Fairshake PAC and its affiliated groups generate $102M in funding to back candidates in the cryptocurrency field.

A political action committee (PAC) supporting candidates for federal office in the 2024 United States elections has reportedly exceeded $100 million in fundraising, according to a report from Public Citizen on May 6. The Fairshake Super PAC and its affiliated PACs, Defend American Jobs PAC and Protect Progress PAC, have raised over $102 million to back candidates with a focus on cryptocurrency in the upcoming elections. Data from the nonpartisan transparency group Open Secrets revealed that the crypto-focused PACs raised more funds than Donald Trump’s ‘Make America Great Again’ political action committee. Fairshake, which has previously supported Republican candidates, recently launched an attack ad against Democratic Senate candidate Katie Porter in California. Protect Progress, on the other hand, supported Democratic candidates in Alabama and Texas who won their respective primaries and will compete against Republicans in November. Major crypto firms like Coinbase and Ripple have made donations to Fairshake and its affiliates for the 2024 elections, as the crypto industry could potentially play a crucial role in tight races. Furthermore, Republican candidate John Deaton, who is seen as an unlikely contender by many, has garnered support from the crypto community as he seeks to unseat Massachusetts Senator Elizabeth Warren. Public Citizen researcher Rick Claypool stated that there are still eleven primary races in 2024 that involve crypto-backed candidates, after which the focus will shift to the general election where super PAC spending can have a significant impact on congressional control due to narrow majorities. The report from Public Citizen also highlighted that the outcome of the U.S. general election on November 5 will determine the winners of all 435 seats in the House of Representatives, 34 seats in the Senate, and the Presidency. The control of critical committees in the U.S. government could greatly influence the advancement of crypto-related legislation and policies. The proposed crypto regulations in the U.S. are being driven by lawmakers’ fear and uncertainty, according to a recent article.