John Curtis, a Republican congressman from Utah, has positioned himself as a favorite within the cryptocurrency community as he vies for the Senate seat vacated by Mitt Romney. His journey to this point has been characterized by a significant background in telecommunications.
At a recent event in Salt Lake City, Curtis shared his views with a group of cryptocurrency advocates, recalling a past discussion with other lawmakers about the need for internet service providers to improve their offerings. He noted that while various connection speeds have been proposed, the lack of practical understanding among legislators is alarming. “When I asked if they had ever conducted a speed test, the reactions were significant,” Curtis noted, reflecting on his experience at the Permissionless conference.
Curtis stressed the importance of lawmakers understanding the complexities of the cryptocurrency industry. “If the government doesn't understand your work, it will lead to poor regulatory decisions,” he explained, in tune with public sentiments about the unpredictability of regulation.
His supportive stance on cryptocurrencies is a key factor in gaining substantial financial support for his campaign against Democratic challenger Caroline Gleich, positioning him for a likely victory in the next election. Federal Election Commission data indicates that the Defend American Jobs PAC, which focuses on cryptocurrency and blockchain policies, contributed more than $1.9 million to Curtis' campaign, in addition to spending more than $1.5 million to weaken his main opponent.
Although Curtis' campaign declined an interview request, his chief of staff stated that “John has consistently supported the cryptocurrency industry as a means to support Utah's economy and generate jobs.”
The cryptocurrency industry is increasingly supporting candidates who support pro-crypto policies. This election cycle, the industry accounts for nearly half of all corporate political donations, surpassing contributions from traditional sectors like banking and oil. Of the 42 candidates who received support from cryptocurrency-focused super PACs, 36 were electorally successful.
In total, cryptocurrency organizations have invested over $130 million in congressional races this election year, including primaries.
Target key races
A report from venture capital firm Andreessen Horowitz revealed that more than 40 million Americans hold cryptocurrencies, with a growing bipartisan base. In particular, 51% of cryptocurrency holders expressed their willingness to support industry-friendly candidates.
Curtis advocates for a self-regulated industry that works with lawmakers to establish sensible guidelines, aiming for a balance between safety and sensible regulation. Three major crypto PACs, supported primarily by companies like CoinBase, Ripple, and Andreessen Horowitz, have strategically targeted competitive Senate and House races across the country.
The Protect Progress PAC has given more than $10 million to Senate candidates in states like Arizona and Michigan, supporting Democrat Ruben Gallego in Arizona and Democrat Elissa Slotkin in Michigan.
Additionally, Republican candidates in Indiana and West Virginia received substantial support from the Defend American Jobs PAC, while a super PAC supporting Republican John Deaton in Massachusetts raised $2.6 million. However, Deaton is far behind Democratic Senator Elizabeth Warren, who is known for her critical stance towards the cryptocurrency industry.
As market analyst Delmore noted, “While Elizabeth Warren is unlikely to lose her election, the industry is aiming to support candidates who can counter her influence.”
A significant target for the cryptocurrency industry is Ohio Senator Sherrod Brown, who chairs the Banking Committee. About $40 million has been allocated to challenge Brown, including funding for advertising aimed at supporting his Republican opponent, Bernie Moreno, a blockchain entrepreneur. This hotly contested race could be critical in determining control of the Senate.
In domestic races, cryptocurrency PACs donated about $3.6 million in Arizona, $5.4 million in New York, more than $4.8 million in Virginia and $5.7 million in California, with a notable portion went to Republican Michelle Park Steel.
Crypto PAC funding isn't limited to battleground districts; rather, the goal is to support legislators who support regulations that promote technological progress rather than stifle it.
House Majority Whip Tom Emmer (R-Minn.) emphasized this bipartisan approach at the Permissionless conference, saying, “When we discuss digital assets and cryptocurrencies, we are not delineating between Republicans and Democrats. It's about decentralizing a system that has been concentrated at the top.”
As Curtis navigates the complexities of his campaign, the cryptocurrency community's support reflects a broader trend of political engagement in the digital asset sector. With significant financial backing and a clear position on regulation, Curtis is positioned to play a vital role in shaping the future of cryptocurrency legislation in the Senate.