Beyond today’s Presidential Election, the cryptocurrency sector is heavily influencing the 2024 US Senate races by backing pro-crypto candidates financially, seeking to shape the legislative landscape.
In the presidential race, Donald Trump has emerged as a strong advocate for cryptocurrency, while Kamala Harris has seldom discussed the industry in her campaign.
The Stand With Crypto PAC has closely monitored candidates’ crypto stances throughout the campaign. Apart from the Presidency, this organization has identified key Senate races in today’s election, with seats in swing states and other regions being contested. The crypto industry is supporting candidates from both parties.
Key Senate Races in the Crypto Landscape
In Ohio, Democratic Senator Sherrod Brown, a well-known critic of digital assets, is facing Republican Bernie Moreno, a former blockchain entrepreneur. Moreno promotes Cleveland as a potential blockchain hub and has pledged to “defend crypto” if elected to the Senate. According to Axios, crypto groups have funneled over $40 million into Moreno’s campaign, making this contest among the costliest in history.
In Montana, Democratic Senator Jon Tester, who has questioned cryptocurrency’s legitimacy, is up against Republican Tim Sheehy, a business leader linked to major financial firms. This race is seen by the crypto industry as a chance to replace a skeptic. Crypto super PACs have pooled more than $80 million for campaign spending in states like Montana, viewing these elections as crucial for their interests.
Pennsylvania’s Senate contest involves Democrat Bob Casey Jr., who has shown a mixed approach to crypto regulation. While supportive of some industry-friendly policies, he also co-sponsored the Digital Asset Anti-Money Laundering Act of 2023. His opponent, Republican Dave McCormick, is a strong supporter of crypto and blockchain. Coinbase CEO Brian Armstrong has endorsed McCormick, citing his favorable stance on crypto issues, as reported by Sahm Capital.
In Arizona, both leading candidates back crypto. Democrat Ruben Gallego, who once criticized the industry, now holds an A rating from Stand With Crypto, reflecting his recent support. Republican Kari Lake also describes herself as “very pro-crypto,” highlighting the sector’s economic significance to Arizona. NBC News reports that the crypto sector’s support for Gallego has sparked discussion within Republican circles.
High-Profile Senate Races
Massachusetts will witness a prominent showdown, with incumbent Senator Elizabeth Warren, a fierce crypto critic, facing Republican John Deaton, a well-known attorney and crypto advocate. Deaton has garnered substantial backing from the crypto community, including the Winklevoss twins, yet Warren maintains a strong lead, consistent with the state’s Democratic tendencies.
In Michigan, Democrat Elissa Slotkin, who has shifted from crypto skepticism to support, is running against Republican Mike Rogers, an advocate who stresses national security in the context of digital assets. Both candidates have received A ratings from Stand With Crypto, and this race has drawn significant attention and funding from the industry.
In Nevada, incumbent Democrat Jacky Rosen and Republican Sam Brown both strongly support crypto. Stand With Crypto notes that both candidates recognize the role of digital assets in economic growth and innovation, though traditional issues have taken precedence over crypto policy in the campaign.
The Broader Strategy and Impact
These Senate races underscore the crypto industry’s calculated efforts to influence the future of US financial regulation. The Stand With Crypto PAC is also monitoring other races with a less direct impact on crypto.
By backing candidates favorable to digital assets, the crypto sector aims to encourage a regulatory environment that promotes innovation and growth within the industry.
The significant funding and endorsements reflect the high stakes, as both supporters and critics of cryptocurrency strive to impact the legislative outcomes in these elections.
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