Pro-Crypto Super PAC drops $29M ahead of 2024 Elections

The 2024 US election season nears its climax and the pro-crypto super PAC Fairshake is strategically making its investing moves in Key House races to back candidates who support their agenda. In September alone, they have reported spending nearly $29 million over different candidates.

Republican US Presidential candidate, Donald Trump, is leading the main race comfortably against Democrat Kamala Harris, shows the Polymarket data. Trump holds over 61% odds of winning the 2024 elections, as of now.

Fairshake’s $29M power play

According to a report, Fairshake contributed nearly $29 million in September. However, $20 million out of the total amount was allocated to affiliated PACs with $15 million aimed at the Defend American Jobs PAC, which focuses on crypto and blockchain policies favored by Republicans. The other $5 million supports Protect Progress, backing Democratic candidates.

The remaining $8.8 million was primarily directed toward House races in New York, Nevada, and California. These investments are crucial for supporting candidates in toss-up districts. It mentioned that Southern California Republicans David G. Valadao and Michael Garcia had received $1.3 million and $1 million, respectively.

Analysts have highlighted the importance of these donations for pro-crypto candidates and that too in California, where many big crypto companies are based. Strong representation in Congress is expected to shape the future of the industry.

$190M crypto donations fuel 2024 election battles

Fairshake has already donated over $1.9 million to Rep. Patrick Ryan (D-NY), $1.7 million to Rep. Steven Horsford (D-Nev.), and nearly $1 million to Rep. Angela Dawn Craig (D-Minn.). 

The PAC’s financial impact isn’t limited to just a limited to few states. It has also made contributions went to candidates in Illinois, Colorado, Oregon, Iowa, and Arkansas. Out of their House donations, $6.2 million has gone to Democratic candidates and $2.3 million to Republicans.

The total political donations from or supporting the crypto industry in this election season have reached around $190 million. According to a report by Public Citizen, crypto firms have made nearly half of all corporate donations this cycle. 

Crypto groups have funneled more than $130 million into congressional races this year. Meanwhile, Fairshake’s recent fundraising saw a slowdown as it raised only $1.1 million in September. $800K came from crypto firm Consensys which recently came under in the SEC’s spotlight.