CNBC reported on October 20 that as the final stages of the election cycle approach, political contributions from the U.S. cryptocurrency industry have soared to more than $190 million, an all-time high.
This represents a significant increase from the previous election cycle, jumping nearly 13 times from the $15 million spent in 2020.
The industry’s growing influence is evident, with billions of dollars poured into key Congressional and Senate races aimed at shaping future U.S. regulatory policy.
bipartisan influence
Data from the Federal Election Commission (FEC) shows that crypto companies contributed nearly half of all corporate donations this fiscal year. More than $130 million has been poured into Congressional elections, including primaries, highlighting the industry’s interest in ensuring the representation of crypto advocates.
The pro-crypto super political action committee (PAC) Fairshake is one of the major spenders, distributing about $29 million in September alone.
FairShake, known for advocating for cryptocurrencies and blockchain policy, allocated $20 million of its September spending to two affiliated PACs. $15 million was allocated to Defend American Jobs PAC, which supports Republican candidates, and $5 million to Protect Progress, which supports Democrats.
Fair Shake directed $8.8 million of its September spending to competitive House races in New York, Nevada and California. Southern California Republicans David G. Valadao and Michael Garcia won close races and received $1.3 million and $1 million, respectively.
Donations have tilted slightly in favor of Democrats in recent months, but funding remains noticeably bipartisan.
In September, Fairshake funneled $6.2 million to House Democrats, compared to $2.3 million to Republicans. Prominent crypto-pro-Democrats such as Rep. Patrick Ryan (D-N.Y.) and Rep. Stephen Horsford (D-Nev.) benefited from this influx of funds, with $1.9 million and $170 million respectively. received a million dollars.
heart of california
California remains a hub for the crypto industry due to its high concentration of blockchain companies. The state’s political climate is critical to future regulatory development, and contributions from industry reflect this focus.
Crypto market analyst James Delmore told CNBC:
“Fairshake’s contributions to candidates in voting districts are critical. It not only secures pro-crypto politicians in key seats in the House of Representatives, but also strengthens California’s status as a center for the crypto industry. It is also about maintaining.”
FairShake’s donations have gone beyond California to candidates in other key states, including New York, Nevada and Illinois.
Meanwhile, Protect Progress has spent more than $10 million on Democratic U.S. Senate candidates in Arizona and Michigan, seeking to boost support from pro-crypto lawmakers in battleground states.
As the crypto industry’s political influence continues to grow, the injection of large sums of money into major races highlights the company’s long-term strategy to shape the regulatory environment.
