Registered voters in New Jersey are about to decide who will become the party candidates for the state's 2025 gubernatorial election, and their stance on digital assets may influence the election outcome.
On June 5, a Republican and two Democratic gubernatorial candidates in New Jersey spoke to cryptocurrency-focused voters at a rally organized by the political advocacy group "Stand With Crypto." The event took place five days before New Jersey voters participate in the party primaries, although reports indicate that over 300,000 people have already voted.
"I, along with the (state pension) committee, believe that cryptocurrency is an important part of this country's future and the global economic system," said Democratic gubernatorial candidate and Jersey City Mayor Steven Fulop, who attended the event.
The "Stand With Crypto" organization reported in March that its more than 60,000 registered members could play a role in deciding who will be the next governor of New Jersey. The June primary and the November general election are expected to be exceptionally close.
Other candidates attending the cryptocurrency rally included Democratic Congressman Josh Gottheimer and Republican radio host Bill Spadea. Incumbent Democratic Governor Phil Murphy is unable to run again after serving two terms.
"I support cryptocurrency," Spadea stated at the rally. "More importantly, I support blockchain technology reform and the entire concept of innovating our government."
Individual cryptocurrency users may have directly donated to Spadea, Gottheimer, or Fulop to support their respective campaigns in the June 10 primary. Cointelegraph was unable to find state government documents regarding whether any cryptocurrency companies or industry-supported political action committees (PACs) donated to the campaigns of these three candidates.
A spokesperson for the "Stand With Crypto" organization stated that the organization's PAC has not yet used any funds to support candidates in the New Jersey gubernatorial election but may do so before November, at which point the organization also intends to support a candidate. The organization launched its PAC in May 2024, ahead of the U.S. federal elections.
According to data from the Federal Election Commission, the cryptocurrency-backed PAC Fairshake and its affiliate Protect Progress spent over $240,000 supporting Gottheimer in the 2024 Democratic primary, and the candidate has also received campaign donations from many industry figures, including Cameron and Tyler Winklevoss and Coinbase CEO Brian Armstrong. Cointelegraph reached out to Gottheimer's campaign team regarding cryptocurrency donations for the gubernatorial race but had not received a response by the time of publication.
The New Jersey gubernatorial race may serve as another barometer for how the cryptocurrency industry handles U.S. elections after 2024, when President Donald Trump and many lawmakers considered "pro-crypto" won in their respective campaigns. Fairshake's affiliated PAC "Defend American Jobs" also spent over $1.5 million supporting two Republican candidates in the special election for a congressional seat in Florida in April.
Related: Bitcoin (BTC) supporters: "Fully transplanting Bitcoin" could be Musk's trump card in the dispute
Original article: “New Jersey Governor Election Will Be the Next Election Test for the Crypto Industry”
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