A Political Action Committee (PAC) has allocated a substantial amount of $3.7 million to support Democratic candidates in Alabama and Texas for the upcoming race for seats in the United States House of Representatives in 2025.
In the Democratic runoff on April 16 for Alabama’s 2nd Congressional District, Shomari Figures emerged victorious, defeating Anthony Daniels with approximately 61% of the votes. Figures is now expected to go head-to-head with Republican Caroleene Dobson in the general election scheduled for November 5.
According to data from the Federal Election Commission (FEC), the Protect Progress Super PAC utilized around $1.7 million in donations, including contributions from Coinbase and Ripple Labs, to aid Figures’ campaign between July 2023 and February 2024. A spokesperson from Protect Progress informed Cointelegraph that an additional $950,000 was reported after February, and these funds were used to purchase advertisements supporting Figures and conduct polling.
The Super PAC’s website explicitly states that it “supports Democratic candidates committed to securing the United States as the home to innovators building the next generation of the internet,” with a particular focus on promoting blockchain technology. This group is affiliated with the Fairshake Super PAC, which previously funded attack ads targeting Democratic Senate candidate Katie Porter in California.
Figures’ campaign website highlights cryptocurrency as one of his key issues, emphasizing efforts to “stimulate innovation and technological advancement” while addressing regulatory concerns related to digital assets. According to FEC records, Figures’ campaign raised approximately $400,000, which accounts for 14% of the total contribution made by Protect Progress to his election bid.
“Shomari believes in working together to support innovation and create good paying jobs for his community and all Americans,” stated Josh Vlasto, a spokesperson for Protect Progress, in an interview with Cointelegraph. “We are proud to support leaders like Shomari on both sides of the aisle.”
The FEC records also revealed that Protect Progress allocated roughly $1 million to support Julie Johnson’s campaign for Texas’ 32nd Congressional District. Johnson won the Democratic primary in her locality with 50.4% of the votes in March and managed to raise approximately $1.3 million for her campaign.
Johnson’s campaign website emphasizes the need for the U.S. to take the lead in the development of cryptocurrency and blockchain technology while expressing concerns about the need for “clear rules of the road” for the industry. Following the primary election results, Faryar Shirzad, Coinbase’s chief policy officer, posted a congratulatory message on X.
The general election on November 5 will determine the winners of the aforementioned congressional seats, as well as the other 433 seats in the House of Representatives, 34 seats in the Senate, and the Presidency. These elections seem to reflect the varying pro- and anti-crypto perspectives within the government, including the race between Massachusetts Senator Elizabeth Warren and lawyer John Deaton.
Opinion: Republicans who strongly support cryptocurrency are almost as concerning as the “anti-crypto army” within the Democratic Party.