Crypto-Focused Political Action Committee Accumulates Over $100M for 2024 Elections
Summary:
A political action committee (PAC) known as Fairshake and its affiliates have reportedly raised over $100 million to support candidates focused on cryptocurrency for the 2024 U.S federal elections. This funding exceeds that raised by Donald Trump’s ‘Make America Great Again’ PAC. According to a Public Citizen report, crypto could be a decisive factor in tight races, thus receiving substantial support from large crypto firms such as Coinbase and Ripple. With cryptocurrency's increasing role in election campaigns highlighted, the report underlines the ensuing general election's potential impact on crypto-related legislation and policies.
A political group backing contenders for the 2024 federal elections in the United States has reportedly raised over $100 million. Public Citizen issued a report on May 6, stating that the Fairshake Super PAC, along with Defend American Jobs PAC and Protect Progress PAC, have accumulated over $102 million to bolster cryptocurrency-focused candidates for the upcoming 2024 elections. The data was gathered from the unbiased transparency group Open Secrets, which highlighted that these crypto-oriented PACs have gathered more funding than Donald Trump’s ‘Make America Great Again’ PAC.
Fairshake, known for supporting Republican candidates, is recognized for orchestrating a negative ad campaign against Democrat Katie Porter, who is running for a Senate seat in California. On the other hand, Protect Progress endorsed Democratic nominees for two congressional seats in both Alabama and Texas. Both candidates, Shomari Figures and Julie Johnson, triumphed in the primaries and will now compete against Republican nominees in November.
In light of the 2024 elections, prominent cryptocurrency companies, namely Coinbase and Ripple, have made donations to Fairshake and associated PACs, given that cryptocurrency could considerably influence voting decisions. John Deaton, a Republican considered a long-shot by many critics, also enjoys support from numerous crypto enthusiasts as he vies to overthrow Massachusetts Senator Elizabeth Warren.
Rick Claypool, a researcher at Public Citizen, noted in a May 6 post that "Eleven primary races that include crypto-backed candidates remain for 2024." He went on, "Then we direct our focus to the general election, where slim majorities mean that super PAC spending can sway the balance of congressional power."
The report from Public Citizen also pointed out that the crypto-oriented super PACs will likely continue using their tactics of articulating messages aimed at achieving their desired outcomes - electing or defeating candidates catering to the interests of the crypto sector - while diverting voters from their genuine intentions.
The upcoming U.S. general election, which will take place on November 5, will determine the winners for all 435 House of Representatives seats, 34 Senate seats, and the Presidential office. Decisions made on significant committees in the U.S. government could significantly impact the progression of crypto-related legislative and policy matters.
Published At
5/6/2024 9:08:17 PM
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