Crypto industry backs Utah’s John Curtis in senate race to replace Mitt Romney

John Curtis, Utah’s Republican congressman, has become a favorite among crypto supporters in his bid to replace retiring Mitt Romney in the Senate.

During a Salt Lake City event, Curtis talked to a group of crypto enthusiasts about his experience with fellow lawmakers regarding internet speeds.

Lawmakers discussed 50 and 100 megabits as if those numbers meant something, but Curtis questioned them. His simple query, asking if they had ever done a speed test, left them confused.

“They looked at me like I was from another planet,” Curtis told the crowd at the Permissionless conference. For him, it highlighted how out of touch many in government are when it comes to understanding technology, especially crypto.

Curtis gains massive support

Curtis said he quickly realized the importance of the government being well-informed before jumping into regulations, particularly around crypto. He said: 

“This is so important to get government involved, because if they don’t understand what you’re doing, they’ll make really bad decisions.”

That attitude has earned him the backing of the crypto industry as he prepares to face off against Democratic candidate Caroline Gleich.

According to Federal Election Commission (FEC) data, the Defend American Jobs PAC, focused on crypto and blockchain policy, has contributed over $1.9 million to Curtis’ campaign.

This PAC also spent $1.5 million against Curtis’ Republican primary opponent, Trent Staggs. These numbers are only a fraction of the industry’s involvement.

Corey Newman, Curtis’ chief of staff, said that: 

“John has always been a strong supporter of the crypto industry as it will help Utah’s economy continue to grow and be a great place to create jobs.”

Crypto PACs take over political funding

The crypto industry is spending heavily, with companies like Coinbase, Ripple, and Andreessen Horowitz leading the charge.

The Defend American Jobs PAC, along with other crypto-focused political action committees, has already spent over $130 million in congressional races this cycle.

The industry is outdoing both big banks and oil when it comes to donations, with almost half of all corporate donations coming from crypto.

Out of 42 primary candidates supported by crypto-backed super PACs, 36 came out victorious. That’s a solid success rate.

Protect Progress, another pro-crypto PAC, has thrown $10 million apiece at Senate races in Arizona and Michigan, favoring Ruben Gallego and Elissa Slotkin, respectively.

In Massachusetts, the PAC is backing Republican John Deaton, although he trails Democratic Senator Elizabeth Warren, who is arguably the most anti-crypto person in Congress right now.

Still, Warren isn’t the only target. Ohio Democratic Senator Sherrod Brown, chair of the banking committee, has become another focus for crypto donors.

Crypto PACs poured over $40 million into efforts to defeat Brown, with one PAC financing five separate ads to boost his opponent, Bernie Moreno, a blockchain entrepreneur.

Moreno is in a tight race with Brown, a race that could determine the balance of power in the Senate. The spending is agnostic, flowing to both Republicans and Democrats. What matters is whether the candidate supports crypto-friendly regulation.

In the House, crypto PACs have directed millions to candidates across battleground states. In Arizona, $3.6 million has been funneled to races.

In New York, $5.4 million. Virginia has seen $4.8 million go to various candidates, and California has attracted $5.7 million in donations, half of that going to Republican Michelle Park Steel.