TechFlow news — On November 8, according to Bloomberg, the cryptocurrency industry spent approximately $135 million during the 2024 U.S. election cycle to support over 50 candidates, including Democrats and Republicans, incumbents and challengers, frontrunners and long-shot contenders. As of noon on November 8, all 48 candidates backed by the industry's largest political action committee have been declared winners. In the remaining eight races, five supported candidates are still leading.
The outcome is surprising, as these candidates rarely mentioned cryptocurrency or related regulatory issues in their campaigns. Nevertheless, Fairshake, the primary vehicle behind this effort, has become the largest single-issue super political action committee (Super PAC) in U.S. history. Fairshake, along with two affiliated Super PACs—Defend American Jobs and Protect Progress—is funded by major industry players such as Coinbase, Ripple Labs, and Andreessen Horowitz.
Nonprofit organization Public Citizen指出 that the crypto industry's political influence has surpassed traditional corporate donors like Koch Industries and Chevron. Since the 2010 U.S. Supreme Court ruling lifted restrictions on corporate political spending, the total political expenditure by the cryptocurrency sector ranks second only to the fossil fuel industry.
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