Crypto Industry’s $135 Million US Election Campaign Is Undefeated in 48 Races So Far

Odaily News The crypto industry spent about $135 million to support more than 50 candidates during the 2024 U.S. election cycle, including Democrats and Republicans, incumbents and challengers, favorites and longshots. But they all have one thing in common now: victory. In the Nov. 5 election, all 48 candidates backed by the crypto industry’s largest political action committees had declared victory as of noon local time Friday. Of the eight elections still counting votes, candidates backed by the PACs were leading in all but three. Its influence campaigns far outpace those of traditional corporate donors, such as Koch Industries and Chevron Corp., according to consumer advocacy nonprofit Public Citizen. The industry ranks second only to the fossil fuel industry in terms of total dollars deployed since a landmark 2010 Supreme Court decision lifted limits on corporate political spending. Now the industry is trumpeting its massive election spending and its results as evidence that it has become a political force to be reckoned with, gearing up for the next legislative session and the 2026 midterms. (Bloomberg)