Democrats emerged victorious in the US Congressional elections. Although the results for the crypto world appear to be losses at first, it appears that some candidates supported by political action committees known as "PACs" also won in their regions.
They failed!
Among the candidates supported by the crypto world, those who were expected to win the race did not surprise, but the tough fights were lost. In other words, the candidates supported by crypto companies failed to achieve the challenge.
Big blow in Texas...
Democrats won this election in Texas, which is one of the states where Republicans generally win. James Talarico defeated Republican Ken Paxton and entered the Senate. The Digital Freedom Fund committee, backed by the Winklevoss twins, and the Fellowship PAC, backed by Cantor Fitzgerald, spent a total of $1 million on Paxton, but they were unsuccessful.
176 million dollars spent
In total, crypto political action committees (PACs) spent $176 million campaigning for Congress. 155 million dollars of this money came from Fairshake and its affiliated committees. As is known, these committees do not send their donations or support directly to the candidate. They either spend money on advertising in favor of the candidate or they campaign against the candidate they don't want to win. Groups known as “Super-PACs” are also known as committees that have the right to run advertising campaigns against candidates.
XRP and Ripple supporter Deaton lost again
It appears that 6 of the 10 candidates supported by crypto committees in the Senate elections won the race. One of the losers is John Deaton, who is no stranger to the crypto world. The Commonwealth Prosperity Fund, in the "Super-PAC" category, supported Deaton, the Republican candidate from Massachusetts, with over 700 thousand dollars. It is also known that Ripple company is behind this committee.
Deaton is especially remembered for his support publications and legal support in favor of the company in the "unregistered securities sale" case filed by the SEC against Ripple in 2020. Deaton, who lost to Elizabeth Warren in 2024, did not receive support from Fairshake at that time, but this time he could not win despite receiving support.
63 million dollars were spent but…
One of the names most supported by crypto committees was Jon Husted from Ohio. Fairshake and the Digital Freedom Fund spent more than $63 million combined against Husted's opponent, Sherrod Brown, but were unsuccessful. This result was the crypto world's biggest loss in the election.
Ashley Hinson received $400,000 in support from the crypto world in Iowa, but lost the race to Josh Turek. Hinson also received nearly 200 thousand dollars in support from committees supporting artificial intelligence.
Winners…
Among the winners of the race for the Senate seat;
Barry Moore, an Alabama senator who received $9.4 million in support from Fairshake.
Andy Barr, who supported $7.1 million from Fairshake for Kentucky,
Mark Warner (Democratic candidate) from Virginia
Harriet Hageman of Wyoming,
and Pete Ricketts from Nebraska.
Democratic support came in the parliament
While PAC spending is concentrated among Republicans in the Senate, there is a significant number of Democratic support in the House of Representatives.
Among the winners in the parliament;
Democrat Christian Menefee (Texas), for whom $6.4 million was spent.
Adrian Boafo (Democrat – Maryland), for whom $5.2 million was spent
Jasmine Clar (Democrat) of Georgia, where $4.2 million was spent
Richie Torres (Democrat) of New York, where $1.4 million was spent.
James Walkinshaw (Democrat) of Virginia, where $1 million was spent
Melissa Bean (Democrat) of Illinois, where $500,000 was spent
and April McClain Delaney (Democrat) from Maryland, who also spent $500,000.
Subcommittee chairmanship dropped
One of crypto's notable losses was for Bryan Steil, Chairman of the Digital Assets, Financial Technology and Artificial Intelligence Subcommittee.
A total of 1.8 million dollars of support was spent for Steil, one of the important names supported by the crypto industry. 1 million dollars of this was provided by Faşrshake and 880 thousand dollars by Cryptocom exchange.
However, Steil lost to Democratic congressman Mitchell Berman. Thus, Democrats took this constituency of Wisconsin from Republicans after more than 30 years.
Thus, Steil's chairmanship of the committee was lost.
