Utah Republican Congressman John Curtis has emerged as a top contender for the Senate seat being vacated by Mitt Romney, with significant backing from the cryptocurrency industry. Curtis, who previously worked in telecommunications, has taken an unconventional path to becoming a favorite of crypto advocates.
The 64-year-old Congressman noted that legislators need to have a better grasp of the issues they regulate, particularly when it comes to complex topics like cryptocurrency, during a recent event in Salt Lake City.
Curtis’ favorable stance toward cryptocurrency has made him popular among digital currency advocates. The crypto community has provided substantial financial support to his campaign against Caroline Gleich (D), positioning him for a potential landslide win in the upcoming election.
According to FEC data, the Defend American Jobs super Political Action Committee (PAC), which focuses solely on blockchain and crypto policy, has donated close to $2 million to John Curtis’ campaign. Additionally, it has spent over $1.5 million to counter his key challenger, Trent Staggs.
Curtis is not the only candidate benefiting from crypto-related contributions. Nearly half of the corporate donations this election cycle have come from the crypto sector, surpassing even the traditional banking and oil industries.
Thirty-six of the forty-two primary candidates sponsored by super PACs with cryptocurrency backing have succeeded. Overall, crypto organizations have poured more than $130 million into this year’s congressional elections, including primary races, as reported by the FEC.
A recent report by Andreessen Horowitz revealed that more than 40 million U.S. citizens own cryptocurrency, many of whom are young and politically diverse. The report also indicated that over half of these individuals are likely to vote for candidates who advocate for crypto-friendly regulations.
Several influential cryptocurrency PACs, including those funded by Andreessen Horowitz, Coinbase, and Ripple have been focusing on competitive House and Senate contests around the United States.
In Michigan and Arizona, for instance, the Protect Progress PAC has funneled over $20 million to support Democratic Senate candidates Elissa Slotkin and Ruben Gallego. GOP candidates in states like West Virginia and Indiana have also received large sums from the Defend American Jobs PAC, with over $3 million going to each campaign.
Meanwhile, Massachusetts GOP candidate John Deaton has garnered $2.6 million in contributions from the crypto sector, although he’s significantly behind Sen. Elizabeth Warren (D), a vocal opponent of cryptocurrency in Washington.
In Ohio, Senator Sherrod Brown (D), who chairs the Senate banking committee, is facing a tough re-election battle, with $40 million in crypto funds being spent to back his challenger, Bernie Moreno, a blockchain enthusiast.
In House contests, cryptocurrency PACs have spent millions, including in New York ($5.4 million), Arizona ($3.6 million), Virginia ($4.8 million), and California ($5.7 million).
The industry has shown bipartisan support, with contributions flowing to both sides of the aisle. Its primary focus is on electing candidates who understand the technology and are willing to craft regulatory policies that promote innovation rather than hinder it.
If such enabling policies are eventually passed, the entire crypto industry, including enterprises like Bit Digital Inc. (NASDAQ: BTBT) will have a higher chance of taking more bold steps in developing new products geared at serving the different interests of the American and wider crypto market.
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