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Crypto PACs invest $14 million in key US Senate and House races

GrafaGrafa2024/09/07 06:35
By:Mahathir Bayena

Crypto-focused political action committees (PACs), including Fairshake and its affiliates, are ramping up spending on key U.S. congressional races ahead of the 2024 elections.

Fairshake PAC has targeted several House races, investing over $6.9 million in media buys and production for candidates in Colorado, North Carolina, Iowa, and Alaska.

The spending breakdown includes approximately $1.9 million for Democrat Mary Peltola in Alaska’s 1st Congressional District and $900,000 for Republican Zach Nunn in Iowa’s 3rd Congressional District.

Additionally, Fairshake committed $2.2 million to support Democrat Don Davis in North Carolina’s 1st Congressional District and another $1.9 million for Democrat Yadira Caraveo in Colorado’s 8th Congressional District.

These expenditures align with Fairshake's strategy, announced in August, to spend about $1 million in each of 18 targeted congressional districts.

The focus is primarily on candidates who have supported or co-sponsored pro-crypto legislation, indicating the PAC's interest in influencing future crypto-friendly policy-making.

An affiliated group, Protect Progress, disclosed spending more than $6.7 million to back Senate candidates in Arizona and Michigan.

Protect Progress allocated roughly $3.5 million to support Representative Ruben Gallego in Arizona's Senate race and $3.2 million for Representative Elissa Slotkin in Michigan's Senate race.

Fairshake spokesperson Josh Vlasto highlighted the growing bipartisan support for crypto and blockchain as crucial components of the future economy, emphasising the PAC’s commitment to backing pro-crypto leaders across the political spectrum.

In the run-up to the elections, Fairshake and its affiliates focused on ad campaigns opposing anti-crypto lawmakers or backing their supporters, often without explicitly mentioning crypto or blockchain.

The PACs have raised over $169 million from donors, including contributions from industry giants like Ripple and Coinbase.

Other PACs, such as the Commonwealth United Fund — backed by Gemini co-founders Cameron and Tyler Winklevoss — have also invested in key races, including media buys supporting Republican Senate candidate John Deaton in Massachusetts.

Deaton is set to challenge incumbent Senator Elizabeth Warren, a known crypto sceptic, in the upcoming November election.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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