (political action committee) has raised $80 million, earmarked for candidates who support crypto regulation and innovation.
According to Politico, the three super PACs – FairShake, Protect Progress, and Defend American Jobs – are backed by crypto giants such as Coinbase, Ripple, and Andreessen Horowitz.
And they put their money into work.
In West Virginia, for example, the cryptocurrency fund group Defend American Jobs recently donated $1.5 million to Jim Justice's candidacy for governor.
Justice, who has been praised by former President Donald Trump for his work on various conservative causes, has found his Senate aspirations intertwined with the crypto cause.
The alignment with President Trump, who has recently softened his previously frosty stance on cryptocurrencies, adds a new layer to the story. On Fox News, the Republican presidential frontrunner cited Bitcoin's influence, especially among young people, despite his allegiance to the US dollar.
These PACs are also strategically gearing up for high-impact interventions that could potentially tip the scales against crypto critics like Sen. Elizabeth Warren and Sen. Sherrod Brown. We are preparing ourselves.
This tactic is also emerging in Ohio and Massachusetts, where Republican candidates are receiving enthusiastic support from both blockchain advocates and President Trump's vocal support.
Bernie Moreno gets Trump's backing
In Ohio, Bernie Moreno, who is rallying to oust Sen. Brown, is campaigning in favor of cryptocurrencies.
Moreno, a former car salesman, has previously gained attention as a leading advocate of blockchain technology and has put cryptocurrencies at the forefront of his campaign strategy, with support from Trump and Sen. J.D. Vance. .
Deaton takes on Warren.
Rhode Island-based Republican crypto lawyer John Deaton has launched his own effort to take on Massachusetts Sen. Elizabeth Warren.
Despite concerns about his record, Mr. Deaton's campaign has already received significant attention on social media and has consistently challenged Mr. Warren's stance on cryptocurrency regulation.
Warne and other senators, including Republicans, introduced the bipartisan Digital Asset Money Laundering Prevention Act.
Mr. Deaton has strong ties to Ripple and is a notable figure who often participates in legal discussions in the cryptocurrency industry.
Shifting focus to California, the FairShake super PAC, which just received significant funding from crypto exchange founders Tyler and Cameron Winklevoss, is poised to foster a crypto economy. is reportedly trying to claim a mandate to defend candidates who are
The move comes at a pivotal time, with large amounts of money being funneled into political campaigns that could impact the digital currency ecosystem.
The political strategy being drafted will most likely shape the future of cryptocurrency regulation and the trajectory of its influence on innovation and economic growth in the United States.
Reflecting sentiments larger than any individual race and armed with PACs, these cryptocurrency giants are not only participating in political debates, but are also pushing for a future where digital assets can steer the nation's economy. We aim to shape it.
