As a seasoned researcher with a keen interest in both politics and cryptocurrencies, I must say that the recent U.S. election results have been quite intriguing from the perspective of the crypto sector. The impressive victories and few losses by industry-backed candidates are a clear indication that the power of digital currencies is increasingly being recognized and harnessed in the political arena.
In the recently wrapped up U.S. elections, I’m thrilled to see that over 90% of candidates backed by the crypto sector have won their Congressional races, marking a significant achievement for our community in the political landscape.
After cryptocurrency-related Political Action Committees (PACs) managed to gather over $238 million in funds for candidates, this was achieved primarily through corporate donations and generous contributions from prominent figures within the crypto industry.
Impressive Wins, Few Losses
As reported by Eleanor Terrett of Fox Business, after the majority of votes were counted, Fairshake and its associated political action committees, Protect Progress and Defend American Jobs, have emerged victorious in 52 contests. They experienced one general election defeat and four losses during primary elections.
Furthermore, the tallying process continues in five contests, with three crypto-related candidates apparently trailing behind, while two appear to be ahead in their individual elections.
One of the major victories for crypto Political Action Committees (PACs) was successfully replacing Senatorial critic Sherrod Brown, who lost in Ohio to blockchain entrepreneur Bernie Moreno. Prior to his defeat, Brown held a position as Chair of the Senate Banking Committee. His downfall can be attributed to a $40 million campaign that included one PAC purchasing airtime for five prime-time ads to increase Moreno’s exposure.
At first, Brown underestimated the impact of crypto industry backing for Moreno. However, he later regretted this view when the lesser-known car dealer defeated him by over 211,000 votes, securing the Ohio Senate seat.
In the list of challenges, one notable setback was the loss of Democratic incumbent Dr. Yadira Caraveo in Colorado’s 8th District. It was reported that Fairshake invested over $2 million to back her campaign, but GOP contender Gabe Evans ultimately claimed victory.
In a surprising turn of events, the Republican candidate, who was previously labeled as having no position on cryptocurrency by Stand With Crypto’s website, managed to defeat his pro-cryptocurrency opponent Caraveo by approximately 2,500 votes. As per Terrett, with about 97% of the votes already tallied, Congresswoman Caraveo conceded her race to Evans.
Massive Spending, Clear Objectives
According to reports from Breadcrumbs, a blockchain data company, and Fox Business, it appears that the crypto industry intentionally worked to transform the perspective of Washington regarding cryptocurrencies. By leveraging their financial resources, they supported various pro-crypto candidates across the spectrum of American politics.
Leading investors such as Coinbase, Ripple, and venture capital powerhouse Andreessen Horowitz (a16z) combined forces to contribute approximately $160 million towards specific political action committees (PACs). Their aim was to back politicians who were advocating for supportive regulatory policies in the realm of cryptocurrency.
It’s said that Coinbase individually contributed about $75 million to Political Action Committees (PACs) related to cryptocurrency, with an additional promise of $25 million for the upcoming midterm elections in 2026.
Ripple and Coinbase have faced regulatory actions from the U.S. Securities and Exchange Commission (SEC). Despite Ripple winning parts of the case, it was fined $125 million due to violations of securities laws. However, the sale of its XRP tokens through automated systems was determined not to be in violation of these laws.
Essentially, Stand With Crypto is pointing out that approximately twice as many congressional representatives (262) are supportive of cryptocurrencies, compared to those (123) who hold a more critical stance.
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2024-11-12 00:41