Crypto-Backed Super PACs Make a Big Splash in Politics

The world of cryptocurrency has made a significant impact on the political scene, with crypto-backed super political action committees (PACs) making their first battleground Senate endorsements in the general election. These PACs, led by Fairshake, Defend American Jobs, and Protect Progress, have raised a staggering $240 million for the 2024 election cycle. Their goal is to support candidates who are friendly to the industry and to advocate for responsible crypto and blockchain regulation. But what if these assumedly pro-crypto candidates are not as aligned with the industry's interests as they claim? What if, like Sen. Sherrod Brown (D-OH), they are simply pandering to the industry to get their votes and campaign cash? And what if the industry's emphasis on bipartisanship is just a ruse to distract from the realpolitik of getting its candidates elected?

The groups plan to spend at least $12 million to support Republican Bernie Moreno in his race against Sen. Brown, who has been a vocal critic of the industry. Moreno, on the other hand, has ties to a blockchain startup and has expressed support for the industry. Is this a clear case of the industry backing a candidate who is more likely to listen to their concerns? But what about the industry's claims that they are committed to creating a sustainable bipartisan coalition and supporting candidates who are willing to work across the aisle? Are they simply trying to appear nonpartisan while secretly backing one party's candidates? And what are the implications for democracy if a single industry's money and influence start to sway electoral outcomes?

Actions