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To influence future cryptocurrency legislation, Fairshake, a prominent pro-crypto super PAC, spent roughly $29 million in September to support pro-crypto candidates in close House elections around the United States. According to data from the Federal Election Commission (FEC), a large percentage of this sum went to contested districts, favoring politicians who were friendly to the Bitcoin business.
Top crypto PAC targets close House races as 2024 election hits final stages https://t.co/rMMhxsgt8j
— CNBC (@CNBC) October 20, 2024
Twenty million dollars went to two connected PACs—Defend American Jobs PAC and Protect Progress PAC—from Fairshake's September expenditure. Republican candidates received $15 million from the crypto-focused Defend American Jobs PAC, while Democratic candidates received $5 million from the Protect Progress PAC.
Furthermore, Fairshake poured $8.8 million into other pivotal House contests in California, Nevada, and New York, considered battlegrounds. David G. Valadao, a Republican from Southern California, earned $1.3 million, while Michael Garcia received $1 million.
Fairshake also impacted New York, Nevada, and California. In their respective tight contests, the PAC gave $1.9 million to back Democratic New York Representative Patrick Ryan and over $1.7 million to back Democratic Nevada Representative Steven Horsford.
Even while Fairshake has a small Republican bent, it has donated to candidates of both parties. Republicans received $2.3 million, and Democrats $6.2 million of the $8.8 million given to House candidates.
Reflecting the crypto industry's nonpartisan strategy to influence crypto regulation and make policies beneficial to the business, Protect Progress PAC gave over $10 million each to Democratic candidates in Arizona and Michigan in Senate contests.
Donations tied to cryptocurrency have increased dramatically during the 2024 election cycle. According to a study by Public Citizen in August, crypto businesses have donated about $190 million, making up nearly half of all corporate contributions this cycle. With over $130 million going into congressional campaigns, Fairshake is undeniably one of the biggest super PACs in the United States.
The fate of bills like FIT21, the Financial Innovation Technology Act of 2021, is up in the air due to substantial campaign contributions from the cryptocurrency sector. Despite its May passage in the House, the Senate has not yet considered the measure.
editor
A digital nomad exploring the limitless potential of decentralized finance in a centralized economy.
