U.S. Rep. John Curtis speaks during a Utah Senate primary debate among Republican candidates vying to replace retiring U.S. Sen. Mitt Romney in Salt Lake City, June 10, 2024. Romney’s seat.
Rick Bowmer | Associated Press
SALT LAKE CITY — Rep. John Curtis, a Republican from Utah, has become a darling of the cryptocurrency industry as he attempts to win the Senate seat held by outgoing Mitt Romney. He took an oval route through the telecommunications sector to get there.
At an event in Salt Lake City last week, Curtis told dozens of cryptocurrency enthusiasts that a few years ago he had conversations with some House members about internet service providers and how to incentivize them to improve the quality of their products. Different lawmakers proposed different connection speeds — 50 megabits, 100 megabits — but when Curtis asked if they had ever conducted speed tests, he got a puzzling response.
“They looked at me like I was from another planet,” Curtis told the crowd. No permission required Meeting.
Curtis, 64, said he realized then that lawmakers needed to be smarter about regulations and truly understand the user experience. This is especially true in the cryptocurrency space, he said.
“It’s really important to keep the government on board because if they don’t understand what you’re doing, they’re going to make really bad decisions,” the congressman from Provo said. Attendees nodded unanimously. “The worst part of regulation is its unpredictability.”
Curtis’ stance on cryptocurrencies is a big reason why digital currency enthusiasts are filling his coffers during his campaign against Democratic candidate Caroline Gleich, setting the stage for him to win the election next month. The foundation was laid for an overwhelming victory.
Defending American Jobs PAC is a single-issue committee focused on cryptocurrency and blockchain policy and has contributed to Over $1.9 million According to Federal Election Commission data compiled by cryptocurrency market and blockchain analyst James Delmore and verified by CNBC, Curtis’ campaign has suffered. Additionally, the PAC spent Over $1.5 million against Curtis’ Republican primary challenger Trent Staggs.
Ben Lucas, a spokesman for Curtis’ campaign, declined to be interviewed on behalf of the congressman. He sent a statement from chief of staff Corey Newman, saying, “John has been a strong supporter of the cryptocurrency industry as it will help Utah’s economy continue to grow and become a great place to create jobs.
The vast and decentralized digital asset industry is backing Curtis and others, who openly adopt pro-cryptocurrency policies in their activities. The cryptocurrency industry accounts for nearly half of total corporate giving this election cycle as the industry outpaces big banks and oil. Of the 42 major candidates backed by cryptocurrency-backed super PACs, 36 were successful.
Cryptocurrency groups have spent a total of more than $130 million on congressional races in this year’s elections, including primaries, according to FEC data.
Cryptocurrency Select Targets
Venture capital firm Andreessen Horowitz found in its recent “State of Cryptocurrency” report that more than 40 million Americans hold cryptocurrencies, a young and bipartisan group. The report said that 51% of them said they were likely to support a cryptocurrency-friendly candidate.
Curtis said the best the industry can do is regulate itself and then provide lawmakers with the appropriate guardrails to strike a balance of safety and security without over-regulating.
Three cryptocurrency PACs, led by Coin LibraryRipple and Andreessen Horowitz have been targeting competitive Senate and House races across the U.S.
Protect Progress has donated more than $10 million each to Senate candidates in Arizona and Michigan. In Arizona, the group is supporting Democrat Ruben Gallego, who is vying for the seat being vacated by Kyrsten Sinema. In Michigan, the top choice is incumbent Democratic House member Elissa Slotkin.
U.S. Senator Elizabeth Warren (D-MA) becomes emotional as the crowd cheers during the fourth day of the Democratic National Convention (DNC) at the United Center in Chicago, Illinois, USA, on August 22, 2024.
Kevin Worm | Reuters
Republican candidates in Indiana and West Virginia each received more than $3 million from the Defending American Jobs program. In Massachusetts, Republican John Deaton’s super PAC has raised $2.6 million from the crypto industry. However, Deaton is polling far behind Democratic Senator Elizabeth Warren, one of the top rivals in the cryptocurrency industry in Washington.
“Elizabeth Warren is not going to lose in Massachusetts, so the industry can’t get rid of Warren,” Delmore said. “But they can at least help vote out candidates who align with her against the cryptocurrency industry.”
One important target is Banking Committee Chairman Sherrod Brown, Democratic Senator from Ohio. About $40 million in cryptocurrency has been spent on defeating Brown, and one PAC has paid for five ads aimed at raising the profile of his Republican rival, blockchain entrepreneur Bernie Moreno. The race is so close right now and will be crucial in deciding which party will control the Senate.
In House races, approximately $3.6 million in crypto PAC money went to candidates in Arizona, candidates in New York received $5.4 million, candidates in Virginia received more than $4.8 million, and candidates in California received $5.7 million million, half of which went to Republican Michelle Park Steel.
Cryptocurrency PAC funding is agnostic to political parties and doesn’t just focus on battleground areas. The focus is on supporting lawmakers in accepting regulations that benefit technology rather than hinder it.
“When we talk about digital assets, when we talk about cryptocurrencies, this has nothing to do with Republicans and Democrats,” House Majority Whip Rep. Tom Emmer (R-Minn.) said on Permissionless. “This is about Americans, this is about decentralization of a system that has actually been solidified at the top.”
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