We\u2019ve heard a lot about cryptocurrency prices<\/a> and crypto exchange market caps<\/a> over a tumultuous few months for the digital assets, but what about crypto\u2019s influence on politics?<\/p>\n Turns out, a couple of Tuesday\u2019s most closely watched primary elections in the U.S. have some connection to crypto. <\/p>\n In Oregon, a super PAC called Protect Our Future has spent nearly $11 million on the candidacy of Democratic House hopeful Carrick Flynn, according to Open Secrets<\/a>, a site that tracks political donations. And the super PAC (an independent political action committee allowed to raise unlimited sums of money from corporations, unions and individuals \u2014 but not permitted to contribute to or coordinate directly with parties or candidates) is mostly funded by FTX CEO and cryptocurrency billionaire Sam Bankman-Fried<\/a>, according to a Politico<\/a> report.<\/p>\n The super PAC has spent money on TV ads, radio ads and direct mail services<\/a> on Flynn\u2019s behalf, making the primary race for Oregon\u2019s 6th congressional district the third most expensive House Democratic primary<\/a> of this election cycle. It\u2019s not clear if Bankman-Fried\u2019s investment in Flynn is directly related to crypto \u2014 Bankman-Fried told the New York Times<\/a> See also: Mark Cuban says crypto is going through a similar \u2018lull\u2019 to the early internet<\/a><\/strong><\/p>\n Crypto is potentially playing a role in a different way in a North Carolina House Republican primary, where Rep. Madison Cawthorn might have violated insider trading laws regarding a pump and dump situation with an altcoin called Let\u2019s Go Brandon, or LGB. <\/p>\n \u201cLGB legends. \u2026 Tomorrow we go to the moon!\u2019 wrote Cawthorn, who said he owned the crypto, in a post on his Instagram page in December, according to a Washington Examiner report<\/a>. The next day, NASCAR driver Brandon Brown announced that the coin would be the primary sponsor on his racing team, leading to a 75% spike in value. <\/p>\n Watchdog groups told the Washington Examiner that Cawthorn\u2019s post suggests he might have had insider knowledge about the meme coin\u2019s sponsorship deal with Brown.<\/p>\n NASCAR eventually rejected<\/a> Brown\u2019s bid to make LBG his racing team\u2019s sponsor. The coin\u2019s current total market cap is $174,133<\/a>, compared with the $570 million<\/a> it was worth immediately after Brown\u2019s initial announcement. The Department of Justice, the Securities and Exchange Commission, and Cawthorn\u2019s representatives did not immediately respond to MarketWatch\u2019s request for comment on this story.<\/p>\n Cawthorn has the support of former President Donald Trump. Trump wrote this week on Truth Social<\/a>: \u201cRecently, he made some foolish mistakes, which I don\u2019t believe he\u2019ll make again \u2026 let\u2019s give Madison a second chance!\u201d <\/p>\n Cawthorn currently represents the 11th congressional district in North Carolina, but his primary race is for the 13th district. \u201cKnowing the political realities of the 13th district, I am afraid that another establishment go along to get along Republican would prevail there. I will not let that happen,\u201d Cawthorn has said about his race<\/a>. <\/p>\n See also: Here\u2019s how much money you would\u2019ve lost if you bought crypto during Matt Damon\u2019s \u2018Fortune Favors the Brave\u2019 commercial<\/a><\/strong><\/p>\n The crypto stories hovering over Tuesday\u2019s primary elections come as crypto prices have dropped this year. Bitcoin Additionally, the recent collapse of stablecoin TerraUSD<\/a>
\n NYT,
\n +1.71%<\/a>
\n that he is giving money to Flynn because of his interest in pandemic preparedness, something that Flynn claims to have studied at the University of Oxford<\/a>.<\/p>\n
\n BTCUSD,
\n +0.27%<\/a>
\n prices were up 0.63% during Tuesday\u2019s trading, but are down over 35% since the start of the year. Similarly, ether
\n ETHUSD,
\n +0.04%<\/a>
\n prices are up 1.33% during Tuesday\u2019s trading, but down 44% since the start of the year. The S&P 500
\n SPX,
\n +2.02%<\/a>
\n is down 14.53% in 2022.<\/p>\n
\n USTUSD,
\n -1.64%<\/a>
\n has led to Washington policymakers paying more attention to crypto regulations<\/a>.<\/p>\n<\/p><\/div>\n<\/div>\n