50 days until US election, crypto Super PAC pours $7.8M into Senate races

The Protect Progress political action committee (PAC) has spent roughly $7.8 million to support Democratic candidates for the United States Senate races in Arizona and Michigan.

According to a Sept. 14 filing with the Federal Election Commission, the Super PAC spent roughly $4.1 million on a media buy for Arizona Representative Ruben Gallego, who is running to represent the state in the US Senate starting in 2025. Protect Progress also reported spending more than $3.7 million on a media buy for Representative Elissa Slotkin for a US Senate seat in Michigan.

Protect Progress, an affiliate of the crypto-backed Super PACs Fairshake and Defend American Jobs, has spent more than $6.9 million to support Rep. Slotkin’s 2024 run and more than $7.6 million on Rep. Gallego’s race. The three PACs combined have poured millions into supporting and opposing congressional candidates in primary and general elections.

Close elections 

Though US Election Day is on Nov. 5, Arizona and Michigan both allow early voting on Oct. 9 and 26, respectively. According to some September polls, Rep. Gallego is leading far-right Republican Kari Lake by four to six points going into the election. Rep. Slokin also leads Republican Mike Rogers by roughly five points.

Fairshake spokesperson Josh Vlasto said in August that the crypto Super PAC intended to support candidates on both sides of the aisle who were committed to working with the crypto industry “to pass responsible regulation.” Depending on the outcome of the elections, control of the US House of Representatives, the Senate, and the Presidency could change hands in 2025.

Backed by crypto firms and executives, primarily Ripple and Coinbase, Fairshake reported raising more than $169 million for the 2024 election cycle. Its expenditures may have already influenced voters in primary elections. 

Related: Congressional elections critical for crypto’s future in the US

Democrat Yassamin Ansari, backed by more than $1.3 from Protect Progress for a run in Arizona’s 3rd Congressional District, won her primary election by only 39 votes after a mandatory recount in August. Rep. Katie Porter lost a nonpartisan primary for a US Senate seat in California in March. Fairshake spent roughly $10 million on attack ads targeting Porter.

Other PACs backed by crypto industry leaders are focused on specific races rather than national efforts. The Commonwealth United Fund funded media buys supporting Republican John Deaton for a US Senate run in Massachusetts. Deaton won his primary and will face off against incumbent Senator Elizabeth Warren in November.

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