Crypto-Backed Lawmakers Start New Congressional Session
The 119th Congress will convene on January 3, 2025, with many legislators who were backed by the cryptocurrency industry. Political action committees and executives of major crypto companies were key players in the 2024 elections, donating millions of dollars to candidates willing to advance the interests of the pro-crypto agenda. Groups such as Fairshake and Protect Progress invested in multi-million dollar ad buys that helped shape what could be a cryptocurrency-friendly Congress.
Major Investments in Pro-Crypto Candidates Crypto PACs’ involvement was pivotal in a number of elections, but in many cases most prominently in close elections. In Ohio, for instance, Republican Bernie Moreno defeated incumbent Senator Sherrod Brown by some 200,000 votes after a staggering $40 million media campaign by the Defend American Jobs PAC.
That influence trickled down to smaller but meaningful donations, like the $6,600 Ripple co-founder Chris Larsen gave to Senator Angela Alsobrooks of Maryland. Protect Progress gave Michigan Senator Elissa Slotkin more than $10 million, a reminder that crypto money played a key role in campaigns at all sizes.
Crypto Influence Expands in the US House
The House also witnessed significant crypto-backed wins with 63 new members poised to join the chamber. Their campaigns were widely funded. For example, Protect Progress spent $1.7 million in media buys to help Alabama Representative Shomari Figures defeat Anthony Daniels in a primary. These are the kinds of investments demonstrating the emerging influence of crypto PACs in the setting of the legislative landscape.
While not every representative-elect directly received crypto support, the majority of new members are considered “pro-crypto”, according to advocacy group Stand With Crypto. That influence positions the crypto industry to play a major role in shaping upcoming financial and regulatory policies.
2026 and Beyond: Continued Crypto Advocacy
Crypto PACs are already preparing for future elections, with over $100 million earmarked for the 2026 cycle. Large donors like Coinbase and Ripple want to ensure the industry has a foothold in US politics. In 2026, with all 435 House seats and a third of the Senate on the ballot, crypto backers will continue their strategy of endorsing candidates friendly to the sector.
All that would suggest this sustained engagement could have serious implications for proposed legislation like the Financial Innovation and Technology for the 21st Century Act, setting the course of crypto regulation in the United States.
