Andreessen Horowitz · U.S. · SEC · Coinbase · CryptoSlate
Revealing the moment crypto started reshaping American elections
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Less than four years after the collapse of FTX triggered calls for a sweeping crackdown, the crypto industry has emerged as one of the fastest-growing forces in American politics.
Key facts
- In May, Fairshake's affiliate Protect Progress spent $5 million supporting Democratic challenger Christian Menefee in Texas' 18th Congressional District runoff, and another $2.8 million opposing
- Crypto PAC spending in Texas has already exceeded $2.5 million on congressional candidates alone this year, up from $1 million across the entire 2024 cycle, and that's before the general election
- Ripple, having spent years and tens of millions in legal fees fighting XRP's securities classification, settled for $50 million and had its remaining $75 million in escrow returned
- About 85% of the candidates the network supported won their elections, including all six in New York, where the PAC spent $5.3 million exclusively backing Democrats
Summary
01 Crypto companies spent about $139 million in 2024 elections and built a $220 million war chest for 2026. 02 That spending helped win most backed races and coincided with SEC retreats, including dropped Coinbase, Binance, and Robinhood cases. 03 Critics question whether those dismissals reflect policy changes or political pressure, as Texas races show the leverage is still growing. In 2022, Washington's dominant question about the crypto industry had little to do with the fine print of securities law.