Crypto Advocacy Group Draws 65,000 to New Jersey Gubernatorial Rally

The New Jersey gubernatorial race is set to become a pivotal moment for the cryptocurrency industry, as three candidates for governor spoke at a "get out the vote" rally organized by a crypto advocacy group on June 5. This event underscores the growing influence of cryptocurrency in political campaigns and the increasing importance of crypto-friendly policies in state elections. The rally, attended by over 65,000 Stand With Crypto advocates, highlights the significant support base for cryptocurrency within the state. The candidates' participation in this rally signals their recognition of the crypto community's voting power and their willingness to align with crypto-friendly policies.

On June 5, one Republican and two Democratic candidates for the governor of New Jersey addressed a crowd of cryptocurrency-minded voters at a rally organized by the political advocacy group Stand With Crypto. The event was held five days before New Jersey voters will go to the polls in party primaries, though reportedly more than 300,000 people have already cast their ballots. Jersey City Mayor Steven Fulop, a Democratic candidate for governor, who was at the event, said, “I believe and the [state pension] board believes that cryptocurrency is an important part of the future of this country and the economic system of the world.”

Stand With Crypto reported in March that the more than 60,000 people registered with the organization could play a role in determining who will be New Jersey’s next governor. The race is expected to be exceptionally close both in the June party primaries and the November general election. Other candidates in attendance at the crypto rally included Democratic Representative Josh Gottheimer and Republican radio host Bill Spadea. The current Democratic governor, Phil Murphy, is not eligible to run again after serving two consecutive terms. Spadea said at the rally, “I support crypto. More importantly, I support the whole concept of blockchain technology reforming and revamping our government.”

Individual crypto users may have contributed directly to Spadea, Gottheimer or Fulop to support their respective runs in the June 10 primaries. A spokesperson for Stand With Crypto said the organization’s PAC had not yet used any of its funds to support candidates in the New Jersey gubernatorial election, but may before November, when it also intends to endorse a candidate. The group launched its PAC in May 2024 ahead of the US federal elections.

The New Jersey gubernatorial run could be another bellwether for how the crypto industry intends to handle US elections after 2024, when President Donald Trump and many members of Congress considered to be “pro-crypto” won their respective races. A Fairshake affiliate PAC called Defend American Jobs also spent more than $1.5 million to support two Republican candidates in special elections in April for Florida congressional seats.

The New Jersey gubernatorial race is particularly noteworthy due to the crowded field of Democratic candidates, which includes Ras Baraka, Steve Fulop, Josh Gottheimer, Mikie Sherrill, and Steve Sweeney. This diverse group of candidates is vying to position themselves as the strongest contender against President Donald Trump. The Democratic primary is especially uncertain, with Sherrill and Ciattarelli emerging as favorites to win their respective primaries. The intense competition among the Democratic candidates reflects the high stakes involved in the race and the potential impact of crypto-friendly policies on the outcome.

The involvement of the crypto advocacy group Stand With Crypto in the New Jersey gubernatorial race is a strategic move to influence state policies. By sponsoring both the Republican and Democratic primary debates, the group aims to ensure that cryptocurrency remains a central issue in the election. This focus on crypto-friendly policies is likely to attract the support of the crypto community, which has shown a strong willingness to engage in political activism. The group's efforts to mobilize voters and advocate for cryptocurrency-related policies demonstrate the growing political influence of the crypto industry.

The New Jersey gubernatorial race serves as a test case for the cryptocurrency industry's ability to shape state-level policies. The outcome of this election will provide valuable insights into the effectiveness of crypto advocacy groups in influencing political campaigns and the potential for crypto-friendly policies to gain traction at the state level. As the race progresses, it will be crucial to monitor the candidates' positions on cryptocurrency and the impact of the crypto community's activism on the election results. The New Jersey gubernatorial race is poised to set a precedent for future elections, highlighting the importance of cryptocurrency in state politics and the potential for the industry to shape policy outcomes.