(NewsNation) — The cryptocurrency industry is making use of its millions this election season, pouring more than Big Oil or Big Pharma into candidates in both major political parties.
The crypto industry’s main PAC — Fairshake — has endorsed an equal number of candidates on each side, Axios reports.
NewsNation political contributor Mick Mulvaney, who served as acting White House chief of staff during a portion of Trump’s White House tenure, said the tech industry’s impact on the election will be “fascinating.”
“Crypto doesn’t fit neatly into the old Republican, Democrat sort of silos. It crosses the aisle,” Mulvaney said on “The Hill on NewsNation.”
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But the majority of its ad dollars are headed to Republican candidates, with the GOP raking in tens of millions from the industry.
Since the start of the year, Fairshake and its affiliated PACs have spent $54.6 million on Republican candidates and $33.7 million on Democrats, AdImpact found. That’s roughly 62% more spent on Republicans in 2024 so far.
Former President Donald Trump has established himself as a pro-crypto candidate. His sons, Eric and Donald Jr., spearheaded their own cryptocurrency platform, World Liberty Financial, in September.
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Earlier this week, Vice President Kamala Harris gave the first glimpse into her crypto stance, sharing that she hopes to create regulations around the currency and other digital assets to ensure that those who participate in that market are protected.
Mulvaney pointed to Sen. Elizabeth Warren, D-Mass., as one of the “biggest names against crypto in Washington, D.C.”
“I’m interested when we start to realign the interest in the country, watching crypto,” Mulvaney said. “Watch crypto this election cycle, the next couple, will be fascinating to see.”
