Bitcoin, a prominent cryptocurrency (Representative Image)
Cryptocurrency has transcended its status as a financial innovation, establishing itself as a formidable force in U.S. politics.
Bernie Moreno’s victory in Ohio’s Senate race not only marked a personal triumph but also symbolized the cryptocurrency industry’s ability to influence electoral outcomes.
Backed by $40 million in crypto-related funding, Moreno defeated Democratic Senator Sherrod Brown, a veteran lawmaker and outspoken critic of digital assets.
This victory is part of a larger narrative showcasing how cryptocurrency is reshaping America’s political landscape.
In the 2024 election cycle, crypto-related political action committees (PACs) and advocacy groups funneled a record $245 million into campaigns across the country, according to Federal Election Commission data.
Public Citizen reported that this constituted nearly half of all corporate contributions during the cycle.
The unprecedented financial influence ensured pro-crypto candidates had the upper hand in critical battleground states.
One of the most prominent players was Fairshake, a super PAC funded by Coinbase with $75 million.
It emerged as one of the highest-spending committees of the cycle, exclusively backing candidates who supported cryptocurrency.
The results were striking: Fairshake’s candidates won nearly every race they contested, leaving an indelible mark on both the House and Senate.
“Being anti-crypto is simply bad politics,” Coinbase CEO Brian Armstrong declared on X following Moreno’s victory.
Moreno’s transformation from a political novice to a key figure in the pro-crypto movement underscores the industry’s influence.
His campaign portrayed him as a champion of change, a message that resonated with voters tired of the status quo.
Moreno, who founded a blockchain startup called Champ Titles, leveraged his business background to connect with both voters and the cryptocurrency community.
“We had to build a lot of trust,” Moreno said of his extensive vetting by Silicon Valley investors and crypto leaders.
These included Coinbase’s Brian Armstrong and Ripple’s Chris Larsen, among others.
Fairshake played a pivotal role in Moreno’s success, stepping in when his campaign was financially stretched after a tough primary.
David McIntosh, president of the Club for Growth, highlighted this support, noting, “Fairshake’s backing sent a really strong signal to Washington that voters support candidates who are pro-blockchain.”
The crypto industry’s focus on election outcomes rather than post-election lobbying has proven highly effective.
Rather than negotiating with regulators like SEC Chair Gary Gensler—who has frequently clashed with crypto firms—crypto executives chose to replace opponents outright.
Gensler, long a critic of the industry, announced his resignation shortly after the election.
His departure paves the way for President-elect Donald Trump to appoint crypto-friendly regulators, fulfilling a campaign promise that energized his tech-savvy voter base.
“Welcome to America’s most pro-crypto Congress ever,” Armstrong proclaimed after the election results.
The Stand With Crypto Alliance, an advocacy group launched by Coinbase, estimates that nearly 300 pro-crypto lawmakers will serve in the new Congress, giving the industry unprecedented legislative influence.
The crypto sector’s influence extends beyond individual races. Prominent donors like Cameron and Tyler Winklevoss, Ripple founder Chris Larsen, and Coinbase executives collectively contributed millions to reshape the political landscape.
These contributions funded targeted ad campaigns that either bolstered pro-crypto candidates or discredited their opponents.
In one notable instance, Fairshake spent over $10 million to defeat California Representative Katie Porter in a Senate primary.
“I was, like, ‘What the heck is Fairshake?’” Porter later remarked, reflecting on the industry’s ability to shape electoral outcomes.
Crypto-friendly candidates have already begun discussing major policy shifts. Moreno and others have emphasized the importance of blockchain innovation, suggesting new regulations that encourage growth rather than stifle it.
Advocacy groups, including Fairshake, have raised millions in preparation for the 2026 midterms, signaling their long-term commitment to shaping the U.S. political environment.
As Bitcoin’s value continues to soar—having multiplied sixfold in the past four years—the stakes for the industry have never been higher.
The crypto sector’s success in the 2024 elections signals a turning point in its relationship with Washington.
With a pro-crypto Congress and a president-elect sympathetic to the industry, the path is set for a regulatory overhaul that could redefine the future of digital assets.
Whether this shift will spur innovation or raise concerns about the influence of wealth on politics remains to be seen. For now, cryptocurrency is not just shaping financial markets—it’s reshaping democracy.
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