The intersection of cryptocurrency, money, and politics is rapidly transforming the landscape of American elections and policymaking. In recent years, the crypto industry has shifted from being a financial novelty to a powerful political force, raising massive sums and targeting key races across the country.

A coalition of crypto super PACs, like Fairshake, Defend American Jobs, and Protect Progress, have collectively raised more than $80 million to influence elections. This money is strategically deployed, not in a scattershot manner, but in targeted races where crypto interests align with candidates’ platforms. For instance, lesser-known primary contenders such as Julie Johnson in Texas and Shomari Figures in Alabama received substantial backing from crypto PACs, helping them secure primary victories. Other Democratic candidates, including Johnny Olszewski and Eugene Vindman, have also found support from these groups.

The industry’s influence extends to higher-profile races, especially as the Senate becomes the next battleground. Crypto-backed spending is increasing in states like Ohio and Montana, where incumbent Democratic senators Sherrod Brown and Jon Tester, recognized skeptics of cryptocurrency, are facing tough reelection bids with the potential to shift Senate control. At the same time, long-time crypto critic Sen. Elizabeth Warren is facing Republican challengers with crypto industry ties in Massachusetts.

This political movement is propelled not only by money but also by generational change. Younger voters, many of whom see assets like bitcoin as modern stores of value, are helping drive crypto’s growing legitimacy and appeal. Industry advocates argue that the surge in political advocacy is matched by increasing adoption and grassroots enthusiasm.

A key aspect of the industry’s new approach is discipline in campaign finance. Despite the large sums raised, PACs like Fairshake are spending selectively, holding back much of their war chest to retain influence throughout the election cycle. This reserved strategy ensures that lawmakers remain cautious about antagonizing the crypto sector, given the potential for significant last-minute spending.

As the 2024 election approaches, it’s clear that cryptocurrency is no longer a fringe topic. Both supporters and critics are grappling with its influence, and the sector’s role in shaping the future of finance and political power is only expected to grow.