Shockingly Low Crypto Funding in New Jersey Gubernatorial Primaries

As voters head to the polls for the New Jersey gubernatorial primaries, a key question emerges: Where is the expected surge of crypto funding seen in federal races? Recent filings reveal a stark contrast, showing minimal financial contributions from individuals tied to the cryptocurrency industry compared to the significant spending witnessed in the 2024 federal election cycle.

Crypto Funding Trends in New Jersey Elections

Filings with the New Jersey Election Law Enforcement Commission provide insight into the financial landscape of the state’s gubernatorial race. Unlike the substantial political action committees (PACs) funded by crypto interests that impacted national elections, the New Jersey primaries saw no significant PAC contributions to any of the dozen candidates.

Individual contributions from those with crypto connections were also modest. A review found only a few small donations:

• A $500 contribution to Democratic candidate Josh Gottheimer from a MARA Holdings executive.
• A $900 contribution to Republican candidate Jon Bramnick from a Block senior analyst.
• A $500 donation to Democratic candidate Steve Fulop from a Coinbase consultant.
• A $2,000 contribution to Democratic candidate Ras Baraka from the co-founder of a New Jersey-based mining company, Decimal Digital Currency.

These amounts, totaling around $4,000 based on available filings, are minor compared to the industry’s broader efforts. For context, PACs like Fairshake spent over $130 million on congressional races in 2024, including significant amounts supporting candidates like Robert Menendez Jr. and Josh Gottheimer in their respective U.S. House primaries.

Comparing Gubernatorial Primaries to Crypto Politics at the Federal Level

The disparity in election finance between the New Jersey gubernatorial primaries and federal races is notable. The 2024 federal election cycle saw the crypto industry emerge as a significant financial player, aiming to support candidates favorable to digital assets and influence future regulation.

While direct financial support is low in New Jersey, crypto politics isn’t entirely absent. The crypto advocacy group Stand With Crypto, affiliated with Coinbase, organized a ‘get out the vote’ event. This rally allowed three gubernatorial candidates (Gottheimer, Fulop, and Republican Bill Spadea) to engage with crypto-minded residents and express their views on digital assets. Despite organizing the event, a Stand With Crypto spokesperson confirmed their PAC had not used funds to support candidates in this state election.

Why the Lack of Election Finance?

The reasons for the limited crypto funding in the New Jersey gubernatorial primaries aren’t explicitly stated in the filings or the original report. However, several factors could contribute:

• **Focus on Federal Regulation:** The crypto industry’s primary legislative and regulatory battles are often fought at the federal level (SEC, CFTC, Congress), making federal races a higher priority for significant political spending.
• **State-Level Priorities:** State elections, while important, may not be perceived as having the same immediate or broad impact on the core issues facing the crypto industry as federal policy does.
• **Candidate Stance:** Candidates in the New Jersey race may not have signaled strong pro-crypto stances early enough to attract significant industry funding, or the industry may not have identified clear champions to support financially.
• **PAC Strategy:** Major crypto PACs like Fairshake may be prioritizing specific races or jurisdictions where they believe their funds can have the most impact on key policy outcomes.

Despite the lack of crypto funding, the New Jersey gubernatorial primary is reportedly the most expensive in the state’s history, with over $85 million spent overall. This highlights that while other interest groups are heavily invested, the crypto industry’s financial footprint remains small at the state level, at least in this particular election.

Summary: A Quiet Primary for Crypto

The New Jersey gubernatorial primaries did not see the significant crypto funding presence that characterized recent federal elections. While some individual donations occurred, and advocacy groups held events, the scale of financial involvement was minimal compared to the industry’s national efforts. This suggests that, for now, the crypto industry’s political finance priorities remain focused on influencing policy at the federal level rather than state-level races like the New Jersey governorship, despite the state’s election finance reaching record levels.