Crypto money donated to political action committee Defend American Jobs accounted for about 10% of the estimated $400 million in ad spending in the Ohio Senate race, with the PAC dropping over $40 million on ads supporting Moreno. The DAJ PAC, an affiliate of the largest pro-crypto super PAC Fairshake, also had a hand in turning former Democratic Senator Joe Manchin’s vacated West Virginia seat red with a $3 million ad spend supporting Republican Governor Jim Justice.
Justice won with 69% of the vote over Democratic challenger Glenn Elliott. The crypto industry also spent $3 million to help Indiana Republican Congressman Jim Banks beat Democratic political newcomer Valerie McCray to fill the senate seat of former GOP Senator Mike Braun, who left to run for governor. Braun defeated his Democratic opponent with 54% of the vote.
Democratic Senator Kirsten Gillibrand from New York and Republican Senator Ted Cruz from Texas, both strong supporters of crypto, also won their races handily.
But the industry’s deep pockets weren’t enough to convince Massachusetts voters to unseat their anti-crypto senator, Elizabeth Warren, who was reelected Tuesday to a third term, defeating her Republican opponent, John Deaton, a class-action attorney and well-known crypto advocate who received more than $2 million in industry funding.
CRYPTO INDUSTRY ELECTION SPENDING TALLIES AT LEAST $238M, SURPASSING TRADITIONAL GIANTS
Democratic Massachusetts Sen. Elizabeth Warren (L) and Republican challenger John Deaton are pictured. (Getty Images/)
While the battle for control of the House of Representatives is still in play, more than $50 million of crypto money benefitted winning candidates in Arizona, California, Colorado, Iowa, New York, Michigan and Virginia, according to data from crypto advocacy group Stand With Crypto.
“Across the ballot and on both sides of the aisle, crypto won this election,” said Coinbase’s Chief Policy Officer Faryar Shirzad in a post on X. “With millions of crypto owners casting their ballots, and dozens of high-profile races converging around crypto and financial reform, this new Congress and the incoming Trump administration understand that the crypto voter is real, energized, and ready to demand change from their elected officials.”
Meanwhile, Donald Trump’s historic sweep of the electoral college and popular vote came on the heels of broad industry support and significant donations from top players such as venture capitalists Marc Andreessen, Ben Horowitz, and Cameron and Tyler Winklevoss, founders of the crypto exchange Gemini. The four men donated a combined $10 million to the former President, who raised roughly $22 million from the industry as a whole.
COINBASE INVESTS $25M IN 2026 MIDTERM ELECTIONS WITH COMMITMENT TO PRO-CRYPTO SUPER PAC
Former US President Donald Trump speaks at the Bitcoin 2024 conference in Nashville, Tennessee, US, on Saturday, July 27, 2024. Trump said he would ask the government to create a massive reserve of Bitcoin if he returns to the White House in a bid to (Photographer: Brett Carlsen/Bloomberg via Getty Images / Getty Images)
Trump embraced crypto on the campaign trail, including a keynote speech at the annual Bitcoin Conference. He promised to fire industry nemesis SEC Chairman Gary Gensler, who brought over 100 lawsuits against various crypto companies, turning the U.S. into the “crypto capital of the planet.” His advocacy made him the much-preferred candidate over his Democratic opponent, Kamala Harris, who the industry saw as a vital part of the Biden Administration’s enforcement crackdown.
MSNBC’s Joy Reid Blames ‘White Women Voters’ For Harris’ Crushing Defeat
Joy Reid speaks during the 2024 ESSENCE Festival Of Culture™ Presented By Coca-Cola® at Ernest N. Morial Convention Center on July 07, 2024 in New Orleans, Louisiana. (Photo by Arturo Holmes/Getty Images for ESSENCE) OAN Staff Blake Wolf12:58 PM – Wednesday, November 6, 2024 MSNBC commentator Joy Reid has gone viral […]
