Members of US Congress backed by crypto PACs to take office on Jan. 3

United States lawmakers who benefitted from support from the cryptocurrency industry in their respective 2024 primaries or elections will soon be sworn into office for the 119th session of Congress.

Crypto executives and political action committees (PACs) like Fairshake and its affiliates poured millions of dollars into media buys to support “pro-crypto” candidates in the 2024 election cycle, which could have contributed to some politicians winning in certain tight races across the country.

One of the most high-profile elections saw Republican Bernie Moreno defeating incumbent Ohio Senator Sherrod Brown by roughly 200,000 votes after the Defend American Jobs PAC spent more than $40 million.

According to data from the election influence tracking website Follow The Crypto, 10 new members of the US Senate expected to be sworn in benefitted in some way from funding from the cryptocurrency industry.

From a $6,600 individual contribution from Ripple co-founder Chris Larsen to Maryland Senator Angela Alsobrooks to more than $10 million from the Protect Progress PAC — also a Fairshake affiliate — to support Michigan Senator Elissa Slotkin, crypto money arguably influenced the composition of the next US Senate just as much if not more than other special interest groups.

The makeup of the US House of Representatives is a similar story, with 63 new members taking office in January. Fairshake and its affiliates poured millions of dollars into primary races in 2024 to support both Democratic and Republican candidates who had expressed views favoring the crypto industry. 

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In one of its biggest expenditures resulting in a win for the candidate, Protect Progress spent roughly $1.7 million in media buys to back Alabama Representative Shomari Figures over Anthony Daniels in the primary for the state’s 2nd Congressional District. Some House candidates, including Texas Representative Sylvester Turner, appeared to have not received any support from crypto executives or PACs.

No signs of crypto money stopping in the next election cycle

According to the advocacy group Stand With Crypto — which also attempted to influence US voters to choose candidates it considered favorable to the industry — roughly 270 lawmakers in the next session of Congress will be “pro-crypto,” with a clear majority in the House.

The composition of both chambers could affect legislation in 2025 on how to regulate crypto in the US through proposed bills like the Financial Innovation and Technology for the 21st Century Act (FIT21).

After their 2024 election wins, some in the industry have suggested that they will continue their approach to supporting candidates in the 2026 midterms and beyond. As of November, Fairshake reported having roughly $103 million to be used for the 2026 election cycle, primarily funded by Coinbase and Ripple. All 435 House members, serving two-year terms, will be up for election again at that time.

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