Source: Cointelegraph Original: "{title}"

Although reports vary and may not be released until after all elections are concluded, many experts indicate that crypto interest groups and political action committees (PACs) have spent over $100 million supporting or opposing U.S. political candidates through campaign contributions and media buys—a strategy unlikely to change after 2024.

As of November 7, more than 200 candidates for the House, Senate, and White House who have expressed support for digital assets and blockchain won in their respective 2024 campaigns. Among them, the biggest winners claimed to benefit the industry include Republican Donald Trump running for U.S. President and Bernie Moreno running for a Senate seat in Ohio.

"The Ohio campaign has had a significant impact, truly demonstrating how powerful the crypto lobbying group is now," Exodus Chief Legal Officer Veronica McGregor told Cointelegraph, adding:

However, even before the election day on November 5, industry insiders seem to be exploring ways to further influence U.S. lawmakers and candidates in future campaigns. Ahead of the earnings call on October 30, Coinbase CEO Brian Armstrong announced that the cryptocurrency exchange donated $25 million to Fairshake PAC, one of the largest spenders in the 2024 election.

Coinbase and payment company Ripple Labs have contributed over $90 million to Fairshake and its affiliates Defend American Jobs and Protect Progress for the 2024 campaign. The PAC claims it will help support bipartisan candidates who favor pro-crypto regulations and policies—this strategy caused Fairshake to lose at least one major Democratic donor in August.

Lisa Gilbert, co-president of the progressive advocacy organization Public Citizen, stated, "The amount of money the crypto industry has spent in this election cycle is unprecedented, setting a terrifying example of influence manipulation that must not be replicated. The sheer scale of spending and effectiveness sends the wrong message to other corporate actors. We cannot sit idly by and wait for other industries to use the same tactics to buy future elections."

Related report: U.S. lawmakers say crypto PACs are forcing "important voices out of Congress"

While some political initiatives supported by the industry, such as Stand With Crypto, claim their goal is purely to help elect pro-crypto legislators rather than engage in partisan battles, it is clear that Republicans may benefit the most in the 2024 elections. The party gained two seats, winning majority control of the Senate, likely allowing Donald Trump to serve as U.S. President and potentially continue to control the House of Representatives.

"Trump's former White House communications director Anthony Scaramucci said in an interview with Saxo Group on November 5: '[…] If Trump supports crypto, you have to be very careful of the Democrats. There may be many Democrats who oppose it because Trump supports crypto.'"

Many cryptocurrency users and industry leaders share priorities, including the removal of Gary Gensler, who they claim has taken an inconsistent and seemingly non-compliant approach to regulation as the head of the U.S. Securities and Exchange Commission. Since Gensler was appointed SEC chair in 2021, the agency has filed multiple lawsuits against cryptocurrency companies, including Binance, Ripple, and Coinbase.

"The cryptocurrency industry has been subject to defamation and unfair negative reporting," Ripple Chief Legal Officer Stuart Alderoty told Cointelegraph. "[…] I believe the industry has no choice but to stand up, and to do so in a very significant way to correct all of this. This approach is effective, and there is no reason to believe it should stop."

Alderoty added:

Trump's second term as U.S. President will end in 2029, but the congressmen and some senators taking office in January will be up for re-election in 2026. Whether cryptocurrency companies and executives will be more inclined to funnel money to candidates at that time remains to be seen.

Magazine: Cryptocurrency voters have begun to disrupt the 2024 election—and this trend will continue.

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