New Jersey voters are about to decide the party candidates for the 2025 gubernatorial election, and their stance on digital assets may influence the outcome.
On June 5, two Democratic candidates and one Republican candidate in New Jersey spoke at a rally for cryptocurrency supporters, organized by the political advocacy group Stand With Crypto. The event was held five days before the New Jersey primary elections, with reports indicating that over 300,000 people have already voted.
Jersey City Mayor and Democratic gubernatorial candidate Steven Fulop stated that the state pension committee believes cryptocurrency is an important part of the national and global economic system.
Stand With Crypto reports that over 60,000 individuals registered within the organization may influence the outcome of the New Jersey gubernatorial election. This election is expected to be exceptionally close in the June primary and the November general election.
Other candidates attending the rally included Democratic Congressman Josh Gottheimer and Republican radio host Bill Spadea. Incumbent Democratic Governor Phil Murphy has served two terms and cannot run again.
Spadea expressed support for cryptocurrency at the rally and further supported the potential of blockchain technology for government reform.
Will cryptocurrency replay in 2024?
Cryptocurrency users may directly support Spadea, Gottheimer, or Fulop in the primary elections on June 10. State documents could not be found to show whether any cryptocurrency companies or political action committees (PACs) support these candidates.
A spokesperson for Stand With Crypto stated that its PAC has not yet used funds to support candidates in the New Jersey gubernatorial election but may do so before November and plans to endorse candidates at that time. The organization established the PAC in May 2024 in preparation for federal elections.
Federal Election Commission data shows that the cryptocurrency-supporting PAC Fairshake and its affiliate Protect Progress have invested over $240,000 to support Gottheimer in the 2024 Democratic primary. The candidate also received donations from industry figures, including Cameron and Tyler Winklevoss and Coinbase CEO Brian Armstrong. Cointelegraph reached out to Gottheimer's campaign team regarding cryptocurrency donations in the gubernatorial race but did not receive a response before publication.
The New Jersey gubernatorial race may become a bellwether for how the cryptocurrency industry navigates U.S. elections after 2024, when the pro-crypto President Trump and numerous congressional members won elections. Fairshake's affiliated PAC Defend American Jobs spent over $1.5 million supporting two Republican candidates to win a special election in Florida.