Crypto’s $130 million congressional election binge has candidates like Utah’s John Curtis poised for big wins
U.S. Rep. John Curtis speaks during the Utah Senate primary debate for Republican contenders battling to win the seat of retiring U.S. Sen. Mitt Romney, June 10, 2024, in Salt Lake City.
Rick Bowmer | AP
SALT LAKE CITY — John Curtis, a Republican congressman from Utah, has become a favorite of the crypto industry in his bid to win the Senate seat held by the departing Mitt Romney. He took a somewhat oblong route through the telecommunications sector to get there.
At an event in Salt Lake City last week, Curtis told a few dozen crypto enthusiasts that he had a conversation a few years ago with some fellow House members about internet service providers and how to incentivize them to boost their offerings. The various lawmakers were throwing around different connection speeds — 50 megabits, 100 megabits — but when Curtis asked whether they’d ever run a speed test, he got puzzling responses.
“They looked at me like I was from another planet,” Curtis told the crowd at the Permissionless conference.
Curtis, 64, said he realized then that lawmakers needed to be smarter about regulations and actually understand the user experience. That’s particularly true in 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,” the Provo-based congressman said, as the attendees nodded their head in unison. “The worst part of regulation is its unpredictability.”
Curtis’ attitude toward crypto is a big reason why digital coin enthusiasts have filled his coffers in his campaign against Democratic candidate Caroline Gleich, setting him up for what appears to be a landslide victory next month.
The Defend American Jobs PAC, a single-issue committee focused on cryptocurrency and blockchain policy, has contributed more than $1.9 million to Curtis’ campaign, according to Federal Election Commission data compiled by crypto market and blockchain analyst James Delmore and verified by CNBC. Additionally, the PAC spent more than $1.5 million to oppose Curtis’ Republican primary challenger, Trent Staggs.
Ben Lucas, Curtis’ campaign spokesman, declined an interview on behalf of the congressman. He sent a statement from Corey Newman, the chief of staff, saying 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.”
The sprawling and decentralized digital asset industry is backing Curtis and others who are publicly adopting a pro-crypto policy within their campaigns. The crypto industry accounts for nearly half of all donations made by corporations this election cycle as the sector outpaces both the big banks and oil. Of the 42 primary candidates that crypto-backed super PACs supported, they were successful in 36.
In total, crypto groups have spent over $130 million in congressional races for this year’s election, including the primaries, according to FEC data.
Crypto picks its targets
Venture firm Andreessen Horowitz found in its recent State of Crypto report that more than 40 million Americans hold crypto, a group that’s young and bipartisan. The report said 51% of them indicated they’re likely to throw their weight behind crypto-friendly candidates.
Curtis says the best thing the industry can do is police itself, and then come to lawmakers with the right kind of guardrails, striking a balance of safety and security without excessive regulation.
Three crypto PACs, which are primarily backed by Coinbase, Ripple, and Andreessen Horowitz, have been targeting competitive Senate and House races across the U.S.
Protect Progress has given more than $10 million apiece to Senate candidates in Arizona and Michigan. In Arizona, the group favors Democrat Ruben Gallego, who is vying for the seat being vacated by Kyrsten Sinema. In Michigan, the preferred choice is Elissa Slotkin, who is currently a Democratic House member.
U.S. Sen. Elizabeth Warren (D-MA) becomes emotional as the crowd cheers on Day 4 of the Democratic National Convention (DNC) at the United Center in Chicago, Illinois, U.S., August 22, 2024.
Kevin Wurm | Reuters
The Republican candidates in Indiana and West Virginia have each received more than $3 million from Defend American Jobs. In Massachusetts, a super PAC for Republican John Deaton has pulled in $2.6 million from the crypto industry. Deaton, however, is polling way behind Democratic Sen. Elizabeth Warren, who is one of the crypto sector’s top antagonists in Washington.
“Elizabeth Warren is not going to lose her election in Massachusetts, so the industry can’t get rid of Warren,” said Delmore. “But they can at least help to vote out candidates who are allied with her against the crypto industry.”
One big target is Ohio Democratic Sen. Sherrod Brown, the chair of the banking committee. Some $40 million of crypto money has been directed at defeating Brown, and one PAC has paid for five ads designed to boost awareness of his Republican rival, Bernie Moreno, a blockchain entrepreneur. The race is currently very close and is crucial in determining which party will control the Senate.
In House races, around $3.6 million in crypto PAC money has gone to candidates in Arizona, $5.4 million in New York, more than $4.8 million in Virginia, and $5.7 million in California, with half of that spend going to Republican Michelle Park Steel.
Crypto PAC money has been party agnostic and not just focused on battleground districts. The focus is on supporting lawmakers who embrace regulation that favors the technology rather than getting in its way.
“When we talk about digital assets, when we talk about crypto, that is not about Republicans and Democrats,” said House Majority Whip Rep. Tom Emmer (R-Minn.), at Permissionless. “That’s about Americans, that’s about decentralization of a system that has been, literally, consolidated at the top.”
WATCH: Trump family given $337.5 million token stake in new crypto project
Wind energy powered 20% of all electricity consumed in Europe (19% in the EU) in 2024, and the EU has set a goal to grow this share to 34% by 2030 and more than 50% by 2050.
To stay on track, the EU needs to install 30 GW of new wind farms annually, but it only managed 13 GW in 2024 – 11.4 GW onshore and 1.4 GW offshore. This is what’s holding the EU back from achieving its wind growth goals.
Three big problems holding Europe’s wind power back
Europe’s wind power growth is stalling for three key reasons:
Permitting delays. Many governments haven’t implemented the EU’s new permitting rules, making it harder for projects to move forward.
Grid connection bottlenecks. Over 500 GW(!) of potential wind capacity is stuck in grid connection queues.
Slow electrification. Europe’s economy isn’t electrifying fast enough to drive demand for more renewable energy.
Brussels-based trade association WindEurope CEO Giles Dickson summed it up: “The EU must urgently tackle all three problems. More wind means cheaper power, which means increased competitiveness.”
Permitting: Germany sets the standard
Permitting remains a massive roadblock, despite new EU rules aimed at streamlining the process. In fact, the situation worsened in 2024 in many countries. The bright spot? Germany. By embracing the EU’s permitting rules — with measures like binding deadlines and treating wind energy as a public interest priority — Germany approved a record 15 GW of new onshore wind in 2024. That’s seven times more than five years ago.
If other governments follow Germany’s lead, Europe could unlock the full potential of wind energy and bolster energy security.
Grid connections: a growing crisis
Access to the electricity grid is now the biggest obstacle to deploying wind energy. And it’s not just about long queues — Europe’s grid infrastructure isn’t expanding fast enough to keep up with demand. A glaring example is Germany’s 900-megawatt (MW) Borkum Riffgrund 3 offshore wind farm. The turbines are ready to go, but the grid connection won’t be in place until 2026.
This issue isn’t isolated. Governments need to accelerate grid expansion if they’re serious about meeting renewable energy targets.
Electrification: falling behind
Wind energy’s growth is also tied to how quickly Europe electrifies its economy. Right now, electricity accounts for just 23% of the EU’s total energy consumption. That needs to jump to 61% by 2050 to align with climate goals. However, electrification efforts in key sectors like transportation, heating, and industry are moving too slowly.
European Commission president Ursula von der Leyen has tasked Energy Commissioner Dan Jørgensen with crafting an Electrification Action Plan. That can’t come soon enough.
More wind farms awarded, but challenges persist
On a positive note, governments across Europe awarded a record 37 GW of new wind capacity (29 GW in the EU) in 2024. But without faster permitting, better grid connections, and increased electrification, these awards won’t translate into the clean energy-producing wind farms Europe desperately needs.
Investments and corporate interest
Investments in wind energy totaled €31 billion in 2024, financing 19 GW of new capacity. While onshore wind investments remained strong at €24 billion, offshore wind funding saw a dip. Final investment decisions for offshore projects remain challenging due to slow permitting and grid delays.
Corporate consumers continue to show strong interest in wind energy. Half of all electricity contracted under Power Purchase Agreements (PPAs) in 2024 was wind. Dedicated wind PPAs were 4 GW out of a total of 12 GW of renewable PPAs.
Read more: Renewables could meet almost half of global electricity demand by 2030 – IEA
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the official unveiling of the new Tesla Model Y, Mazda 6e, Aptera solar car production-intent, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
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The Chinese EV leader is launching a new flagship electric sedan. BYD’s new Han L EV leaked in China on Friday, revealing a potential Tesla Model S Plaid challenger.
What we know about the BYD Han L EV so far
We knew it was coming soon after BYD teased the Han L on social media a few days ago. Now, we are learning more about what to expect.
BYD’s new electric sedan appeared in China’s latest Ministry of Industry and Information Tech (MIIT) filing, a catalog of new vehicles that will soon be sold.
The filing revealed four versions, including two EV and two PHEV models. The Han L EV will be available in single- and dual-motor configurations. With a peak power of 580 kW (777 hp), the single-motor model packs more power than expected.
BYD’s dual-motor Han L gains an additional 230 kW (308 hp) front-mounted motor. As CnEVPost pointed out, the vehicle’s back has a “2.7S” badge, which suggests a 0 to 100 km/h (0 to 62 mph) sprint time of just 2.7 seconds.
To put that into perspective, the Tesla Model S Plaid can accelerate from 0 to 100 km in 2.1 seconds. In China, the Model S Plaid starts at RBM 814,900, or over $110,000. Speaking of Tesla, the EV leader just unveiled its highly anticipated Model Y “Juniper” refresh in China on Thursday. It starts at RMB 263,500 ($36,000).
BYD already sells the Han EV in China, starting at around RMB 200,000. However, the single front motor, with a peak power of 180 kW, is much less potent than the “L” model. The Han EV can accelerate from 0 to 100 km/h in 7.9 seconds.
At 5,050 mm long, 1,960 mm wide, and 1,505 mm tall with a wheelbase of 2,970 mm, BYD’s new Han L is roughly the size of the Model Y (4,970 mm long, 1,964 mm wide, 1,445 mm tall, wheelbase of 2,960 mm).
Other than that it will use a lithium iron phosphate (LFP) pack from BYD’s FinDreams unit, no other battery specs were revealed. Check back soon for the full rundown.
Source: CnEVPost, China MIIT
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