Democratic hopefuls in New Jersey embrace pro-crypto playbook

Several Democratic candidates in New Jersey’s tightly contested gubernatorial race are openly backing cryptocurrency — a strategy that echoes President Donald Trump’s 2025 playbook and could signal a shift in the party’s approach to digital assets.

Now, multiple Democratic candidates are openly supporting digital assets. They say crypto is the future and want New Jersey to be ready.

At least three of the six Democrats vying for the nomination in the June 10 primary — U.S. Representatives Mikie Sherrill, Jersey City Mayor Steve Fulop, and Josh Gottheimer — have incorporated crypto support into their platforms. Sherrill, who currently leads some primary polls, said embracing the industry is a pragmatic move for modern policymakers.

Sherrill said that crypto was one of the planks in her platform, adding that it is part of the economy and that there is a need to dive into understanding the space and how to move forward, as it is not going away.

Steve Fulop is also hopping on the crypto bandwagon. Since 2018, he has invested in digital assets personally through Bitcoin and Ether.

Fulop says that, if elected, he would invest some of the state’s pension fund in crypto-backed exchange-traded funds, as Jersey City did under him.

Another Democratic hopeful with an eye on crypto is the U.S. Rep. Josh Gottheimer. He says digital assets can create jobs and support the state’s economy.

Gottheimer said that New Jersey has a massive ability to set the tone for many other states regarding crypto.

He also backed several crypto-friendly bills, including proposals to regulate stablecoins and make the U.S. more competitive worldwide.

Crypto advocacy groups turn to politics

Crypto is now officially not a fringe issue in American politics. Big money and big advocacy groups are now fighting for pro-crypto policies — and New Jersey is the latest stage.

Stand With Crypto, an industry advocacy group backed by Coinbase, is underwriting the Democratic and Republican primary debates this May in New Jersey. It’s also the only sponsor of the livestreams of the events.

The organization aims to expand its grassroots network, which comprises over 62,000 members in New Jersey. Internal polling shows that 63% of those individuals are more willing to back candidates who favor digital assets.

Fairshake, one of the largest crypto political action committees (PACs), invested over $194 million in the 2024 election cycle. Its goal? Vote for people who support crypto innovation.

FairShake has, so far, donated to no New Jersey gubernatorial campaigns — but several would-be candidates, like Gottheimer, have received the group’s backing during their past congressional contests.

Gottheimer said that stablecoins are an important part of the growing digital asset ecosystem and emphasized the need for common-sense rules to safeguard Jersey families as they invest in digital assets rather than driving these opportunities overseas.

Candidates use crypto to stand out in a crowded primary field

Only two gubernatorial races are taking place in the U.S. this year — one in New Jersey and the other in Virginia. In New Jersey, 11 candidates are vying to replace Democratic Governor Phil Murphy, who is term-limited.

Though crypto isn’t a priority issue, it is increasingly a mechanism for candidates to distinguish themselves in a crowded field. Voters care about mass transit, housing, and the impact of  President Donald Trump, who made crypto a centerpiece of his 2024 campaign.

The race remains wide open. An April poll by Rutgers-Eagleton found that about one-third of voters are still undecided.

Republican frontrunner Jack Ciattarelli has yet to take a public stance on digital assets. Meanwhile, Mario Kranjac, a former mayor of Englewood Cliffs and a Trump-aligned Republican, said he’s a fan of digital currencies, but they won’t be the focus of his campaign. He said that, as far as crypto being a mainstream fiat currency was concerned, the industry was not there yet, but it was something they were looking at very strongly.

On the Democratic side, frontrunner Mikie Sherrill has offered a more cautious endorsement, saying Democrats shouldn’t reject crypto just because Republicans support it.

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