Pro-cryptocurrency political action committees (PACs) have had a significant influence in the recent U.S. elections, with 48 of their endorsed candidates winning as of 8th November, according to Bloomberg News. The PACs spent a record-breaking $135 million in investments across over 50 candidates, with over 60% of the funds directed towards Republican candidates or against Democratic opponents.
Led by the sector’s largest super PAC, Fairshake, pro-crypto PACs have managed to become one of the most powerful single-issue groups, rivaling traditional heavyweights like Koch Industries and Chevron. The industry’s support in the recent elections has shown that anti-crypto stances may prove costly, with voters frustrated with the current financial system wanting change.
However, while campaign contributions can provide access to lawmakers, they don’t guarantee policy outcomes.
