Pro-crypto political action committees (PACs) scored significant victories in the U.S. elections, with 48 of their endorsed candidates winning as of Nov. 8, positioning the industry for stronger influence in Washington, Bloomberg News reported.

A record-breaking $135 million in PAC investments spanned over 50 candidates, crossing party lines to support both Democrats and Republicans, according to Bloomberg News. Over 60% of the funds were directed toward Republican candidates or against Democratic opponents.

Crypto PACs, led by the sector’s largest super PAC, Fairshake, strategically supported key races without directly highlighting regulatory interests. Instead, their ads focused on broader themes like economic growth and social security.

Fairshake at the forefront

Fairshake, alongside affiliate PACs Protect Progress and Defend American Jobs, has become one of the most powerful single-issue groups, rivaling traditional heavyweights like Koch Industries and Chevron.

With funding from Coinbase, Ripple Labs, and Andreessen Horowitz, the super PAC is now second only to fossil fuel interests in political contributions.

In Ohio, the industry’s support proved pivotal, with crypto PACs investing over $40 million to support Republican Bernie Moreno in his bid to unseat Democratic Sen. Sherrod Brown, a vocal crypto critic.

Despite trailing in polls weeks earlier, Moreno won with 50.2% of the vote. Ads supporting Moreno emphasized economic issues, avoiding discussions of his blockchain background.

Crypto PACs also took a strategic approach in targeting specific opponents. Fairshake reportedly spent $10 million on ads against California Senate candidate Katie Porter, a crypto opponent who lost in the primary.

Industry gaining momentum

Coinbase CEO Brian Armstrong recently said that the results sent a “clear message” to

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Author: Gino Matos