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Crypto backing in the U.S. election is gaining traction at an accelerating pace. The crypto community looks to draw as much influence when it comes to regulations.

This strategy has proved to work for the tech and banking industries, which built political influence over decades.

Fairshake to back 5 candidates in midterm elections

Fairshake, a major cryptocurrency industry Super PAC, raised over $160 million to influence the 2024 U.S. elections by supporting pro-crypto candidates, regardless of party.

As per latest reports, Fairshake’s crypto-backed political action committees (PACs) are targeting five states to cement their influence. More than $7.2 million has been donated in support of these candidates.

This capital will fund campaigns in the media space, including radio, television, and digital ads. The two Fairshake-affiliated PACs are targeting Georgia, Alabama, Nebraska, Kentucky, and Texas.

This support comes amid a growing divide between lawmakers who support blockchain and crypto innovation and those pushing for tighter regulation. A win in these states would increase the number of lawmakers supporting crypto and other digital assets.

With regard to this support, the spokesperson of Fairshake, Josh Vlasto, noted,

Everything is on the table. With the midterms approaching, we are united behind our mission … to oppose anti-crypto politicians and support pro-crypto leaders.

A shifting voting bloc

Young voters and Bitcoin and digital asset holders are increasing in numbers, though the voting bloc remains divided. As the election campaigns gear up, this group is becoming a real voting bloc. More importantly, even Wall Street was aligning politically.

Candidates are increasingly discussing Bitcoin, blockchain innovation, and financial technology as digital assets become more integrated into the mainstream economy.

However, some regulators see Bitcoin [BTC], Ethereum [ETH], stablecoins, ETFs, and other digital assets as contraband.

Will these elections decide crypto’s next bull run?

Therefore, these elections may become more than a political event for the crypto sector. They could shape the regulatory environment that determines whether innovation remains in the United States or moves overseas.

If the crypto community wins alongside their backed candidates, capital inflows from the U.S. could drive the next crypto bull run. Otherwise, a stalemate may occur, thus slowing down even the tokenization of traditional finance assets that are performing well.

Final Summary

• Fairshake-affiliated PACs are backing five candidates in the upcoming midterm elections.
• The outcome of these elections could shape the next crypto bull run as the community looks to have more pro-crypto legislators.

This detailed match analysis covers key moments, player performances, and tactical insights. Download the full report in PDF format.