The former executive director of the Bitcoin Foundation, Bruce Fenton, is officially running for the Republican nomination for New Hampshire’s seat in the U.S. Senate. He’ll be starting his campaign with an injection of $5 million of personal bitcoin (BTC) wealth.
Fenton’s announcement Wednesday confirmed earlier reports the long-time crypto proponent and self-described libertarian was flirting with the idea of a Senate run.
Incumbent Sen. Maggie Hassan (D-N.H.) is widely unpopular with her constituents, making her seat vulnerable to a Republican challenger – and Fenton wants to throw his hat into the ring. Fenton told CoinDesk on Wednesday his initial $5 million contribution would be a loan to the campaign but that he would "spend and raise whatever it takes."
"I think that the money system in politics is broken and ready for disruption so I think we can spend very effectively and get a lot more for our dollars," Fenton added.
As crypto becomes an increasingly hot topic on Capitol Hill, more federal lawmakers are aligning themselves with the crypto industry. Candidates that are seen as crypto-friendly have enjoyed support from crypto enthusiasts, an increasing number of whom are describing themselves as single-issue voters.
Fenton is a relative latecomer to the race, which means he faces a tougher fight in the primary election, which is slated for Sept. 13.
But despite the obstacles, Fenton told CoinDesk he felt compelled to try anyway.
“I knew this is something I had to do or I would regret it,” Fenton said. “I don’t know what change I can make in the world but I know I must try.”
“We are at a very special time in world history,” Fenton added. “Bitcoin and the crypto revolution is one key part of the major change we are seeing in how our systems work. I think our values of decentralization and freedom are about to change the world.”
If elected, Fenton previously told CoinDesk he wants to tear down regulatory obstacles for the crypto industry.
“I’m in favor of limiting government involvement in our lives as much as possible,” Fenton said. “Whether it’s crypto or any other issue, I believe government should reduce regulatory burdens and get out of our lives and wallets.”
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