Main Points:
- Fair Shake Super PAC and its affiliates are investing heavily in U.S. congressional elections, supporting candidates favorable to cryptocurrency and blockchain regulation.
- Over $6.9 million was spent on media production for congressional races in Colorado, North Carolina, Iowa, and Alaska.
- $1.9 million was allocated to support Democrat Mary Peltola in Alaska’s 1st District, and $900,000 was used for Republican Zach Nunn in Iowa’s 3rd District.
- An additional $6.7 million was spent by Protect Progress, mainly supporting Democratic Senate candidates in Arizona and Michigan.
- Fair Shake has raised over $169 million from major cryptocurrency firms like Ripple and Coinbase, emphasizing bipartisan support for pro-crypto candidates.
Cryptocurrency’s Growing Political Influence
As the 2024 U.S. elections approach, cryptocurrency-related entities are ramping up their political spending, particularly through special political action committees (Super PACs). Among them, Fair Shake and its affiliate Protect Progress have taken the lead by investing substantial funds in supporting congressional candidates who show favorable positions on cryptocurrency and blockchain technology. This article explores the role of cryptocurrency in U.S. elections and how these Super PACs are influencing political campaigns across several key states.
Fair Shake PAC’s Focus on Key Congressional Races
According to documents submitted to the Federal Election Commission (FEC) on September 5, 2024, Fair Shake has committed over $6.9 million in media buys and production aimed at promoting candidates in key U.S. House races. This funding is directed toward four states—Colorado, North Carolina, Iowa, and Alaska—targeting both Democratic and Republican candidates.
In Alaska, Fair Shake allocated approximately $1.9 million to support Democrat Mary Peltola in the state’s 1st District. In Iowa, they provided $900,000 to Republican Zach Nunn in the 3rd District. Additionally, Democrat Don Davis in North Carolina’s 1st District received $2.2 million, while Yadira Caraveo from Colorado’s 8th District received $1.9 million.
Fair Shake’s strategic spending is part of a broader plan revealed in August, aiming to spend an average of $1 million per district across 18 districts. Many of the candidates supported by Fair Shake have backed or co-sponsored pro-cryptocurrency legislation in Congress. Notably, Don Davis participated in a virtual town hall event supporting cryptocurrency as part of the broader strategy leading up to the 2024 presidential election.
Protect Progress PAC’s Focus on the U.S. Senate
In parallel, Protect Progress has focused its efforts on Senate races in Arizona and Michigan, where the group has reported spending over $6.7 million to support Democratic candidates. In Arizona, they allocated $3.5 million to back Ruben Gallego in the Senate race, while $3.2 million was directed to help Elissa Slotkin in Michigan’s Senate contest.
These expenditures underline the growing influence of cryptocurrency in shaping not only the House of Representatives but also the U.S. Senate. The Protect Progress PAC is mainly aligned with Democratic candidates who have expressed interest in balanced regulatory frameworks for cryptocurrencies.
Cryptocurrency’s Role in U.S. Elections
This growing influence of cryptocurrency in U.S. elections is indicative of the broader bipartisan agreement regarding the role of cryptocurrency and blockchain in the future economy. Josh Vlast, a spokesperson for Fair Shake, stated in August that cryptocurrency and blockchain technology are recognized as critical elements of the future economy. Vlast emphasized Fair Shake’s commitment to working with industry leaders and Congress to pass responsible regulatory frameworks.
Fair Shake’s involvement in the U.S. election isn’t new, as they have previously supported pro-cryptocurrency candidates during party primaries. What stands out, however, is their increased financial involvement in this election cycle. Their strategy often includes negative ad campaigns targeting anti-cryptocurrency candidates without directly mentioning crypto or blockchain technology, instead focusing on other issues to sway voters.
Cryptocurrency Firms Fuel Super PACs
The cryptocurrency industry has demonstrated substantial support for these political efforts. According to reports, Fair Shake and its affiliates have raised over $169 million from major industry players, including Ripple and Coinbase. This funding highlights the commitment of these companies to ensuring that candidates supporting the development of cryptocurrency and blockchain technology gain traction in Congress.
Other Super PACs have also emerged, such as the Commonwealth United Fund, backed by cryptocurrency industry leaders like Cameron and Tyler Winklevoss, co-founders of Gemini. This PAC is supporting Republican Senate candidate John Deaton in Massachusetts, where Deaton will face off against Senator Elizabeth Warren in November.
Cryptocurrency’s Impact on Political Campaigns
The involvement of cryptocurrency in the U.S. political landscape reflects the sector’s increasing need for regulatory clarity and favorable policies. Super PACs like Fair Shake and Protect Progress are crucial instruments in shaping the future of U.S. legislation regarding cryptocurrency and blockchain. With over $14 million already invested in supporting pro-cryptocurrency candidates, the 2024 elections will likely have a profound impact on the direction of U.S. policy toward digital assets.
The significant fundraising efforts and targeted campaigns by these Super PACs underline the cryptocurrency industry’s proactive stance in ensuring that its interests are well-represented in Congress. As elections draw nearer, we can expect continued investment and strategic efforts to sway key races, potentially reshaping the U.S. regulatory landscape for cryptocurrency.
