The Crypto Bros Are Back—and They Have a Dangerous Political Goal

You may already have noticed crypto and tech money swishing around in the 2024 primaries. For the open California Senate seat, crypto-backed super PAC Fairshake splurged $10 million on ads against candidate Katie Porter, whose progressivism and crypto skepticism made her an enemy of the industry. She, of course, would lose. An affiliated PAC, Defend American Jobs, likewise dove into North Carolina’s GOP primaries, throwing half a million to the winning candidate for the 14th Congressional District. That PAC also contributed $3 million on behalf of West Virginia Gov. Jim Justice, who’s far and away the front-runner in his Senate primary and will inevitably succeed Sen. Joe Manchin come 2025.

Another Fairshake affiliate, Protect Progress, has put millions behind candidates who have explicitly expressed their support for the crypto industry. The group blew nearly $2 million to boost Shomari Figures in the Democratic primary for Alabama’s 2nd Congressional District; he ended up winning the April 16 runoff by 22 points. Protect Progress also spent nearly $1 million in support of Julie Johnson, who crushed her opponents in the Dem primary for Texas’ 32nd Congressional District. The competitive primaries of crypto-supporting Democratic Maryland Senate candidates David Trone and Angela Ashbrook have seen a large influx of money from obscurely named crypto PACs like Defend American Jobs.