(news nation) — The crypto industry is leveraging its millions of dollars this election season, funneling more money to candidates of both major political parties than Big Oil or Big Pharma.
FairShake, the leading PAC in the crypto industry, is backing an equal number of candidates on both sides. axios report.
NewsNation political contributor Mick Mulvaney, who served as acting White House chief of staff during the Trump administration, said the tech industry's influence on the election “is going to be interesting.”
“Cryptocurrency doesn't fit neatly into the old Republican-Democratic silo. It's across the aisle,” Mulvaney said on “The Hill on NewsNation.”
But the vast majority of ad spending goes to Republican candidates, who collect tens of millions of dollars from the industry.
Since the beginning of the year, Fair Shake and its affiliated PACs have spent $54.6 million on Republican candidates and $33.7 million on Democratic candidates, according to AdImpact research. This would amount to about a 62% increase in spending for Republicans in 2024 so far.
Former President Trump has established himself as a candidate to promote cryptocurrencies. His sons Eric Trump and Donald Trump Jr. led their own cryptocurrency platform, World Liberty Financial, in September.
Earlier this week, Vice President Harris gave a first glimpse of her stance on cryptocurrencies, saying she wants to create regulations around currencies and other digital assets to ensure those who participate in their markets are protected.
Mulvaney pointed to Sen. Elizabeth Warren (D-Mass.) as one of the “most powerful opponents of cryptocurrencies in Washington, D.C.”
“I would be interested to see a realignment of interest in this country with a focus on cryptocurrencies,” Mulvaney said. “Keep an eye on cryptocurrencies this election cycle. The next couple will be interesting.”
NewsNation is owned by Nexstar Media Group, which also owns The Hill.
