Cryptocurrency industry super PACs that supported candidates in the 2024 election cycle are rapidly seeing the benefits of their investment

Sen. Ruben Gallego, D-Ariz., received $10 million from super PACs bankrolled by three crypto companies, including Coinbase digital currency exchange

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.

As pro-cryptocurrency super PACs continue to see immediate returns on their investments in the 2024 election cycle, the good times keep rolling for the digital currency industry.

After a Senate Banking Committee hearing, Sen. Ruben Gallego, D-Ariz., voted with Republicans to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act, a bill that is supported by the cryptocurrency industry.

"It's clear that digital assets are here to stay," Gallego said, adding that the bill is "a step in the right direction."

The GENIUS Act, which passed by a vote of 18-6, will "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 will need approval by the full Senate, but the industry saw its passage as a sign that 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 administration makes preparations to treat bitcoin as a reserve asset. After 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."

"We're pleased to see Congress moving quickly to take up legislation that will provide clarity for the digital asset industry and protect consumers," said Greg Chertok, a spokesman for the industry trade group Coin Center.

"The bipartisan support for advancing the GENIUS Act is a testament to the urgent need for Congress to act this year to update U.S. financial regulation to recognize and support innovation in digital assets."

The Center for Responsive Politics reported that in the last election cycle, crypto-related super PACs spent more than $130 million on federal candidates and political parties.

"We're used to seeing special interests try to influence Congress, but this level of spending is really remarkable," said Sheila Krumholz, the Center for Responsive Politics president. "It's no surprise that we're seeing some immediate wins for the crypto industry."

The super PACs' investments are already paying off, according to Josh Vlasto, a spokesman for Fairshake, a super PAC that worked with two affiliated PACs to support pro-crypto congressional candidates.

"This is a total sea change in terms of how Congress is approaching this industry," Vlasto said.

"They're finally talking about it seriously and they're listening to the arguments about why it's important for the U.S. to be a leader in this new technology."

A spokesman for Gallego defended his vote, saying that 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," said Jacques Petit. "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.