Fairshake PAC and its affiliates have raised $102 million to support cryptocurrency candidates.
It has been reported that the fundraising funds of political action committees (PACs) supporting candidates for federal office in the 2024 U.S. election have exceeded $100 million.
Fairshake Super PAC and its affiliates Defend American Jobs PAC and Protect Progress PAC have raised more than $102 million to support cryptocurrency-focused candidates in 2024, according to a May 6 report from Public Citizen. Public Citizen cited data from the nonpartisan transparency group. Open Secrets reports that a cryptocurrency-focused PAC has raised more money than Donald Trump’s Make America Great Again political action committee.
Fairshake, who previously supported Republican candidates, was responsible for an attack ad targeting Democratic California Senate candidate Katie Porter. Protect Progress supported Democratic candidates in two congressional seats: Alabama and Texas. Two candidates, Shomari Figures and Julie Johnson, each won their primaries and will face the Republican Party in November.
Related: Super PAC Attempts to ‘Bury the Conversation’ About Cryptocurrencies with Attack Ads — Rep. Katie Porter
Big cryptocurrency companies, including Coinbase and Ripple, have donated to Fairshake and its affiliates for the 2024 election, as cryptocurrencies could become a deciding factor in the fierce race. Republican John Deaton, considered by many to be a strong candidate, is gaining a lot of support in the cryptocurrency industry as he attempts to unseat Massachusetts Senator Elizabeth Warren.
“There are 11 major races remaining (in 2024) that include crypto-backed candidates.” said Public Citizen Researcher Rick Claypool in the May 6 X post. “Then comes the general election. Narrow majorities mean Super PAC spending could impact control of Congress.”
Public Citizen Report added:
“(T)he crypto super PACs are expected to continue to use insidious tactics to deliver fine-tuned messages toward intended outcomes while thwarting voters’ true goals. ”
In the U.S. general election held on November 5, the winner will be determined for 435 seats in the House of Representatives, 34 seats in the Senate, and the presidency. Control of important committees of the U.S. government could have a significant impact on the advancement of cryptocurrency-related laws and policies.
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