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President Donald Trump

Donald Trump

Pro-crypto super PACs (political action committees) raked in $80 million, earmarked for candidates who favor cryptocurrency regulation and innovation.
According to <a href="https://www.politico.com/news/2024/02/23/crypto-pacs-2024-races-00142895" target="_blank" rel="noopener noreferrer nofollow">Politico</a>, three super PACs — Fairshake, Protect Progress, and Defend American Jobs — are backed by crypto industry behemoths like Coinbase, Ripple, and Andreessen Horowitz.
And they’re putting money to work.
In West Virginia, for example, the crypto-funded group Defend American Jobs recently bankrolled the candidacy of Governor Jim Justice with $1.5 million.
Justice, <a href="https://edition.cnn.com/2023/10/19/politics/donald-trump-endorses-jim-justice/index.html" target="_blank" rel="noopener noreferrer nofollow">lauded</a> by former President Donald Trump for his commitment to various conservative causes, has found his Senate aspirations entwined with the crypto cause.&nbsp;
The alignment with Trump, who recently <a href="https://crypto.news/trump-warms-up-to-bitcoin-signals-openness-to-regulation/" target="_blank" rel="noopener noreferrer nofollow">softened</a> his previously frosty stance on cryptocurrencies, adds another layer to the narrative. On Fox News, the GOP presidential <a href="https://crypto.news/survey-crypto-voters-prefer-democrats-for-congress-favor-trump-for-president/" target="_blank" rel="noopener noreferrer nofollow">front-runner</a> noted Bitcoin’s influence, especially among younger demographics, despite his allegiance to the U.S. dollar.
These PACs are also strategically positioning themselves for high-impact interventions that could potentially tip the scales against crypto critics like Senators Elizabeth Warren and Sherrod Brown.&nbsp;
The tactic has manifested in Ohio and Massachusetts, where Republican hopefuls are receiving an enthusiastic boost from both the blockchain proponents and Trump’s vocal support.
You might also like: <a href="https://crypto.news/coinbase-a16z-ripple-pour-millions-into-fairshake-crypto-lobbying-group/" rel="noopener noreferrer nofollow"> Coinbase, a16z, Ripple pour millions into Fairshake crypto lobbying group </a>
<h2 class="wp-block-heading" id="strong-bernie-moreno-gets-boost-from-trump-strong">Bernie Moreno gets boost from Trump</h2>
In Ohio, Bernie Moreno — who is rallying to unseat Senator Brown — is campaigning with a narrative that champions cryptocurrencies.
With the support of <a href="https://www.politico.com/live-updates/2023/12/19/congress/trump-endorses-in-ohio-senate-primary-00132574" data-type="link" data-id="https://www.politico.com/live-updates/2023/12/19/congress/trump-endorses-in-ohio-senate-primary-00132574" target="_blank" rel="noopener noreferrer nofollow">both</a> Trump and Senator J.D. Vance, Moreno — a former car salesman — previously captured attention as a key advocate for blockchain technology, bringing crypto to the forefront of his campaign strategy.
<h2 class="wp-block-heading" id="strong-deaton-takes-on-warren-strong">Deaton takes on Warren</h2>
John Deaton, a Republican crypto attorney based in Rhode Island, initiated his own bid to <a href="https://crypto.news/elizabeth-warren-crypto-john-deaton-senate/" target="_blank" rel="noopener noreferrer nofollow">confront</a> Massachusetts Senator Elizabeth Warren.
Despite concerns over his background, Deaton’s campaign has already stirred up significant attention on social media, where he consistently challenges Warren’s stance on crypto regulation.&nbsp;
Warrne and other Senators — including Republicans — introduced the bipartisan Digital Asset Anti-Money Laundering Act.&nbsp;
Deaton has strong ties to Ripple and is often a notable participant in legal discourse within the crypto industry.
Shifting the focus to California, the Fairshake super PAC—fresh off a substantial financial <a href="https://crypto.news/winklevoss-twins-give-out-4-9m-to-fairshake-crypto-lobbying-group/" target="_blank" rel="noopener noreferrer nofollow">infusion</a> from cryptocurrency exchange founders Tyler and Cameron Winklevoss—is reportedly trying to assert its mission to advocate for candidates prepared to nurture the crypto economy.&nbsp;
This movement comes at a pivotal time when large sums are being funneled into political campaigns with the potential to <a href="https://crypto.news/trumps-return-could-mean-friendlier-crypto-laws-gop/" target="_blank" rel="noopener noreferrer nofollow">influence</a> the digital currency ecosystem.&nbsp;
The political playbooks being drafted could very well etch the trajectory of cryptocurrency’s regulatory future and its grip over innovation and economic growth in America.&nbsp;
Echoing a sentiment larger than any individual race, these cryptocurrency titans, armed with their PACs, are not just participating in the political discourse but aiming to shape a future where digital assets could hold sway over the nation’s economic steering wheel.
Read more: <a href="https://crypto.news/nearly-90-of-california-crypto-owners-favor-pro-crypto-political-candidate-coinbase-reveals/" rel="noopener noreferrer nofollow"> Nearly 90% of California crypto owners favor pro-crypto political candidate, Coinbase reveals </a>

Crypto bulls take aim at US politics with $80m war chest

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