After Receiving Millions in Crypto Support, These Three Democrats Are Pushing the Industry’s Top Bill
The bill would ensure most cryptocurrency tokens are treated as commodities and not securities, limiting the Securities and Exchange Commission’s oversight.
By Donald Shaw and David Moore, Sludge
Three House Democrats backed by millions from cryptocurrency industry super PACs and executives are urging their colleagues to support a Republican-led bill that would deregulate the industry and help it attract more investment.
According to Politico, Democratic Reps. Josh Gottheimer (N.J.), Ritchie Torres (N.Y.), and Don Davis (N.C.) sent a letter to their fellow Democrats asking them to vote in favor of the Digital Asset Market Clarity Act, a top crypto priority sponsored by House Financial Services Committee Chairman Rep. French Hill (R-Ark.). The bill would ensure most cryptocurrency tokens are treated as commodities and not securities, limiting the Securities and Exchange Commission’s oversight and helping the industry grow under a more relaxed regulatory framework.
Here’s how the cryptocurrency industry has backed these Democrats, including multi-million dollar super PAC expenditures, rallies with rappers, and contributions from executives made just days before they circulated their letter.
Josh Gottheimer
Rally with Gottheimer for NJ Governor: Crypto advocacy group Stand With Crypto Alliance held a rally with Gottheimer and others on June 5, ahead of the New Jersey Democratic gubernatorial primary. Gottheimer was the only Democratic candidate participating, along with two Republicans. The event featured rappers Big Sean and 070 Shake. “Attendees will enjoy free food, drinks, and live music while rallying support for voter participation and engagement in the crypto community,” according to the RSVP page.
2024 House campaign super PAC support: Crypto industry-funded super PACs Fairshake and Protect Progress spent $242,791 on independent expenditures supporting Gottheimer in the 2023-2024 election cycle, according to FEC records.
Campaign contributions: Gottheimer received $50,800 in campaign contributions from crypto industry PACs and associated individuals in the 2023-2024 cycle, according to the crypto money tracking website Follow the Crypto.
June 2025 Bitcoin Policy Center event: Gottheimer, along with Torres, participated in a late-June panel in D.C. at the Bitcoin Policy Summit. They were the only elected Democrats who spoke at the event, along with several Republican members of Congress.
Ritchie Torres
Super PAC support: Fairshake and Protect Progress spent $173,232 on independent expenditures supporting Torres in the 2023-2024 election cycle, according to FEC records.
Campaign contributions: Torres received $129,100 in campaign contributions from crypto industry PACs and associated individuals in the 2023-2024 cycle, according to Follow the Crypto.
Formation of Crypto Caucus: In March 2025, Torres joined GOP Rep. Tom Emmer (Minn.) in forming the Congressional Crypto Caucus, “a unified nonpartisan voting block in Congress, ready to mobilize to support and defend open, permissionless, and private innovation in the United States.”
Don Davis
Millions in super PAC support: Fairshake spent $2.28 million on ads supporting Davis in the 2023-2024 cycle, according to FEC data. Only two candidates received more Fairshake super PAC support in the 2024 elections, and both lost, making Davis the top beneficiary of the group’s 2024 spending in Congress this session. (OpenSecrets)
Campaign contributions: Davis received $18,200 in campaign contributions from crypto industry PACs and associated individuals in the 2023-2024 cycle, according to Follow the Crypto.
Plus, new donations disclosed yesterday: In his Q2 filing, Davis reported receiving $7,000 from Coinbase CEO Brian Armstrong and $7,000 from Coinbase President Emilie Choi, both in late June. Brad Galringhouse, CEO of Ripple Labs, also donated $3,300 on June 30. Note: There may be more crypto-tied donations here to be found with a closer review.
Crypto for Harris event: Davis and Torres were both participants in an August 2024 Crypto for Harris event.