A Political Action Committee (PAC) supporting candidates for the upcoming 2024 United States elections has achieved a remarkable fundraising milestone, surpassing $100 million. The Fairshake Super PAC, along with its affiliated groups, Defend American Jobs PAC and Protect Progress PAC, raised over $102 million to back candidates who are focused on cryptocurrency issues in the upcoming elections. This information was reported by Public Citizen on May 6, with data sourced from Open Secrets, a nonpartisan transparency organization. Interestingly, the crypto-focused PACs raised more funds than Donald Trump’s ‘Make America Great Again’ PAC.
Fairshake, which has previously supported Republican candidates, launched an attack ad against California Senate candidate Katie Porter, a Democrat. Protect Progress, on the other hand, backed Democratic candidates for two congressional seats in Alabama and Texas. Shomari Figures and Julie Johnson, the respective candidates, emerged victorious in their primaries and will now go head-to-head with Republicans in the November elections.
Prominent cryptocurrency firms such as Coinbase and Ripple have made donations to Fairshake and its affiliated groups for the 2024 elections. This support is crucial, as the influence of cryptocurrencies could play a decisive role in closely contested races. Furthermore, Republican candidate John Deaton, who is considered a long-shot candidate by many, has garnered significant 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 remaining in 2024 that include candidates backed by the crypto community. Claypool emphasized the importance of these races, as super PAC spending has the potential to sway congressional control in the general elections, where narrow majorities are significant.
The upcoming U.S. general election on November 5 will determine the winners of all 435 seats in the House of Representatives, 34 seats in the Senate, and the Presidency. The control of crucial committees within the U.S. government could greatly impact the advancement of legislation and policies related to cryptocurrencies.
The proposed regulations surrounding cryptocurrencies in the United States are being fueled by lawmakers’ apprehension and uncertainty. This fear and doubt are driving the push for regulatory measures in the country.