Crypto Money in Politics: A Behind-the-Scenes Look

Last week, a crypto-focused political action committee (PAC) rolled out a bus tour across five key states, starting in Phoenix and Las Vegas. This PAC, known as Stand With Crypto, has been spending big bucks in the political arena, but not all their spending is as transparent as it seems. In Nevada's 4th Congressional District, for instance, nearly $2 million was spent on ads to support Democratic congressman Steven Horsford. You might think these ads would be all about crypto, given the source of the funding. But surprisingly, the ads don't mention crypto at all. Instead, they highlight Horsford's work on jobs, infrastructure, and capping insulin prices. The ads end with a simple statement: "Fairshake is responsible for the content of this ad. " Fairshake is actually the largest crypto-aligned super PAC in the 2024 election cycle. They raked in a massive $170 million, a significant portion of the over $245 million raised by crypto-related PACs and groups. This makes crypto one of the biggest contributors to the election, even outpacing traditional heavy hitters like oil companies and banks. The crypto industry has been strategic in how it distributes its political funds. It identifies key races and then pours in the money. The Stand With Crypto Alliance, launched by Coinbase, has even developed a grading system to evaluate candidates and decide where to spend their cash.