Fairshake PAC and affiliates raise $102M to support crypto candidates

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A political action committee (PAC) supporting candidates for federal office in the 2024 United States elections has reportedly surpassed $100 million in fundraising.

According to a May 6 report from Public Citizen, the Fairshake Super PAC and its affiliates, Defend American Jobs PAC and Protect Progress PAC, raised more than $102 million to support crypto-focused candidates in 2024. Public Citizen cited data from the nonpartisan transparency group Open Secrets, which reported the crypto-focused PACs raised more than Donald Trump’s ‘Make America Great Again’ political action committee.

Source: Rick Claypool

Fairshake, which has previously backed Republican candidates, was responsible for an attack ad targeting California Senate candidate Katie Porter, a Democrat. Protect Progress backed Democratic candidates for two congressional seats in Alabama and Texas. The two candidates, Shomari Figures and Julie Johnson, won their respective primaries and will face off against Republicans in November.

Related: Super PAC tried to ‘bury a conversation’ on crypto with attack ads — Rep. Katie Porter

Large crypto firms, including Coinbase and Ripple, have donated to Fairshake and its affiliates for the 2024 elections, as crypto could be a deciding factor in tight races. Republican John Deaton, considered a long-shot candidate by many, also has the support of many in the crypto space as he attempts to unseat Massachusetts Senator Elizabeth Warren.

“Eleven primary races that include crypto-backed candidates remain [in 2024],” said Public Citizen researcher Rick Claypool in a May 6 X post. “Then it’s onto the general election, where narrow majorities mean super PAC spending can tip congressional control.”

The Public Citizen report added:

“[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 U.S. general election on Nov. 5 will determine the winner 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 moving crypto-related legislation and policies forward.

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