Pro-Crypto Super PAC Invests Millions in 2024 U.S. Congressional Races

Fairshake, a top pro-crypto super PAC, spent nearly $29 million in September to back pro-crypto candidates in tight House races across the U.S., aiming to shape future cryptocurrency policy. Data from the Federal Election Commission (FEC) shows a significant portion of this money went to competitive districts, supporting candidates favorable to the cryptocurrency industry.

Top crypto PAC targets close House races as 2024 election hits final stages https://t.co/rMMhxsgt8j

— CNBC (@CNBC) October 20, 2024

Millions Flow Through Affiliated PACs for Targeted Crypto Influence

Of Fairshake’s September spending, $20 million was funneled into two affiliated PACs: Defend American Jobs PAC and Protect Progress PAC. Defend American Jobs PAC, which focuses on cryptocurrency and blockchain policy, allocated $15 million to support Republican candidates, while Protect Progress PAC directed $5 million toward Democratic candidates.

Read also : Ripple Invests $50 Million in Pro-Crypto PAC Ahead of 2024 Elections

In addition, Fairshake contributed $8.8 million to several critical House races in battleground states like New York, Nevada, and California. Southern California Republicans David G. Valadao and Michael Garcia received $1.3 million and $1 million, respectively.

Wider Reach: Crypto Donations Fuel Campaigns in Multiple States

Beyond California, Fairshake’s influence extended to New York and Nevada. The PAC contributed $1.9 million to support Rep. Patrick Ryan (D-NY) and more than $1.7 million to help Rep. Steven Horsford (D-NV) in their competitive races.

Despite leaning slightly toward Republicans, Fairshake has spread its donations across party lines. Of the $8.8 million donated to House candidates, $6.2 million went to Democrats, while $2.3 million was allocated to Republicans.

In Senate races, Protect Progress PAC contributed over $10 million each to Democratic candidates in Arizona and Michigan, reflecting the crypto industry’s bipartisan approach to influencing crypto regulation and shaping policy favorable to the industry.

Crypto Donations Surge in 2024 Election Cycle

Crypto-related donations have surged throughout the 2024 election cycle. A report from Public Citizen in August revealed that crypto companies have contributed nearly $190 million, accounting for almost half of all corporate donations this cycle. Of that, over $130 million was spent on congressional races, making Fairshake one of the largest super PACs in the U.S.

With the crypto industry heavily investing in political campaigns, the future of legislation like the Financial Innovation Technology Act of 2021 (FIT21) remains uncertain. Although the bill passed the House in May, it has yet to be considered by the Senate.

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