Super Political Action Committee Supporting Cryptocurrencies Loses 29 Million Before 2024 Elections

CoinWorld reported:
As the 2024 US election season approaches its climax, the pro-cryptocurrency super PAC Fairshake is strategically taking investment actions in key House races to support candidates who support its agenda. In September alone, they reported spending nearly $29 million on different candidates.
Donald Trump, the Republican presidential candidate, is leading in the main race.
Data from Polymarket shows that the competition is fierce between him and the Democrat Kamala Harris. As of now, Trump’s chances of winning the 2024 election are over 61%.
Fairshake’s $29 million power play
According to a report, Fairshake donated nearly $29 million in September. However, $20 million of the total amount was allocated to its affiliated PAC, with $15 million being used for the Defend US Jobs PAC, which focuses on cryptocurrency and blockchain policies favored by Republicans. Another $5 million supports “Protect Progress,” which supports Democratic candidates.
The remaining $8.8 million is primarily used for House races in New York, Nevada, and California. These investments are crucial for supporting candidates in swing districts. It is mentioned that Southern California Republicans David G. Valadao and Michael Garcia received $1.3 million and $1 million respectively.
Analysts emphasize the importance of these donations for candidates who support cryptocurrencies, especially in California, where there are many large cryptocurrency companies. It is expected that strong representatives in Congress will shape the future of this industry.
$190 million in cryptocurrency donations drives the 2024 election campaign
Fairshake has donated over $1.9 million to Representative Patrick Ryan (D-NY), over $1.7 million to Representative Steven Horsford (D-Nev.), and nearly $1 million to Representative Angela Dawn Craig (D-Minn.).
The financial impact of the PAC is not limited to just a few states. It has also donated to candidates in Illinois, Colorado, Oregon, Iowa, and Arkansas. Of the donations to House candidates, $6.2 million went to Democrats and $2.3 million went to Republicans.
In this election season, the total amount of political donations from the cryptocurrency industry or those supporting it has reached around $190 million. According to a report by Public Citizen, cryptocurrency companies have provided nearly half of the corporate donations in this cycle.
This year, cryptocurrency groups have contributed over $130 million to congressional campaigns. Meanwhile, Fairshake’s recent fundraising activities have slowed down as it raised only $1.1 million in September, with $800,000 coming from cryptocurrency company Consensys, which has recently been under scrutiny by the US Securities and Exchange Commission.