Cryptocurrency has returned and is investing millions of dollars in Super Tuesday primary races in Texas, Alabama, and California.

Three independent fundraising groups, Fairshake, Protect Progress, and Defend American Jobs, have spent at least $13 million in these races, supported by investments from Coinbase and the Winklevoss twins.

The Federal Election Commission’s records indicate that from January 2023 and January 2024, the three super PACs raised around $102 million in total.

The crypto market has grown significantly in recent months, with Bitcoin reaching a record high due to the collapse of major players in 2022.

The industry has donated approximately $59.2 million toward the 2024 election cycle, more than the $26.8 million from the 2022 midterm campaign and the $1.6 million from the 2020 cycle.

Democratic senatorial candidate Katie Porter of California has been targeted by Fairshake, who has invested over $10 million in her campaign.

Protect Progress has also spent over $1.7 million on her behalf in the Alabama’s 2nd congressional district election.

The non-profit organization Stand With Crypto Alliance, founded by Coinbase, aims to unite voters who possess cryptocurrency and influence public perception.

The interest in the 2024 election by the industry follows one of the largest financial frauds ever documented, with Sam Bankman-Fried, the creator of FTX, found guilty of stealing from clients and contributing over $100 million to political campaigns in the United States using those funds.