Key Points
- Riot Platforms, Marathon Digital, and CleanSpark back a new political action committee to support pro-crypto candidates.
- The Bitcoin Voter PAC aims to influence key swing states with a $2 million digital ad campaign.
Pro-Crypto PACs Influence U.S. Elections
Riot Platforms, Marathon Digital, and CleanSpark, three prominent Bitcoin mining companies in the U.S., have shown support for a new political action committee (PAC).
The PAC, named the Bitcoin Voter PAC, has initiated a $2 million digital advertising campaign. The campaign targets voters in Pennsylvania and Texas.
Supporting Pro-Crypto Candidates
The PAC is endorsing Republican candidates such as former President Donald Trump, Senator Ted Cruz, and Senate candidate Dave McCormick. The ads highlight the advantages of Bitcoin and digital assets, focusing on their potential for job creation and financial freedom.
With backing from significant miners, the PAC aims to influence races that could affect the $2 trillion crypto industry. The ads, primarily targeting social media platforms, are designed to appeal to voters less engaged with traditional media.
Crypto and the Election Season
The current election season has been characterized by discussions on crypto policy and crypto donations. Crypto-focused PACs are influencing U.S. election campaigns by supporting candidates advocating for pro-crypto legislation.
These PACs are countering anti-crypto candidates and concentrating on key Senate races in Ohio, Montana, Maryland, and Michigan. They aim to foster a more favorable regulatory environment as public interest in cryptocurrency grows.
Crypto donations for the 2024 U.S. election have soared to $190 million, surpassing previous cycles. In 2020, crypto donations amounted to just $15 million. Major contributors in 2024 include executives from Coinbase, Ripple, and Gemini, with donations primarily supporting non-partisan groups and PACs.
Bitcoin mining has become a significant issue in states like Texas, where debates over power grid strain persist. The PAC hopes to garner broader support for Bitcoin mining as the election approaches.