How Crypto Voters Influenced the 2024 U.S. Election
The 2024 U.S. presidential election highlighted the growing influence of cryptocurrency voters, as pro-crypto candidates achieved significant victories in both congressional and senatorial races. Data from Stand With Crypto, an advocacy group, revealed that approximately 270 pro-crypto candidates secured seats in the U.S. House of Representatives and Senate.
The Role of Crypto in the Presidential Race
Crypto policy played a pivotal role in the presidential election, where Republican candidate Donald Trump defeated Kamala Harris by securing 76.8 million votes, representing just under 50% of the total votes cast. Data from Paradigm indicates that nearly half of crypto voters waited until the final days to cast their ballots, with most leaning Republican.
Throughout his campaign, Trump positioned himself as a champion for the crypto industry, attending the Bitcoin 2024 conference, making appearances at crypto-friendly venues like New York City’s Pubkey bar, and frequently posting on social media about his support for the digital asset sector. In contrast, Kamala Harris made only one official statement in support of crypto during her campaign, focusing instead on framing Trump as a threat to U.S. democracy.
North Carolina Representative Wiley Nickel, a Democrat known for his pro-crypto stance, described Harris’ limited focus on crypto policy as a “big error.” He cited Paradigm data showing that Trump won key battleground states like Nevada, Michigan, and Arizona, even as pro-crypto Democratic Senate candidates secured victories in those same states.
Congressional Candidates and the Crypto Divide
Prominent lawmakers on both sides of the aisle have acknowledged the impact of crypto policy on election outcomes. Arkansas Representative French Hill, a Republican and chair of the digital assets subcommittee, called crypto a “galvanizing force” in the election. He noted that the Biden administration had sent “mixed messages” on its stance toward digital assets, which allowed Trump to step in and position himself as a supporter of this “emerging technology.”
In Congress, support for crypto-related policies has been described as a “non-partisan issue”, but the way crypto money is funneled into elections has created sharp divides. While both Democrats and Republicans received backing from the crypto industry, the methods and beneficiaries of that support have drawn criticism from lawmakers like Rep. Wiley Nickel, who called for stronger campaign finance reforms to limit the influence of corporate money on elections.
Crypto-Backed PACs Play a Key Role
Fairshake PAC, a major crypto-backed political action committee (PAC), played an outsized role in the 2024 election. The PAC, along with other crypto-funded groups, spent an estimated $134 million to support pro-crypto candidates, shaping the landscape of key Senate and House races.
One of the most expensive Senate races of the election cycle took place in Ohio, where the Fairshake-affiliated Defend American Jobs PAC poured over $40 million into supporting Republican candidate Bernie Moreno. This effort contributed to the defeat of incumbent Sherrod Brown, a Democrat, in what became one of the costliest Senate races in U.S. history.
Former Pennsylvania Senator Pat Toomey, a Republican who left Congress in 2023, called the involvement of crypto PACs a “terrific” move for the industry. He argued that the spending was a response to the regulatory uncertainty surrounding crypto and ongoing lawsuits filed by the Securities and Exchange Commission (SEC).
Coinbase, one of the most prominent supporters of Fairshake PAC, has already pledged an additional $25 million toward the next U.S. midterm elections. As of November 4, 2024, Fairshake reported it had raised $78 million for the 2026 elections, nearly half of the total funds it raised between 2023 and 2024.
A Changing Regulatory Landscape
With more pro-crypto candidates now in positions of power, U.S. regulatory policy toward digital assets is expected to shift. Industry leaders believe that increased clarity in regulations could further accelerate demand for blockchain innovation, as well as mainstream adoption of cryptocurrencies.
While many in the crypto community view the 2024 election as a major victory for the industry, critics argue that large-scale political contributions from crypto PACs highlight the need for stronger campaign finance reforms. Rep. Wiley Nickel echoed this sentiment, stating, “There is way too much money in our politics.”
The 2024 U.S. election showcased the growing influence of crypto voters and pro-crypto political action committees. With 270 pro-crypto candidates securing seats in Congress and Ripple-backed PACs like Fairshake spending heavily to support key races, the industry’s influence on U.S. policy is undeniable. As Donald Trump takes office for his second term, many in the crypto community are hopeful for a more favorable regulatory environment that will support the growth and adoption of digital assets.