Written by Hannah Lang

(Reuters) – The crypto {industry}, together with heavyweights like Coinbase (NASDAQ:) and Spent greater than $119 million supporting pro-currency U.S. Congressional candidates.

The trouble was profitable on Tuesday, with numerous {industry} candidates successful their races and probably leaving Congress extra ready than ever to champion cryptocurrencies.

A lot of the sector's spending in 2024 got here from highly effective political motion committees that may spend limitless quantities of cash. Fairshake, some of the distinguished PACs devoted to supporting candidates with crypto-friendly views, spent greater than $40 million throughout this election cycle, in keeping with OpenSecrets.

Spending information comes from each OpenSecrets and the Federal Election Fee.

Listed below are the races by which the crypto {industry} spent probably the most cash, and whether or not the {industry} finally succeeded in backing its most popular candidates.

1. Ohio Senate: (Republican) Bernie Moreno vs. (Democrat) Sherrod Brown (incumbent)

The crypto {industry}, which spent probably the most cash to oust present Senate Banking Chairman Sherrod Brown on this yr's election, offered $40.2 million on behalf of Brown's opponent, Republican Bernie Moreno. did.

Edison Analysis predicted Moreno would defeat Brown on Tuesday in some of the costly Senate races in historical past, ousting considered one of crypto's greatest opponents in Congress.

Brown is skeptical of cryptocurrencies and has expressed specific concern about their use to fund entities that the US considers state sponsors of terrorism. In the meantime, Moreno has based a blockchain-based firm and informed the Senate he’ll “lead the combat to guard cryptocurrencies.”

Moreno obtained contributions from FairShake affiliate Defend American Jobs, in addition to Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss. Ta.

2. Michigan State Senate: (Republican) Mike Rogers (NYSE:) vs. (Democratic) Elissa Slotkin

Crypto spent $10 million to assist present U.S. Rep. Elissa Slotkin of Michigan within the race for a vacant Senate seat, and has additionally spent $10 million supporting present U.S. Rep. Elissa Slotkin of Michigan within the race for a vacant Senate seat, in addition to FairShake affiliate Shield Progress and Ripple govt chairman Chris.・There have been additionally donations from Mr. Larsen and others. Slotkin received by a slender margin, in keeping with Edison Analysis.

In Congress, Slotkin helps repealing the Securities and Trade Fee's crypto-related accounting bulletin and a invoice promulgated by Republican Home Monetary Providers Committee Chairman Patrick McHenry that will create a regulatory framework for cryptocurrencies. I solid my vote.

3. Arizona State Senate: (Republican) Kari Lake vs. (Democrat) Ruben Gallego

Shield Progress, together with particular person donors together with Coinbase's Armstrong and Andreessen Horowitz normal companions Chris Dixon and Ben Horowitz, helped present U.S. Consultant Ruben Gallego win his Arizona Senate seat. Spent $10 million to assist the marketing campaign.

Gallego, together with Slotkin, voted in favor of the invoice, which is supported by the cryptocurrency {industry}.

The race has not but been referred to as.

4. Massachusetts Senate: (Republican) John Deaton vs. (Democrat) Elizabeth Warren (incumbent)

The crypto {industry} spent $4.2 million supporting Massachusetts Sen. John Deaton in his race in opposition to Sen. Elizabeth Warren, who has clashed with digital asset leaders a number of instances. Incumbent Warren received re-election, in keeping with an Edison Analysis undertaking.

Warren has referred to as for strict anti-money laundering requirements to be utilized to cryptocurrencies, saying crypto companies are reluctant to comply with the identical guidelines that different monetary establishments comparable to banks comply with. .

As a result of Brown misplaced the Ohio Senate race, Warren may turn into one of many prime Democrats on the Senate Banking Committee subsequent yr.

5. West Virginia State Senate: (Republican) Jim Justice vs. (Democrat) Glenn Elliott

Crypto spent $3 million to assist the previous West Virginia governor's Senate race, led by Defend American Jobs, Armstrong, and the Coinbase Innovation PAC. Edison Analysis predicts that Justice will win the Senate seat on Tuesday.

Earlier this yr, Justice stated on his web site that the U.S. has a “big alternative” for innovation in cryptocurrency and blockchain, including, “Entrepreneurs can innovate, thrive, and attain their full potential. “We assist a regulatory framework for digital property.”

6. Indiana State Senate: (Republican) Jim vs. (Democrat) Valerie McCray

In line with Edison Analysis, particular person donors comparable to Mr. Armstrong, Mr. Horowitz and Mr. Dixon labored with Coinbase Inc.'s Innovation PAC and the American Jobs Group within the main to assist the Republican Indiana senator who received the Senate seat. It spent $3 million supporting candidate and present Congressman Jim Banks.

The financial institution supported a invoice in Congress supported by the crypto {industry}.

7. California forty fifth Congressional District: (Republican) Michelle Steele (incumbent) vs. (Democratic) Derek Tran

The crypto {industry} spent $2.8 million to assist Congresswoman Michelle Steele's re-election marketing campaign, led by Fairshake, Cameron, Tyler Winklevoss and the Coinbase Innovation PAC.

Steele voted in favor of a invoice that will repeal the U.S. Securities and Trade Fee's Fiscal Bulletin and create a regulatory framework for cryptocurrencies.

The race has not but been referred to as.

8. Alabama 2nd Congressional District: (R) Caroleen Dobson vs. (D) Shomali Figures

In line with estimates from Edison Analysis, Crypto spent $2.6 million to assist Shomali Figures' marketing campaign for Congress in a model new district in Alabama, which he received by a large margin. The $2.6 million contains contributions from Shield Progress, the Winklevoss brothers, Armstrong, and the Coinbase Inc Innovation PAC.

In July, officers signed a letter from the Democratic Celebration calling on the Democratic Nationwide Committee to melt its stance on cryptocurrencies and embrace language supporting cryptocurrencies within the celebration's platform. Figures stated on his web site that he embraces digital property to foster innovation and technological progress.

9. North Carolina 1st Congressional District: (Republican) Laurie Buckhout vs. (Democrat) Donald Davis (Incumbent)

Non-public donors together with Mr. Armstrong, Mr. Larsen and the Winklevoss twins, and Mr. Fairshake spent $2.3 million on a main marketing campaign on behalf of the re-election marketing campaign of Congressman Donald Davis, which Mr. Edison received. Analysis predicts.

Davis supported the crypto industry-backed invoice in Congress.

10. Colorado eighth Congressional District: (Republican) Gabe Evans vs. (Democrat) Yadira Carabeo (incumbent)

The cryptocurrency {industry} spent $2.3 million to assist Yadira Carabeo's congressional marketing campaign in Colorado, led by contributions from Fairshake, Armstrong, Dixon, Horowitz and others.

Caraveo is a rating member of the Home Agriculture Committee's Subcommittee on Commodity Markets, Digital Property, and Rural Improvement, which is pushing for a regulatory framework for digital property.

The race has not but been referred to as.