Crypto Dollars Helped Lift US Politicians to Victory in Congressional Primaries

Crypto political action committees (PACs) made a significant impact on congressional primary elections held on Super Tuesday, with their contributions helping several candidates secure victories in key races across the United States. Among the states where crypto PACs played a role in influencing the outcome were Texas, North Carolina, and Alabama.

One of the most notable races where crypto interests were heavily involved was in California, where U.S. Rep. Katie Porter was vying for a Senate seat. The crypto industry had focused special attention on ensuring Porter’s defeat, as they feared she would take a stance against digital assets similar to Sen. Elizabeth Warren. Despite initial results showing Porter coming in third in the top-two primary contest, she ultimately lost the race, leaving her out of the running for both the Senate and her current House of Representatives seat.

According to reports, the crypto PACs, including Fairshake and Protect Progress, spent over $13 million on four congressional races, with more than $10 million dedicated to defeating Porter. In addition to California, crypto interests also supported candidates in Alabama, Texas, and North Carolina, with significant financial contributions aimed at influencing the outcome of these races.

In Alabama, the crypto PACs directed $1.7 million to support Shomari Figures in a crowded field of Democratic candidates for a House race. Figures, who has experience in various government roles in Washington, expressed a willingness to embrace digital assets to stimulate innovation and technological advancement.

In Texas, the industry PACs backed Julie Johnson with nearly $1 million in another congressional race, where she secured more than half of the vote despite facing stiff competition from nine other Democratic candidates. Similarly, in North Carolina, the crypto industry supported Tim Moore, the Republican speaker of the North Carolina House, with over $500,000 in contributions. Moore emerged victorious in the congressional race, with his seat considered crucial for potentially shifting the state’s congressional delegation towards more Republicans.

While the outcomes of these races represent a preliminary win for crypto interests, the ultimate impact on the sector will depend on the results of the November general elections. The composition of Congress, including the president, majority parties in the Senate and House, and key figures like Senate Banking Chair Sherrod Brown and Sen. Elizabeth Warren, will play a significant role in shaping the regulatory landscape for digital assets in the coming years.

Analysts believe that crypto election spending could influence the next Congress if the industry’s preferred candidates emerge victorious in November. However, the presence of crypto critics in positions of power suggests that any legislative progress will likely require compromise and bipartisan cooperation. As the industry continues to navigate the political landscape, the role of crypto PACs in shaping policy and regulation remains a topic of interest and scrutiny.