Regulation

Democrat Ruben Gallego was leading in a race for Arizona’s Senate race, while Republican Sam Brown trailed in Nevada. 

Republican lawmakers in the United States have already flipped enough seats to secure a slim majority in the Senate for 2025, but the outcome for two candidates who received support from crypto-backed political action committees (PACs) and executives has yet to be determined.

As of Nov. 8, Republican Kari Lake was trailing Democrat Ruben Gallego in the race for an Arizona Senate seat. Lake has claimed to be a “pro-crypto candidate,” pledging to support some of Donald Trump’s policies on digital assets and Bitcoin (BTC), but did not appear to have received any campaign contributions from industry leaders or support from crypto-backed PACs.

The Fairshake PAC and its affiliates spent more than $10 million on media buys supporting Gallego, who led in the race against Lake with roughly 77% of votes counted at the time of publication. The Arizona lawmaker currently represents the state’s 3rd congressional district and voted in favor of the Financial Innovation and Technology for the 21st Century Act while in office.

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