The Super PAC and its associated groups have funded advertisements or supported initiatives to promote crypto-friendly candidates across the major political parties.
A pro-crypto political action committee (PAC) supporting candidates running for federal office in the 2024 U.S. elections has reportedly raised over $100 million.
Public Citizen reported on May 6 that the Fairshake Super PAC, alongside its associated groups, Defend American Jobs PAC and Protect Progress PAC, collected over $102 million to back pro-crypto candidates in 2024.
Open Secrets, a nonpartisan organization focused on transparency, reported that PACs centered around cryptocurrency raised more funds than Donald Trump’s ‘Make America Great Again’ PAC.
Fairshake, renowned for its support of Republican candidates, launched an attack ad against California Senate candidate Katie Porter, a Democrat. Protect Progress endorsed Democratic candidates in two congressional races in Alabama and Texas.
Shomari Figures and Julie Johnson, winners of their respective primaries, will face Republican opponents in the upcoming November elections.
Major players in the crypto industry, including Coinbase and Ripple, have made contributions to Fairshake and its affiliated groups for the 2024 elections, recognizing the potential impact of cryptocurrency in closely contested races.
Some of the members of the crypto community are rallying behind Republican candidate John Deaton, who, though viewed as a dark horse, is determined to challenge Massachusetts Senator Elizabeth Warren.
“Eleven primary races that include crypto-backed candidates remain [in 2024],” said Public Citizen researcher Rick Claypool in a May 6 X post. “Then it’s onto the general election, where narrow majorities mean super PAC spending can tip congressional control.”
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The Public Citizen report added:
“[T]he crypto super PACs should be expected to continue the sleight-of-hand tactic of pushing messages fine-tuned toward their intended outcome – defeating or electing candidates who will prioritize the sector’s interests – while distracting voters from their true purpose.”
On November 5, the U.S. general election will decide who wins all 435 seats in the House of Representatives, 34 in the Senate, and the Presidential race.
The Steering key committees in the U.S. government could play a crucial role in advancing crypto-related legislation and policies.
