Limited Crypto Funding in High-Stakes Race
As New Jersey heads into the most expensive gubernatorial primary in its history, crypto-linked contributions have played only a minimal role. Despite the $85 million reportedly spent to support or oppose candidates, filings show less than $4,000 came from individuals associated with the crypto industry.
Small Donations from Industry Insiders
According to campaign finance data submitted to the New Jersey Election Law Enforcement Commission, there were only a few small contributions tied to crypto professionals:
- Robert Samuels, VP of Investor Relations at mining firm MARA Holdings, gave $500 to Democratic candidate Josh Gottheimer.
- Rohan Varkey, a strategic finance analyst at Block, contributed $900 to Republican candidate Jon Bramnick.
- Miti Sathe, a consultant for Coinbase, donated $500 to Democratic hopeful Steve Fulop.
- Roshan Shah, CEO of Decimal Digital Currency, provided $2,000 to Ras Baraka.
These figures stand in sharp contrast to the 2024 federal elections, where crypto-backed PACs like Fairshake and Protect Progress invested over $130 million in various congressional races, including $450,000 toward Gottheimer and Robert Menendez Jr.
Crypto Voices Present, But Not Backed by Money
Despite low financial backing, crypto advocacy was not entirely absent. Stand With Crypto, a policy initiative affiliated with Coinbase, held a “Get Out the Vote” rally. Three gubernatorial candidates — Gottheimer, Fulop, and Republican Bill Spadea — voiced support for digital assets during the event.
However, a spokesperson confirmed that the organization has not yet used PAC funds in the New Jersey governor’s race.
Big Spending, But Not from Crypto
A June 4 report from AdImpact noted that more than $22 million was spent in support of Gottheimer alone. Yet, none of this appears to be linked to crypto-affiliated organizations or companies.
Conclusion
While crypto industry spending made headlines at the national level in 2024, it has had little impact on New Jersey’s gubernatorial primaries. With only a few thousand dollars in contributions from industry insiders, crypto remains more of a conversation topic than a financial force in the Garden State’s most expensive race yet.
