Crypto bulls take aim at US politics with $80m war chest

Pro-crypto super PACs (political action committees) raked in $80 million, earmarked for candidates who favor cryptocurrency regulation and innovation.

According to Politico, three super PACs — Fairshake, Protect Progress, and Defend American Jobs — are backed by crypto industry behemoths like Coinbase, Ripple, and Andreessen Horowitz.

And they’re putting money to work.

In West Virginia, for example, the crypto-funded group Defend American Jobs recently bankrolled the candidacy of Governor Jim Justice with $1.5 million.

Justice, lauded by former President Donald Trump for his commitment to various conservative causes, has found his Senate aspirations entwined with the crypto cause. 

The alignment with Trump, who recently softened his previously frosty stance on cryptocurrencies, adds another layer to the narrative. On Fox News, the GOP presidential front-runner noted Bitcoin’s influence, especially among younger demographics, despite his allegiance to the U.S. dollar.

These PACs are also strategically positioning themselves for high-impact interventions that could potentially tip the scales against crypto critics like Senators Elizabeth Warren and Sherrod Brown. 

The tactic has manifested in Ohio and Massachusetts, where Republican hopefuls are receiving an enthusiastic boost from both the blockchain proponents and Trump’s vocal support.

Bernie Moreno gets boost from Trump

In Ohio, Bernie Moreno — who is rallying to unseat Senator Brown — is campaigning with a narrative that champions cryptocurrencies.

With the support of both Trump and Senator J.D. Vance, Moreno — a former car salesman — previously captured attention as a key advocate for blockchain technology, bringing crypto to the forefront of his campaign strategy.

Deaton takes on Warren

John Deaton, a Republican crypto attorney based in Rhode Island, initiated his own bid to confront Massachusetts Senator Elizabeth Warren.

Despite concerns over his background, Deaton’s campaign has already stirred up significant attention on social media, where he consistently challenges Warren’s stance on crypto regulation. 

Warrne and other Senators — including Republicans — introduced the bipartisan Digital Asset Anti-Money Laundering Act. 

Deaton has strong ties to Ripple and is often a notable participant in legal discourse within the crypto industry.

Shifting the focus to California, the Fairshake super PAC—fresh off a substantial financial infusion from cryptocurrency exchange founders Tyler and Cameron Winklevoss—is reportedly trying to assert its mission to advocate for candidates prepared to nurture the crypto economy. 

This movement comes at a pivotal time when large sums are being funneled into political campaigns with the potential to influence the digital currency ecosystem. 

The political playbooks being drafted could very well etch the trajectory of cryptocurrency’s regulatory future and its grip over innovation and economic growth in America. 

Echoing a sentiment larger than any individual race, these cryptocurrency titans, armed with their PACs, are not just participating in the political discourse but aiming to shape a future where digital assets could hold sway over the nation’s economic steering wheel.