In the 2024 U.S. election cycle, crypto-linked super PACs have become a powerhouse in campaign finance, spending a record-breaking $245 million to support pro-crypto candidates and defeat those seen as antagonistic. The most influential crypto PAC, Fairshake, raised $170 million, which it strategically allocated to key races across the country, including Nevada’s 4th Congressional District, where the PAC invested nearly $2 million to back Democratic Rep. Steven Horsford. Despite the crypto industry’s agenda, Fairshake’s ads rarely mention cryptocurrency, instead focusing on candidate achievements unrelated to digital assets. One ad for Steven Horsford highlighted his efforts to secure union jobs, cap insulin prices, and support his family, leaving crypto interests out of the narrative.
This approach mirrors a larger strategy by crypto groups to build influence without explicitly referencing cryptocurrency. According to David Nickerson, a Temple University political science professor, this subtle messaging may prevent alienating voters skeptical of digital assets. Ads from Fairshake and its affiliates, such as Defend American Jobs and Protect Progress, concentrated on broader political themes, spending $135 million on ads during the campaign. Crypto has also overtaken traditional sectors like oil and banking as the largest corporate donor bloc, constituting nearly half of all corporate contributions.
The campaign’s extensive support extended beyond Steven Horsford, who received contributions from key crypto figures, including Coinbase CEO Brian Armstrong, Ripple co-founder Chris Larsen, and Cameron and Tyler Winklevoss. Steven Horsford’s A grade from Stand With Crypto Alliance, a Coinbase-led industry group, reflects his record of voting for crypto-supportive bills. Nevada, deemed critical for crypto’s future, saw Fairshake’s support in its Senate race between incumbent Jackie Rosen and challenger Sam Brown, both graded favorably by Stand With Crypto.
The industry’s presence was felt in other critical Senate races, including contests in Montana, Ohio, Pennsylvania, Arizona, Massachusetts, Michigan, Wisconsin, and Maryland. In Ohio, crypto money poured into efforts to unseat Democratic Senator Sherrod Brown, who has challenged digital asset practices. Fairshake and Protect Progress allocated $40 million toward this effort, funding ads that bolstered Brown’s Republican opponent, Bernie Moreno, a blockchain entrepreneur. Brown, the chair of the Senate Banking Committee, dismissed the crypto sector’s opposition, telling reporters, “Bring ’em on.”
Stand With Crypto also identified races in the House where the industry sought influence, including districts in Colorado, Iowa, and Oregon. Fairshake, meanwhile, spent over $10 million each on Arizona’s Senate race, backing Democrat Ruben Gallego, and in Michigan, supporting Democrat Elissa Slotkin’s Senate bid. Other investments included ads that opposed Democratic Rep. Katie Porter in California, who lost in the primary, and backed Republican Jim Justice in West Virginia, who replaced outgoing Democrat Joe Manchin.
Crypto’s unprecedented campaign finance operation this cycle underscores the sector’s determination to shape policy, positioning itself as a formidable force in U.S. politics without explicitly campaigning on its own core issues.
