Super PAC Invests $3.7M in Crypto-Friendly Democratic Candidates for 2025 House Races
Summary:
A political action committee (PAC) has funneled $3.7 million into supporting Democratic candidates in Alabama and Texas for the US House of Representatives' 2025 seats. One of the key beneficiaries was Shomari Figures, a candidate for Alabama's 2nd Congressional District, who secured roughly 61% of the votes in an April runoff. Protect Progress Super PAC poured about $1.7 million into Figures' campaign, funded in part by donations from Ripple Labs and Coinbase. Likewise, Julie Johnson's bid for Texas' 32nd Congressional District also received around $1 million from Protect Progress. The US general election on November 5 will determine whether these contributions yield the desired outcomes.
In the battle for seats in the US House of Representatives to commence in 2025, a political action committee (PAC), directed a substantial amount of $3.7 million towards supporting Democratic nominees in Alabama and Texas. The Alabama 2nd Congressional District Democratic run-off, held on April 16, witnessed a victory for Shomari Figures over Anthony Daniels, winning approximately 61% of the vote. Figures is set to compete against Caroleene Dobson of the Republican party in the upcoming general election, slated for Nov. 5.
The Federal Election Commission's (FEC) data reveals that the Protect Progress Super PAC employed about $1.7 million, received from sponsors like Ripple Labs and Coinbase in aiding Figures' campaign from July 2023 till February 2024. As stated by a spokesperson from Protect Progress to Cointelegraph, an additional sum of $950,000 was reported post-February, which was used for acquiring ads supporting Figures and carrying out polling activities.
The Protect Progress Super PAC website underscores its aim to back Democratic candidates who are dedicated to establishing the United States as a haven for innovators who are set to architect the internet's next generation, with an emphasis on blockchain technology. It is linked to the Fairshake Super PAC, notorious for financing attack ads against Katie Porter, the Democratic Senate nominee in California.
The campaign webpage of Figures mentions cryptocurrency as one of the critical issues aiming to foster innovation and technological growth while addressing regulatory issues linked to digital assets. As per the FEC records, Figures’ campaign managed to raise about $400,000, which is merely 14% compared to what Protect Progress contributed to his election campaign.
A Protect Progress spokesperson, Josh Vlasto, commended the efforts and beliefs of Figures in supporting innovation and establishing high-salary jobs for his community as well as Americans nationwide. They expressed their pride in backing leaders like Figures irrespective of political affiliations.
According to FEC records, Protect Progress also funded roughly $1 million for Julie Johnson's campaign to represent Texas’ 32nd Congressional District in the House. Johnson managed to secure 50.4% of the votes to win the local Democratic primary in March, and her campaign raised approximately $1.3 million. Her campaign page voices her support for leading the crypto and blockchain technology's development, while expressing worries about the definitive rules for the industry.
Following the initial electoral outcomes, Faryar Shirzad, the chief policy officer of Coinbase, shared a congratulatory note on X:Source. The upcoming U.S. general election on Nov. 5 will decide the holders of both aforementioned congressional posts, other 433 seats in the House, 34 in the Senate, and the Presidential seat. Various other elections are seen as representations of the government's pro and anti-crypto views, including an election between Massachusetts Senator Elizabeth Warren and attorney John Deaton.
Published At
4/17/2024 10:40:00 PM
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