- Crypto has had an outsized impact on the 2024 elections
- The industry’s influence plays a major role in Senate races.
- But which are the most important ones to follow?
Trump v. Harris is not the only game in town.
While the US presidential election is grabbing headlines, crypto is also playing a major role in the 2024 Senate races. The industry has pumped $174 million into backing the campaigns of candidates who can help it get friendly policies past the Senate floor — and it’s working.
This week saw anti-crypto firebrand Elizabeth Warren clash with John Deaton, whose campaign has received $1.7 million from crypto-aligned donors.
The one-hour debate saw the Massachusetts combatants grapple over abortion rights, Ukraine and crypto — an achievement for the industry in itself considering there’s not much evidence that most voters care.
Warren reiterated her stance that crypto is a tool for terrorists and drug traffickers, and said the industry must be held to the same rules as banks and brokers.
Warren is hugely popular in her state, and Deaton has little chance of winning.
However, 34 of the Senate’s 100 seats are up for grabs in November, and the crypto industry is backing many of these races.
Here are six key races to keep an eye on.
Ohio
This is the most consequential Senate race — and crypto plays a big role.
If populist Democrat Sherrod Brown loses his seat to former used-car dealer Bernie Moreno, his party’s chances of holding on to the Senate are pretty much zero. Brown is clinging to a narrow poll lead over Moreno in the increasingly conservative state.
Brown has been almost as scathing about the industry as his ally Warren. He chairs the Senate Banking committee, and crypto considers him a major blockage to finalising industry-friendly legislation.
Moreno, on the other hand, has said he would turn Cleveland into a blockchain capital, and that America’s founding fathers would have been Bitcoiners.
The industry has pumped a staggering $40 million into Moreno’s campaign
Michigan
After a political career spent being mostly critical of crypto, Michigan representative Elissa Slotkin did a late-in-the-day pivot.
She was among the Democrat lawmakers who voted to pass the pro-crypto FIT21 Act through the House of Representatives in May.
She’s reaped the rewards — crypto political action committees donated $10 million to her campaign against Republican Mike Rogers to succeed retiring Democratic Senator Debbie Stabenow in this crucial swing state. Slotkin leads Rogers in the polls.
Still, it’s perhaps odd that crypto donors chose to fund Slotkin. Rogers is also supportive of crypto, and unlike Slotkin, has been for years.
Rogers speculated that the PACs may have needed to find a supportive Democrat to fund.
The crypto PACs are keeping their spending on candidates roughly equal between the parties, recognising that it’s easier to get legislation done if it’s bipartisan.
Arizona
Arizona is another state that Democrats must win if they are to retain control of the Senate.
Here, too, the industry has lined up behind a Democrat, Ruben Gallego. Crypto PACs have donated $10 million to his campaign.
A former Marine and the US representative for Arizona’s third Congressional district, Gallego is facing off against far-right candidate Kari Lake. The race is to succeed retiring independent Senator Kyrsten Sinema.
Gallego hasn’t said much about crypto, but voted to pass the FIT21 Act.
Lake, a close Trump ally, is also pro-crypto.
Montana
In Montana, incumbent Democrat John Tester is fighting Republican challenger Tim Sheehy.
Crypto lobby group Stand With Crypto ranks Tester as neutral towards the industry and Sheehy as strongly supportive due to his comments that it is a driver of innovation.
Pennsylvania
In Pennsylvania, Democratic Senator Bob Casey is facing Dave McCormick. While Casey is seen as neutral on crypto, McCormick is seen as a staunch supporter of it.
“Crypto and blockchain have the potential to create incredible jobs for our commonwealth and strengthen our national security,” he said in September. “We need leaders who will embrace it and ensure America is leading the world in another generation of critical innovation.”
Wisconsin
In Wisconsin, Democratic Senator Tammy Baldwin is strongly against crypto, having voted against SAB 121.
Her rival, Eric Hovde, is more optimistic towards the industry. He has said he is supportive of Bitcoin and decentralised finance, but that he wants to see stronger regulation to protect investors from another FTX.
Reach out to the author at joanna@dlnews.com.
