Lucía Peña
As the 2024 election nears its conclusion, Fairshake, a prominent pro-crypto super PAC, has funneled a significant amount of donations toward closely contested House races. Their goal is to boost candidates who support crypto and blockchain initiatives, potentially tipping the balance of power in critical districts.
In September, Fairshake contributed almost $29 million, according to data from the Federal Election Commission (FEC) released on Sunday. Of that, $20 million was allocated to two aligned PACs: $15 million went to Defend American Jobs PAC, supporting pro-crypto Republicans, and $5 million to Protect Progress, which backs pro-crypto Democrats.
An additional $8.8 million was directed toward key races in battleground states like New York, Nevada, and California. The Cook Political Report identifies many of these races as toss-ups. In Southern California, Republican candidates David G. Valadao and Michael Garcia received $1.3 million and $1 million, respectively.
James Delmore, a blockchain and cryptocurrency market analyst, commented, “Fairshake’s donations to California candidates in toss-up districts are crucial not only to elect pro-crypto representatives but also because California still hosts a significant number of crypto companies.”
Fairshake’s Influence on Nationwide Elections Fairshake’s reach extends beyond California, heavily backing candidates in New York, Nevada, and Minnesota. For instance, Rep. Patrick Ryan (D-NY) received over $1.9 million, Rep. Steven Horsford (D-Nev.) got more than $1.7 million, and Rep. Angela Dawn Craig (D-Minn.) secured nearly $1 million. Funds also went to other candidates in Illinois, Colorado, Oregon, Iowa, and Arkansas, showing Fairshake’s broad influence across several key House races.
In total, $6.2 million supported Democratic House candidates, while $2.3 million went to Republicans. For Senate races, Protect Progress contributed over $10 million to Democratic candidates in Arizona and Michigan, reflecting a balanced strategy of promoting pro-crypto agendas across party lines. Crypto-related donations for the 2024 election cycle have now approached $190 million, highlighting the growing impact of the crypto sector on U.S. politics.
Public Citizen’s report from August revealed that nearly half of corporate donations this cycle came from crypto firms. Fairshake alone has contributed over $130 million to congressional races, including primaries, according to FEC data. However, Delmore noted a slowdown in recent contributions, with only $1.1 million added in September. This included $800,000 from Consensys, a crypto firm currently facing an SEC lawsuit, and $1,000 from Moonsong Labs CEO Derek Yoo.
Crypto Funds Influence House Elections
Shaping the Future of House Elections Fairshake’s substantial fundraising, amounting to over $160 million, has seen more than $37 million directed toward supporting House candidates and running opposition ads, including those against Democrat Katie Porter, who lost in the California Senate primary. Additionally, $84 million has been transferred to Fairshake’s affiliated PACs, amplifying their influence in key races.
The PAC’s focus on House races in states like New York, Nevada, and California aims to secure seats that could shape future crypto regulations and policies. By backing candidates with crypto-friendly stances, Fairshake seeks to create a legislative environment that promotes the growth and stability of the blockchain and cryptocurrency industries.
As election day approaches, the substantial financial backing from Fairshake and other crypto groups is expected to play a crucial role in determining the outcome of these tight House races. The success of pro-crypto candidates could heavily influence the legislative landscape for cryptocurrencies in the U.S., making these contributions all the more impactful.
