Since the fall of FTX and SBF crypto industry leaders have shied away from being involved in politics and contributing to different races. It shouldn't be all that surprising because of the huge black eye that SBF and his actions left on the industry but at some point, it was going to have to change and a line was going to be drawn. After one election cycle, it now looks like crypto is gearing up to be back and throwing some serious cash into these races.
On Super Tuesday, a day when 15 states have their primaries before the November General Elections, there were a few races that received a ton of money. In those races, crypto swept the board and did phenomenally to the point that even I was amazed at how well the performance was. Of the four most often associated with the crypto backing only one of the races has to go to a runoff with the other three punching their tickets to the November election.
Of the one going to a run-off that was expected to a point because of how crowded the primary was. In that race, 11 people were fighting for the Democratic nomination and it was almost decided with a win for the crypto-backed candidate. She fell just short of outright winning 44% to 26% with six other candidates each garnering over 2% of the vote. Further, she won 8 of the 13 counties in her district and the next closet person only won 4 making it pretty easy to see that when it comes down to just having the two on the ballot she should run away with the nomination.
Super Tuesday was a nice little intro for these PACs and with the amount of money they have already spent it is looking like possibly hundreds of millions will be spent this cycle by crypto-backed PACs. I cannot state enough how huge that is going to be as these PACs are backing candidates of both parties as long as they are pro-crypto. If we do not end up getting the legislation we need done this year to protect crypto then I feel like it is going to be safe to say that we will easily have the numbers to get it done next year. I am cautiously optimistic that with this being a younger voter-engaging thing both parties will seek to move crypto-positive legislation to attract the youth vote.