America’s Most Pro-Crypto Congress To Date Raked In Over $245 Million From Crypto PACs

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 24, 2024 01:43 EST

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Bernie Moreno, a name few associated with politics prior to 2023, has emerged as a formidable figure in the political arena after a decisive victory over Democratic incumbent Sherrod Brown.

Moreno, a former car dealership owner from Cleveland, Ohio, overcame his lack of political experience and a previous failed Senate bid in 2022 to become one of the most prominent pro-crypto voices in Congress.

Backed by a staggering $40 million in campaign contributions from the cryptocurrency industry, Moreno’s victory was part of a broader effort to reshape Congress with crypto-friendly legislators.

Crypto PACs Poured Over $245M into 2024 Elections

This financial backing wasn’t an isolated occurrence. Data from the Federal Election Commission reveals that cryptocurrency-related Political Action Committees (PACs) and affiliated groups poured over $245 million into the 2024 election cycle.

According to Public Citizen, this accounted for nearly half of all corporate contributions during the elections.

Key to this success was the advocacy group Stand With Crypto Alliance, launched by Coinbase, which developed a strategic grading system to direct funding toward House and Senate candidates who supported blockchain innovation.

As a result, nearly 300 pro-crypto lawmakers are set to take office, providing the industry with unprecedented legislative influence.

The crypto lobby’s strategy was clear-cut: amass significant funds, invest in targeted advertising, and frame candidates as either allies or adversaries of the sector.

The approach was markedly different from that of Big Tech, which historically funneled millions into post-election lobbying.

Instead, the crypto industry focused on shaping the electoral landscape to secure a more favorable Congress.

Moreno’s campaign benefited from the insights and endorsements of Silicon Valley heavyweights, including Marc Andreessen and Ben Horowitz.

His meetings with Coinbase co-founders Brian Armstrong and Fred Ehrsam further solidified his standing within the crypto community.

Coinbase, the largest U.S. digital asset exchange, allocated more than $75 million to Fairshake, a super PAC that exclusively supported pro-crypto candidates.

Fairshake’s candidates, including Moreno, dominated the general election.

“Being anti-crypto is simply bad politics,” Coinbase CEO Brian Armstrong declared following Moreno’s win.

Moreno’s blockchain startup, Champ Titles, which digitizes vehicle titling and registration, also lent credibility to his campaign as a pro-innovation candidate.

Fairshake Spent Tens of Millions on Pro-Crypto Candidates

Fairshake’s financial muscle was instrumental in shaping election outcomes.

The PAC spent tens of millions supporting candidates across the political spectrum, including Democratic Senate hopefuls in Arizona and Michigan, as well as Republican Jim Justice in West Virginia.

In California, Fairshake’s ad blitz contributed to Democratic Rep. Katie Porter’s defeat in the Senate primary.

By the end of the election cycle, Fairshake had already raised $78 million for the 2026 midterms.

Crypto industry leaders and venture capitalists played a significant role in financing these efforts. Ripple co-founder Chris Larsen contributed $12 million, while Cameron and Tyler Winklevoss donated a combined $10.1 million.

Other major donors included Kraken’s Jesse Powell and Solana co-founder Anatoly Yakovenko.

This wave of support culminated in a Republican-led Senate and a Congress poised to back crypto-friendly policies.

Gary Gensler, the embattled SEC Chair, announced his retirement on inauguration day, signaling a potential regulatory shift.

Trump’s campaign promise to appoint crypto-friendly regulators further energized the industry.