In the 2024 United States elections, a political action committee (PAC) supporting federal office candidates has reportedly surpassed $100 million in fundraising. According to a May 6 report by Public Citizen, the Fairshake Super PAC and its affiliates, Defend American Jobs PAC and Protect Progress PAC, have raised over $102 million to support crypto-focused candidates in 2024.
What’s Happening in the Presidential Elections?
Public Citizen, a non-partisan transparency group, reported that crypto-focused PACs have raised more money than Donald Trump’s Make America Great Again political action committee.
Previously supporting Republican candidates, Fairshake was responsible for an attack ad targeting Democratic candidate for the California Senate, Katie Porter. Protect Progress supported Democratic candidates for two congressional seats in Alabama and Texas. The two candidates, Shomari Figures and Julie Johnson, won their primaries and will face Republicans in November.
Major cryptocurrency firms, including Coinbase and Ripple, have donated to Fairshake and its affiliates for the 2024 elections, citing cryptocurrency as a potential decisive factor in competitive races.
Presidential Elections and the Crypto Sector
Seen by many as a long-shot candidate, Republican John Deaton is trying to unseat Massachusetts Senator Elizabeth Warren while also gaining significant support in the crypto space. Public Citizen researcher Rick Claypool mentioned in his May 6 post:
“Eleven primary races involving crypto-backed candidates are ongoing. Then, there are the general elections where narrow majorities mean super PAC spending could influence congressional control.”
The Public Citizen report also stated:
“Crypto super PACs are expected to continue their sleight of hand tactic of delivering finely tuned messages that distract voters from their real intentions while prioritizing candidates who will advance the industry’s interests.”
The general elections on November 5 will determine the winners of all 435 seats in the House of Representatives, 34 in the Senate, and the presidency. Control of critical committees in the U.S. government could significantly impact the advancement of legislation and policies related to cryptocurrency.
