Cryptocurrency industry super PACs that supported candidates in the 2024 election cycle are rapidly seeing the benefits of their investment as pro-digital currency legislation continues to see immediate wins in Washington, The New York Times reported.
Sen. Ruben Gallego, D-Ariz., received $10 million from super PACs bankrolled by three crypto companies, including Coinbase digital currency exchange, aiding his victory over Kari Lake, the current senior adviser for the U.S. Agency for Global Media.
Following a Senate Banking Committee hearing, Gallego voted with Republicans to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act, a bill supported by the cryptocurrency industry.
"It's clear that digital assets are here to stay," he said, adding the bill is "a step in the right direction."
The GENIUS Act, passed by a vote of 18-6, aims to "establish a regime to regulate stablecoins" and defines them as "digital assets issued for payment or settlement and redeemable at a predetermined fixed amount that hold assets in reserve and that can liquidated only to redeem the stablecoins." The bill needs approval by the full Senate, but the industry saw its passage as a sign the government is on their side.
In March, President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile as the government makes preparations to treat bitcoin as a reserve asset. Following the order's signing, Trump said, "I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field."
Josh Vlasto, a spokesman for Fairshake, a super PAC that worked with two affiliated PACs to support pro-crypto congressional candidates, told the Times that the organization's investment is already "bearing fruit."
"This is a total sea change in terms of how Congress is approaching this industry," he said.
A spokesman for Gallego defended his vote, saying he had the consumer in mind with his support.
"Senator Gallego believes it is important to have a seat at the table and work with colleagues on both sides," Jacques Petit said in a statement. "It remains the senator's priority to ensure proper guardrails are in place."
James Morley III ✉
James Morley III is a writer with more than two decades of experience in entertainment, travel, technology, and science and nature.
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