The 119th session of Congress will shortly see the swearing-in of US members who benefited from bitcoin industry backing in their respective 2024 primaries or elections. Crypto CEOs and political action committees (PACs) like Fairshake and its affiliates spent millions of dollars on media buys in the 2024 election season to boost “pro-crypto” candidates. This could have helped some politicians win in close contests around the nation.
Crypto Donations Shape 2024 US Senate Elections
After the Defend American Jobs PAC spent over $40 million. Republican Bernie Moreno defeated incumbent Ohio Senator Sherrod Brown by over 200,000 votes in one of the most well-known elections. According to statistics from the election influence tracking website Follow The Crypto Industry’s Impact, ten new members of the US Senate are anticipated to take office. Donations from the cryptocurrency business helped those who anticipate to take office.
From Ripple co-founder Chris Larsen’s $6,600 personal donation to Maryland Senator Angela Alsobrooks to the Protect Progress PAC’s over $10 million. Possibly a contribution to Fairshake affiliate and Michigan senator Elissa Slotkin. That cryptocurrency money had an equal or greater impact on the makeup of the next US Senate than other special interest groups.
Crypto PACs Shape 2024 US House Elections
Similar circumstances apply to the composition of the US House of Representatives, which saw 63 new members take office in January. In 2024, Fairshake and its affiliates invested millions of dollars. In primary elections, back Republican and Democratic candidates who supported the cryptocurrency sector.
Protect Progress invested around $1.7 million in media buys to support Alabama Representative Shomari Figures. Anthony Daniels in the state’s 2nd Congressional District primary—one of its largest expenditures that ultimately led to the candidate’s victory. Representative Sylvester Turner of Texas appears to be the only House candidate without the support of PACs or Crypto CEOs.
Pro-Crypto Majority Expected in Congress
Ten more senators are set to be sworn in by the advocacy group Stand With The Impact Of The Crypto Industry. Donations from the cryptocurrency business helped those who anticipated taking office to sway US voters to choose candidates they believed would benefit the sector. It predicts that about 270 members of the upcoming Congress will be “pro-crypto,” with a resounding majority in the House. The Financial Innovation and Technology for the 21st Century Act (FIT21) and other proposed acts pertaining to Crypto regulation. Who controls the House and Senate in 2025 might affect the United States.
Some in the sector have indicated that they will keep supporting. Politicians in the 2026 midterm elections and beyond, following their victories in the 2024 election. As of November, Coinbase and Ripple were the main sources. The approximately $103 million that Fairshake reported having available for the 2026 election cycle. At that time, all 435 House members, now serving two-year terms, will be up for election.
Final Thoughts
As the 2024 elections have shown, the bitcoin business is becoming more influential in US politics. Many “pro-crypto” candidates are now poised to assume office. The House of Representatives and the Senate, thanks to substantial support from Crypto CEOs and PACs like Fairshake. Possible future legislation affecting this trend includes the Financial Innovation and Technology for the 21st Century Act (FIT21).
Crypto groups are already planning to spend millions to affect. The composition of Congress in the 2026 midterms, as they continue to exert their political influence. Given the increasing political clout of the bitcoin industry, future regulation choices will most certainly mirror this trend.
FAQs
Which political action committees supported crypto candidates in the 2024 elections?
Fairshake, Protect Progress PAC, and Stand With Crypto were among the key supporters of pro-crypto candidates in 2024.
How many new members of Congress received cryptocurrency industry support?
Ten new members of the US Senate and 63 new members of the US House were influenced by cryptocurrency donations and backing.
What impact will crypto donations have on future US regulations?
The growing influence of crypto donors is expected to shape future legislation, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), which addresses crypto regulation.
Will the crypto industry continue to support candidates in future elections?
Yes, groups like Fairshake plan to continue supporting candidates in the 2026 midterms and beyond with a reported $103 million available for the upcoming election cycles.
