Cryptocurrency funding emerged as a pivotal force during the recent Super Tuesday elections in the United States, strategically steering support to key congressional candidates and reshaping the political landscape. The targeted spending serves as a precursor to the 2024 elections, where the crypto community aims to exert substantial influence.
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- Cryptocurrency funding reshapes the U.S. political landscape in Super Tuesday elections.
- Industry-backed campaigns influence key congressional races, particularly targeting U.S. Rep. Katie Porter in California.
- Crypto PACs invested over $13 million, marking a preliminary win but emphasizing the real test in the November general elections.
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Cryptocurrency Contributions Shape Congressional Primaries, Paving the Way for 2024 Influence
Crypto’s Decisive Impact:
Industry-backed campaigns played a crucial role in shaping outcomes, particularly in California, Alabama, Texas, and North Carolina. Notably, crypto interests strategically directed efforts to prevent U.S. Rep. Katie Porter from securing a Senate seat in California, fearing her potential stance against digital assets. Preliminary results indicate Porter finished a distant third in California’s top-two primary, jeopardizing her chances not only for the Senate but also for re-election to the House of Representatives.
Insights from an Industry Spokesperson:
Josh Vlasto, spokesperson for Fairshake and other crypto-related political action committees (PACs), emphasized the emergence of the “crypto voter” across different levels of government. Vlasto stated, “The crypto voter cares whose side a candidate is on, and the crypto voter will play a pivotal role in the 2024 elections.”
Financial Impact Breakdown:
The crypto PAC, including Fairshake and Protect Progress, invested over $13 million in four congressional races. Notably, more than $10 million was dedicated to defeating Porter in California. Financial backing also significantly supported candidates like Shomari Figures in Alabama, Julie Johnson in Texas, and Tim Moore in North Carolina.
Congressional Landscape Shift:
Shomari Figures, a Democrat in Alabama, received $1.7 million from the crypto industry. Figures, who expressed openness to digital asset innovation, emerged as a strong contender in a crowded field. In Texas, Julie Johnson secured substantial support from industry PACs, with almost $1 million in a competitive race where she currently leads with over half of the votes among nine Democratic candidates.
Tim Moore, a Republican speaker in North Carolina, received over $500,000 from the crypto industry. Moore’s victory in the congressional race is seen as a crucial step towards a more Republican-leaning delegation.
Though this election demonstrates the initial success of the crypto voters, therefore, the real test is in the November general election and not earlier elections. The monarchy, the Senate, and the Assembly Majorities are going to completely change the regulatory landscape for cryptocurrencies.
Analyst Jaret Seiberg noted that crypto election spending could influence the next Congress, but compromises will be essential due to the lingering presence of critics, including Senate Banking Chair Sherrod Brown and Sen. Elizabeth Warren.
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