A group of super PACs backed by the cryptocurrency industry is taking aim at key Senate races in Ohio and Montana that could determine control of the chamber.
The crypto political network, which includes the super PACs Fairshake, Defend American Jobs and Protect Progress, is also planning to target Democratic Senate primaries in Michigan and Maryland, said a spokesperson for the group, Josh Vlasto. The organizations have raised more than $80 million to spend on this election cycle and have already helped nudge crypto-friendly candidates to victory.
“We’ll have the resources to affect races and the make up of institutions at every level,” Vlasto said in a statement. “And we’ll leverage those assets strategically to maximize their impact in order to build a sustainable, bipartisan crypto and blockchain coalition.”
The super PACs’ 2024 spending is the first major effort by the crypto industry to rebuild its political influence operation following the downfall of Sam Bankman-Fried, who was a prolific donor before the collapse of his FTX exchange. This year’s elections are critical for the industry, which is pushing hard for a regulatory overhaul that would help legitimize crypto.
The groups, which are financed by top crypto executives and firms, are aiming to boost industry allies and take down potential critics. They are pivoting to battleground races after a successful Super Tuesday in which they spent more than $10 million to help knock Democratic Rep. Katie Porter out of contention for a California Senate seat.
The super PACs aren’t saying which candidates they will back or attack next. But Democratic Sens. Sherrod Brown of Ohio and Jon Tester of Montana — vocal crypto critics who serve on key committees that write rules for the industry — could be ripe targets for attack. They are considered the two most vulnerable Senate Democrats because they’re running in states that former President Donald Trump won in 2020. Democrats likely need them to win to hold onto their narrow Senate majority.
Brown, who chairs the Banking Committee and is one of the biggest roadblocks to advancing crypto-friendly legislation, may face a Republican opponent who is strongly pro-crypto in the Ohio general election.
The announcement could spur Senate hopefuls to embrace the industry’s agenda and unlock financial support from the super PACs — or avoid their broadside. The Super Tuesday candidates who got significant backing from the groups featured pro-crypto language on their campaign websites.
“Among other considerations, we will evaluate a candidate’s leadership on issues important to the crypto and blockchain community, the viability of a candidate, the importance of the election, and our ability to impact the race,” Vlasto said.
Amanda Smith is a dedicated U.S. correspondent with a passion for uncovering the stories that shape the nation. With a background in political science, she provides in-depth analysis and insightful commentary on domestic affairs, ensuring readers are well-informed about the latest developments across the United States.
