Fairshake PAC and partners raise $102M to support crypto candidates
A political action committee (PAC) supporting candidates for federal office in the 2024 United States election has reportedly surpassed $100 million in fundraising.
According to a May 6 report from Public Citizen, Fairshack's super PAC and its partners, American Jobs PAC and Protect Progress PAC, have raised more than $102 million to support crypto-focused candidates in 2024. Open Secrets reports that crypto-focused PACs have raised more than Donald Trump's ‘Make America Great Again' political action committee.
Fairshak, who previously supported Republican candidates, was responsible for an attack ad targeting California Senate candidate Kathy Porter, a Democrat. They are increasingly supporting Democratic candidates for two congressional seats in Alabama and Texas. Two candidates, Shomari Image and Julie Johnson, won their respective primaries and will face Republicans in November.
Related: Super PAC tries to ‘bury a conversation' on crypto with attack ads – Rep. Katie Porter
Major crypto firms, including Coinbase and Ripple, have donated to Fairshack and his allies for the 2024 election. Republican John Deaton, considered by many to be a long-term candidate, has gained the support of many in the crypto space as he tries to unseat Massachusetts Senator Elizabeth Warren.
“There are eleven primaries remaining that include crypto-backed candidates [in 2024]Public Citizen researcher Rick Claypool said in a May 6 X post. “Then it's down to the general election, where narrow majorities mean super PAC spending can help control Congress.”
The Citizen Report adds:
“[T]He said crypto super PACs should be expected to continue their winning strategy of distracting voters from their real purpose by pushing messages well – defeating or electing candidates who prioritize the interests of the sector.
The November 5th US general election will determine the winner of the 435 seats up for grabs in the House of Representatives, 34 in the Senate and the presidency. Oversight of critical committees within the US government can have a significant impact on moving crypto-related laws and policies forward.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
