The rise of political influence in the encryption industry helps 48 candidates get elected with $135 million.

Recently, the encryption industry has demonstrated strong political influence in the U.S. elections. It is reported that the industry invested about $135 million in the 2024 election cycle, supporting over 50 candidates from different parties and backgrounds. Surprisingly, almost all of these candidates emerged victorious.

As of November 5, the election results have been announced, and all 48 candidates supported by the political action committee in the encryption industry have declared victory. In the 8 elections where votes have not yet been fully counted, candidates supported by the committee are leading in all but 3 of them.

Interestingly, the candidates supported by the cryptocurrency political action committee hardly mentioned the crypto industry or related regulatory issues during their campaigns. However, their main campaign tool, Fairshake, has become the largest single-issue super political action committee in history. The funding for Fairshake and two other related super political action committees primarily comes from industry giants.

According to statistics from a non-profit organization, the political influence of the encryption industry has surpassed many traditional corporate donors. Since the Supreme Court lifted restrictions on corporate political spending in 2010, the industry ranks second only to the fossil fuel industry in terms of total funds invested.

The encryption industry is actively promoting its substantial expenditures and achievements in elections, considering them as proof that it has become an undeniable political force. At the same time, industry insiders are preparing for the next legislative session and the 2026 midterm elections, hoping to further expand their political influence.