Crypto Super PACs, Swing State Voters and Crypto-Friendly Legislators: A Connection?

By: Eva Baxter

According to multiple sources, a potent mix of crypto advocacy and voter preferences seems to be emerging in the US electoral scene. On one hand, Crypto Super PACs are amassing substantial financial assets in a bid to support crypto-friendly candidates in the upcoming US elections. On the other, an increasing number of voters in key swing states are expressing dissatisfaction with the current opaque financial system, showing a significant interest in crypto instead.

Public Citizen reports that these Crypto Super PACs have raised an impressive $102 million. Interestingly, corporate contributions from industry giants like Coinbase and Ripple Labs amount for a large proportion of these funds. Along with individual contributions from crypto executives and venture capitalists, these PACs represent formidable financial power for candidates willing to embrace the crypto industry.

Several high-profile players in the crypto industry, such as Coinbase CEO Brian Armstrong, have also joined this political movement. Armstrong has encouraged Robinhood to focus more on supporting pro-crypto candidates, promising that Coinbase does so through the crypto sector’s largest Super PAC, Fairshake Political Action Committee.

Meanwhile, the Blockchain Association survey reveals that many voters in swing states have an eye on candidates' approach towards crypto. The report highlighted approximately 40% of respondents wishing to hear more about digital currency from the candidates. Furthermore, it indicated that nearly 30% would be more likely to support a candidate who displays crypto-friendliness.