Pro-crypto super PACs gird for battle in US congressional elections this year

Pro-crypto super PACs gird for battle in US congressional elections this year
Democratic Senator Sherrod Brown of Ohio faces a difficult election this year. Credit: Shutterstock
  • Pro-crypto super PACs amass campaign war chests.
  • Reddit exchanges excess cash for crypto.
  • Grayscale moves $175 million in Bitcoin.

Pro-crypto super PACs ready to back allies

Recently released campaign finance filings confirmed that three affiliated pro-crypto super PACs have amassed about $80 million to battle critics and back allies in congressional elections this year, Politico reported.

Coinbase, Ripple, Andreessen Horowitz and Cameron and Tyler Winklevoss are among crypto-related donors to the groups — Fairshake, Protect Progress and Defend American Jobs — looking for influence to ensure the passage of crypto-friendly legislation.

Two opportunities that have emerged early on are pro-crypto Republican candidates trying to unseat Democratic senators Elizabeth Warren in Massachusetts and Sherrod Brown in Ohio, the report said.

Crypto attorney John Deaton, who entered the race last week against digital-asset foe Warren, is a long-shot to defeat the popular senator.

Ohio GOP Senate candidate and crypto evangelist Bernie Moreno is the front-runner to challenge Brown after being endorsed by former President Donald Trump, who won the state in the 2016 and 2020 elections.

Crypto money could potentially make a difference, with Brown facing a tough campaign, according to Politico.

While the affiliated crypto super PACs haven’t yet revealed whether they will back Deaton or Moreno, Fairshake has already been spending in California, investing $6.8 million so far in an attempt to eliminate Warren protege and progressive Representative Katie Porter from the Senate race.

Reddit acquires Bitcoin and Ether with excess cash

Social media giant Reddit said in its IPO filing with the US Securities and Exchange Commission that it has been using excess cash to add small amounts of Bitcoin and Ether to its treasury since 2022 because crypto and blockchain have “significant potential,” Cointelegraph reported.

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“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain,” the filing said.

Reddit also said it has been experimenting with blockchain technology by buying Ether and Polygon’s MATIC as a means of payment, according to the report.

Grayscale moves $175 million Bitcoin to Coinbase

Crypto asset manager Grayscale transferred 3,443.1 Bitcoin worth more than $175 million to a Coinbase-associated address, Crypto.News reported.

The movement of a large amount of Bitcoin for potential sale to Coinbase Prime, a platform that handles liquidity needs of institutions, sparked interest in the financial and crypto communities, the report said.

Some observers said it reflects a strategy to capitalise on recent market gains.

Crypto market movers

  • Bitcoin is up 0.02% today at $51,582.20.
  • Ethereum is up 0.96% today at $3,021.24.

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