Crypto PACs Secure 53 Wins in 58 Targeted Races with Over $245 Million in 2024 Election Spending

The cryptocurrency industry exerted significant political influence during the 2024 U.S. election cycle, with political action committees (PACs) like Fairshake and advocacy groups such as Stand With Crypto deploying substantial financial resources and mobilizing a large voter base. This concerted effort led to legislative victories and a notable shift in Washington's approach to digital assets, as observed by industry leaders.

Fairshake, a leading crypto-backed super PAC, played a pivotal role by spending over $40 million in independent expenditures in the 2024 cycle. Major contributors, including Coinbase, Andreessen Horowitz (a16z), and Ripple Labs, funded strategic campaigns. These efforts included a reported $10 million spent against Representative Katie Porter in California and significant support for pro-crypto candidates like Senator Ruben Gallego in Arizona and Senator Bernie Moreno in Ohio, contributing to 53 wins in 58 races where crypto PACs intervened.

Beyond direct financial contributions, organizations like Stand With Crypto mobilized a significant grassroots base. The group, with over 2 million energized advocates—75% of whom are registered voters—orchestrated sophisticated get-out-the-vote (GOTV) operations. Faryar Shirzad, a board member of Coinbase, emphasized this organic momentum, stating, > "crypto’s success also stems from its grassroots dynamism, something the AI and other industries need to figure out if they can replicate."

The influence of crypto as a voting factor was widely recognized, with multiple studies demonstrating its impact on key voter demographics. The Trump campaign, for instance, integrated crypto into its strategy to engage young male voters, highlighting its role as a "mobilizing force" rather than a "low salience" issue in the election.

The industry's substantial investment is now "bearing fruit," according to Josh Vlasto, a spokesperson for Fairshake. Post-election, a "sea change" in Congress's approach has been observed, with lawmakers advancing pro-crypto legislation such as the GENIUS Act, which aims to establish clear rules for stablecoins. The crypto industry is actively engaging with the new administration and Congress to shape regulatory frameworks.

Coinbase, a major industry player, has reaffirmed its long-term commitment to supporting Fairshake's work, with the PAC already amassing over $78 million for the 2026 midterm elections. This sustained financial and advocacy effort signals the crypto industry's intent to remain a formidable political force in Washington, ensuring continued support for blockchain innovation and favorable regulatory environments.