Crypto billionaires throw big money behind Washington congressional hopeful

This week, in the Congressional district that stretches from Tacoma to the Olympic Peninsula, a PAC funded by cryptocurrency billionaires spent almost $1.5 million on ads supporting Emily Randall, a Democrat.

On Facebook, her Democratic opponent in the upcoming primary in the 6th Congressional District, Hilary Franz, called it “the darkest money support, which is more outside spending than this district has ever seen.” (She later deleted the video.)

But here’s where it gets interesting: Hilary Franz’s own campaign manager, a week ago, marked her as “very pro-crypto” on a tracking site for industry advocates, and the two candidates’ public stances on things like “blockchain technology and the digital asset industry,” as Randall calls it on her site, seem the same.

In a press release, Randall called Franz’s Facebook video a “desperate attack from a desperate politician.”

Their stances reflect a general mood in Congress, where in May, a bill that would create a “regulatory regime tailored for crypto” passed the House with bipartisan support.

Cryptocurrency-focused PACs have raised more than $180 million this year for Democrats and Republicans, according to cryptocurrency researcher Molly White.

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“Generally speaking, they're looking for candidates who are either strongly supportive of cryptocurrency and are willing to support bills that take sort of a lighter regulatory approach to it,” White said. “Friendlier tax policy towards cryptocurrency, more allowance of banks and other sort of traditional financial firms to get involved with cryptocurrency, things like that.”

The $1.5 million ad buy money was spent independently of Randall’s campaign, and these kind of outside spenders are not supposed to coordinate with her. But her campaign has also gotten campaign donations directly from cryptocurrency investors — Tyler and Cameron Winklevoss — who support President Trump.

Why they’re donating to Randall, a progressive, queer Latina, is less clear, and neither investor responded to questions. It’s possible the Winklevoss twins just think Randall is more likely to win in the upcoming primary on Aug. 6, and in the general election in November.

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Franz has also taken donations from Trump supporters and isn’t without her own controversies. She’s the state’s commissioner of public lands, and earlier this month 15 of her employees told The Seattle Times she used her office to inappropriately further her political aspirations.

The two unions representing her employees have endorsed Randall.

RELATED: Hilary Franz ends campaign for WA governor, now running for Congress

This story has been updated.