CNBC's MacKenzie Sigalos reports on the millions of dollars spent by crypto interest groups in the 2024 election to elect industry-friendly candidates nationwide.

Salt Lake City

Donald Trump is preparing to take office after defeating Kamala Harris in the U.S. Presidential election.

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In the United States, cryptocurrency interest groups are making significant financial contributions to the 2024 election cycle to support candidates favorable to the digital asset industry. In Utah, the Senate race to replace Mitt Romney is a key focus, with pro-crypto groups advocating for House Representative John Curtis. The Defend American Jobs Super PAC has allocated over $1.5 million against Curtis's Republican competitor in the primaries and has further supported him with nearly $2 million as he heads into the general election. 

Crypto interest is not limited to Utah; similar strategies are observed nationwide, including swing states like Arizona and Michigan. For instance, the Protect Progress super PAC has invested over $10 million in candidates for Senate seats in these states. In Indiana, the Republican candidate has received over $3 million from crypto PACs, complemented by individual contributions, such as from Coinbase CEO Brian Armstrong. 

A substantial effort is also observed in Ohio, where $40 million is being directed to oppose Sherrod Brown, the current head of the Senate Banking Committee, known for his skeptical stance on digital assets. This demonstrates the crypto sector's aggressive push to influence political outcomes, which is neither entirely partisan nor region-specific. Almost half of corporate donations in this election cycle have come from crypto companies, surpassing contributions from traditionally influential sectors like banking and oil. 

In total, the industry-backed candidates won 36 out of 42 races where crypto money was involved during the primaries, showing the effectiveness of their financial strategies in shaping the political landscape.



Who crypto is backing the U.S. elections

I'm here in Salt Lake City, where politics and cryptocurrency have taken center stage. Mitt Romney's Senate seat in Utah is up for grabs, and the digital asset industry wants the pro-crypto House Representative John Curtis to replace him. The Defend American Jobs Super PAC, which is a single-issue committee focused on cryptocurrency and blockchain policy, spent more than $1.5 million against one of Curtis's Republican rivals in the primary. And as the House Representative heads into the general this November, they've given Curtis nearly $2 million. And the best thing the industry could do is police itself, and then come to us if that makes sense and say, these are the guardrails that will protect the industry. And when we're at our best, I think, is when we're listening to actually the answers coming from you. When we're at our worst is when we're coming up with the answers. Now, the Utah Senate race is one of multiple, where the crypto industry is looking to install its top choices up and down the ballot across the country, including in some of the key swing states. The pro-crypto super PAC called Protect Progress has given more than $10 million apiece to candidates running for Senate in both Arizona and Michigan. The Republican candidate in Indiana has gotten more than $3 million worth of crypto PAC money, including an individual donation from Coinbase CEO Brian Armstrong. And then there's Ohio, where $40 million has gone toward voting out Sherrod Brown, who heads up the Senate Banking Committee and hasn't been all that friendly to the sector. The industry has really showed up in force this year. We talk about digital assets and we talk about crypto. That is not about Republicans and Democrats. That's about Americans. That's about decentralization of a system that has been literally consolidated at the top. And you have those that want to maintain control and those that want to take control of their own lives. Crypto companies account for nearly half of all donations made by corporations this election cycle, outracing both the banks and big oil. The industry's strategy paid off in the primaries. Of the 42 races that attracted money from crypto-backed super PACs, the candidate picked by the crypto industry won 36 of those races.

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