A Political Action Committee (PAC) that supports candidates for federal office in the 2024 United States elections has reportedly raised over $100 million in funds. The Fairshake Super PAC, along with its affiliated PACs, Defend American Jobs PAC and Protect Progress PAC, have managed to raise more than $102 million to back candidates who are focused on the cryptocurrency industry in the upcoming elections. This information was revealed in a report by Public Citizen on May 6, which cited data from the nonpartisan transparency group Open Secrets. Interestingly, the report also highlighted that the crypto-focused PACs raised more funds than Donald Trump’s ‘Make America Great Again’ political action committee.
Fairshake, which has previously supported Republican candidates, recently launched an attack ad against Democrat Katie Porter, who is running for a Senate seat in California. On the other hand, Protect Progress has backed Democratic candidates for two congressional seats in Alabama and Texas. Both of their supported candidates, Shomari Figures and Julie Johnson, won their respective primaries and will now face Republicans in the November elections.
Notably, large cryptocurrency firms such as Coinbase and Ripple have made donations to Fairshake and its affiliated PACs for the 2024 elections. This is due to the fact that the crypto industry could play a decisive role in closely contested races. Additionally, Republican candidate John Deaton, who is considered a long-shot candidate by many, has garnered support from the crypto community as he aims to unseat Massachusetts Senator Elizabeth Warren.
According to Rick Claypool, a researcher at Public Citizen, there are still eleven primary races in 2024 that feature candidates backed by the cryptocurrency industry. He further emphasized that the general election holds immense importance, as narrow majorities can be influenced by super PAC spending, thereby determining congressional control.
The Public Citizen report also highlighted the significance of the upcoming U.S. general election on November 5. This election will decide the winners of all 435 seats in the House of Representatives, 34 seats in the Senate, and the Presidency. The control of critical committees in the U.S. government holds the potential to greatly impact the progress of legislation and policies related to cryptocurrencies.
In recent times, there has been a surge in proposed crypto regulations in the United States, largely driven by the fear and doubt expressed by lawmakers. These proposed regulations are aimed at bringing about a more structured approach to the cryptocurrency industry in the country.