New Jersey Democrats Bet Big on Crypto—Because Nothing Says ’Progressive’ Like Volatile Digital Gambles

Garden State politicians scramble to adopt pro-crypto stances—because courting Silicon Valley money beats actual policymaking.

Suddenly everyone’s a blockchain expert: Candidates now promise everything from NFT campaign merch to ’tax incentives’ for shitcoin traders.

Watch Wall Street snicker as career politicians try to meme their way into Web3 votes—while conveniently ignoring that 90% of their constituents still think Bitcoin is a type of frequent flyer program.

Crypto advocacy groups turn to politics

Crypto is now officially not a fringe issue in American politics. Big money and big advocacy groups are now fighting for pro-crypto policies — and New Jersey is the latest stage.

Stand With Crypto, an industry advocacy group backed by Coinbase, is underwriting the Democratic and Republican primary debates this May in New Jersey. It’s also the only sponsor of the livestreams of the events.

The organization aims to expand its grassroots network, which comprises over 62,000 members in New Jersey. Internal polling shows that 63% of those individuals are more willing to back candidates who favor digital assets.

Fairshake, one of the largest crypto political action committees (PACs), invested over $194 million in the 2024 election cycle. Its goal? Vote for people who support crypto innovation.

FairShake has, so far, donated to no New Jersey gubernatorial campaigns — but several would-be candidates, like Gottheimer, have received the group’s backing during their past congressional contests.

Gottheimer said that stablecoins are an important part of the growing digital asset ecosystem and emphasized the need for common-sense rules to safeguard Jersey families as they invest in digital assets rather than driving these opportunities overseas.

Candidates use crypto to stand out in a crowded primary field

Only two gubernatorial races are taking place in the U.S. this year — one in New Jersey and the other in Virginia. In New Jersey, 11 candidates are vying to replace Democratic Governor Phil Murphy, who is term-limited.

Though crypto isn’t a priority issue, it is increasingly a mechanism for candidates to distinguish themselves in a crowded field. Voters care about mass transit, housing, and the impact of  President Donald Trump, who made crypto a centerpiece of his 2024 campaign.

The race remains wide open. An April poll by Rutgers-Eagleton found that about one-third of voters are still undecided.

Republican frontrunner Jack Ciattarelli has yet to take a public stance on digital assets. Meanwhile, Mario Kranjac, a former mayor of Englewood Cliffs and a Trump-aligned Republican, said he’s a fan of digital currencies, but they won’t be the focus of his campaign. He said that, as far as crypto being a mainstream fiat currency was concerned, the industry was not there yet, but it was something they were looking at very strongly.

On the Democratic side, frontrunner Mikie Sherrill has offered a more cautious endorsement, saying Democrats shouldn’t reject crypto just because Republicans support it.

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