The cryptocurrency industry has flexed its growing political muscle by spending an estimated $135 million to support over 50 candidates in the 2024 U.S. election cycle.
This unprecedented level of election spending, channeled through the industry’s largest political action committee, has resulted in a remarkable outcome.
As of Friday noon local time, all 48 of the candidates backed by the crypto PAC have declared victory.
Widespread Victories Across the Political Spectrum
The crypto-backed candidates span the political spectrum, including Democrats and Republicans, incumbents and challengers, as well as both sure-win and long-shot contenders.
This broad-based support signals the industry’s strategic approach to building crypto related political influence.
In the eight remaining undecided elections, PAC-backed candidates are leading in all but three, further solidifying the industry’s impressive performance.
Outpacing Traditional Corporate Donors
The crypto industry’s election spending blitz goes far beyond the typical corporate political donations seen from other industries, such as fossil fuel giants like Koch Industries and Chevron.
In fact, the industry now ranks second only to the fossil fuel sector in terms of total political expenditures since the landmark 2010 Supreme Court decision that lifted limits on corporate political spending.
Establishing Crypto as a Political Force
The crypto industry is now touting its election spending and results as a clear demonstration of its growing political clout.
This newfound influence is expected to provide momentum for the industry’s legislative agenda in the next session of Congress, as well as in the 2026 midterm elections.
The industry’s ability to mobilize significant financial resources and secure a remarkable number of electoral victories has firmly established it as a political force to be reckoned with in the American political landscape.
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