The super PAC and its two affiliates have supported crypto-focused candidates across party lines.
A political action committee dedicated to supporting candidates solely through its independent activities has raised over $100 to support crypto candidates in upcoming US elections.
According to a Monday report from Public Citizen, the Fairshake Super PAC, and its affiliates raised over $100 million to support crypto-focused candidates in 2024, surpassing fundraising by Donald Trump’s ‘Make America Great Again’ political action committee, as reported by the nonpartisan transparency group Open Secrets.
Contributions of Major Crypto Players
Fairshake enables blockchain innovators to expand their networks and promote the growth of the open blockchain economy in the United States.
Major crypto companies like Coinbase and Ripple have contributed to Fairshake and its affiliates for the 2024 elections, which recognize the potential influence of crypto in close races. Additionally, Republican candidate John Deaton, seen as an underdog, enjoys significant backing from the crypto community in his bid to challenge Massachusetts Senator Elizabeth Warren.
On September 22, 2023, Coinbase CEO Brian Armstrong donated $1 million to Fairshake. He also noted that other major firms are coming together to donate in a bid to increase the PAC to over $50 million.
Interestingly, Public Citizen researcher Rick Claypool highlighted eleven primary races in 2024 featuring candidates supported by crypto interests. Afterward, the focus shifts to the general election, where slim margins create opportunities for super PAC spending to influence congressional outcomes.
“The 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,” Claypool said.
The upcoming U.S. general election on November 5 will decide the winners for all 435 House of Representatives seats, 34 Senate seats, and the Presidency. Control of key committees in the U.S. government will significantly advance crypto-related legislation and policies.
