As voters head to the polls to cast their choices for the Democratic and Republican primary candidates for the next governor of New Jersey, funding from cryptocurrency traders and interest groups does not seem to be as significant a factor as it is in the 2024 federal elections.
According to documents reviewed by Cointelegraph from the New Jersey Election Law Enforcement Commission as of Tuesday, no significant political action committees (PACs) funded by cryptocurrency companies or interest groups have made contributions to the 12 Democratic and Republican candidates running for governor.
In the search for direct contributions to candidates or PACs, only a few documents showed connections to the crypto industry.
These include a $500 donation from Robert Samuels, Vice President of Investor Relations at mining company MARA Holdings, to Democratic candidate Josh Gottheimer's campaign, and a $900 donation from Rohan Varkey, Senior Analyst of Strategic Finance at Block, to Republican candidate Jon Bramnick.
Additionally, Coinbase advisor Miti Sathe donated $500 to Democratic candidate Steve Fulop, while Roshan Shah, co-founder and CEO of New Jersey-based mining company Decimal Digital Currency, donated $2,000 to Democratic candidate Ras Baraka.
The approximately $4,000 in donation records that Cointelegraph was able to find before Tuesday's primary appears trivial compared to the efforts of the crypto industry in the 2024 elections, which include direct donations and media purchases supporting candidates through PACs like Fairshake. Fairshake has spent over $130 million in congressional campaigns.
Fairshake and its affiliate Protect Progress have invested over $450,000 in support of Robert Menendez Jr. and Gottheimer in the 2024 Democratic primary for the U.S. House of Representatives.
Although there seems to be no deep financial involvement in the New Jersey gubernatorial race, the cryptocurrency advocacy group Stand With Crypto, associated with Coinbase, organized a "Mobilize to Vote" rally on Thursday, allowing the three gubernatorial candidates to engage with residents concerned about cryptocurrency. Gottheimer, Fulop, and Republican candidate Bill Spadea expressed their support for digital assets at the event.
A spokesperson for Stand With Crypto told Cointelegraph after the event that the organization's PAC has not yet utilized any funds to support candidates in the gubernatorial election. Cointelegraph reached out to representatives from Coinbase and Fairshake but had not received a response by the time of publication.
According to a report released by AdImpact on June 4, the gubernatorial primary is set to become the most expensive election in the state's history, with spending for and against candidates exceeding $85 million. Data shows that PACs and interest groups have spent over $22 million on Gottheimer's campaign, although the report did not mention funding from cryptocurrency companies.
Related: Arthur Hayes: Japan's shift to quantitative easing may boost Bitcoin (BTC)
Original article: “Insufficient Funding from the Cryptocurrency Industry in New Jersey Gubernatorial Primaries”
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