Crypto Super PACs Spend $1.3M on Candidates During Early Voting

Many parts of the United States have already started allowing residents to cast their ballots in the 2024 elections. Cryptocurrency-backed political action committees (PACs) have reported approximately $1.3 million in spending to support Democratic and Republican candidates for the House of Representatives.

The Fairshake PAC filed a report with the Federal Election Commission (FEC) on October 17, revealing that it had spent over $900,000 on a media buy supporting Democratic Representative Thomas Suozzi for New York’s 3rd Congressional District. Additionally, the PAC disclosed spending more than $60,000 on a media buy for Democratic Rep. Yadira Caraveo for Colorado’s 8th Congressional District.

These crypto Super PACs have injected significant funds into the 2024 US election season, which could determine the balance of power in the Senate or House of Representatives in 2025. Fairshake has raised over $169 million since its inception, using it to support candidates through media buys or affiliated PACs like Defend American Jobs and Protect Progress.

Defend American Jobs, which mainly supports Republican candidates, reported spending approximately $107,000 each on media buys for Arkansas Rep. French Hill, Kentucky Rep. Andy Barr, and Michigan Rep. Bill Huizenga. Rep. Hill could chair the digital assets subcommittee or even the full Financial Service Committee in 2025 if Republicans maintain control of the House.

Millions of dollars from crypto advocacy groups may have influenced political candidates in the 2024 races, both in the primaries and the general election. While individual donors can contribute cash or crypto to federal candidates, a significant portion of funds comes from crypto-backed PACs like Fairshake supporting candidates in Senate and House races.

Early voting is underway in many US states, with the general election scheduled for November 5. The 2024 elections have seen candidates embracing crypto in their campaigns for the first time, reflecting the growing influence of blockchain technology in the political landscape.

SOURCE

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