Apr 6, 2022 - Politics

Crypto traders bet big on Jasmine Crockett's run for Congress

Data: OpenSecrets; Chart: Thomas Oide/Axios

State Rep. Jasmine Crockett's campaign has been boosted by the second-highest amount of special interest money spent on House candidates during this election cycle, according to financial data compiled by OpenSecrets.

Why it matters: Crypto fund managers seemingly believe Crockett — who barely missed winning the Democratic primary in U.S. House Texas District 30 without a runoff — could be an ally in the fight against the Biden administration's effort to regulate currencies like Bitcoin.

  • Cryptocurrency traders’ super PACs have spent $2 million to get her elected.

Context: Crockett is the odds-on favorite to succeed retiring Rep. Eddie Bernice Johnson. For the last two years, Crockett has represented Texas House district 100, the seat formerly held by Dallas Mayor Eric Johnson.

What's happening: Protect Our Future PAC announced in February that it's investing $1 million on Crockett's behalf.

  • A second super PAC, Web3 Forward, said it intended to put $1 million toward TV ads supporting Crockett, according to the Texas Tribune.

The intrigue: In 2021, Crockett spoke at event organized by the Poor People's Campaign, not a group that usually associates with hedge funds and crypto millionaires.

What they're saying: Crockett's campaign didn't reply to Axios' request for comment, but she told the Texas Tribune that she welcomed the support of the two groups.

  • "The fact they are putting this kind of money behind my candidacy only speaks to the strength of my candidacy," she said.

Of note: Rep. Van Taylor, who ended his bid for re-election after apologizing for his affair with the widow of an ex-ISIS fighter, was tenth on the same list of candidates boosted by special interest money.

What's next: Crockett faces Jane Hope Hamilton, a former congressional chief of staff, in a runoff election on May 24.

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