Fairshake PAC Raises $102M for Crypto Candidates

Fairshake PAC and its affiliates received donations from large cryptocurrency companies like Coinbase and Ripple.

According to reports, a political action committee (PAC) supporting federal office candidates in the 2024 US elections has raised more than $100 million.

Fairshake PAC And Affiliate Donates $102M

Public Citizen published a study on May 6th, stating that the Fairshake PAC and its affiliates, Defend American Jobs PAC and Protect Progress PAC, successfully raised over $102 million to support crypto-focused candidates in 2024.

Public Citizen cited statistics from the nonpartisan transparency organization Open Secrets. According to Open Secrets, the crypto-focused political action committees raised more money than Donald Trump’s ‘Make America Great Again’ presidential campaign committee.

Fairshake PAC is a political organization that has historically supported Republican politicians, focused an attack advertisement on Katie Porter, a Democrat running for the Senate in California.

Democratic candidates contested two congressional seats in Alabama and Texas, with both candidates receiving support from Protect Progress. The two candidates Shomari Figures and Julie Johnson emerged victorious in their respective primaries and will now compete against Republicans in the national election in November.

For the 2024 elections, large cryptocurrency companies like Coinbase and Ripple have made donations to Fairshake PAC and its affiliates. This is due to the fact that cryptocurrency may be a decisive factor in races that are extremely close.

As he seeks to replace Massachusetts Senator Elizabeth Warren, Republican John Deaton, who is widely seen as a contender with a low probability of winning has garnered the backing of a significant number of individuals in the cryptocurrency industry.

According to a May 6th, 2024 report by researcher Rick Claypool of Public Citizen, cryptocurrency is still supporting candidates in eleven primary races.

“After that, we move on to the general election, which, in the event of a narrow majority, means that spending by super PACs can tip the balance of power in Congress.

Additionally, the study from Public Citizen stated that the general election in the United States, which will take place on November 5th will select the winner of all 435 seats in the House of Representatives, 34 seats in the Senate, and the presidency.

“[T]he crypto super PACs should be expected to continue the sleight-of-hand tactic of pushing messages fine-tuned toward their intended outcome – defeating or electing candidates who will prioritize the sector’s interests – while distracting voters from their true purpose.”

The control of key committees within the United States government might have a substantial impact on the progression of legislation and regulations pertaining to encryption and cryptocurrency.