Crypto Super PACs spend $1.3M on candidates as early voting continues

With many areas of the United States already allowing residents to cast their ballots in the 2024 election, cryptocurrency-backed political action committees (PACs) have reported roughly $1.3 million worth of expenditures to support the campaigns of Democratic and Republican candidates for the House of Representatives.

In an Oct. 17 filing with the Federal Election Commission (FEC), the Fairshake PAC reported spending more than $900,000 in a media buy supporting Democratic Representative Thomas Suozzi for New York’s 3rd Congressional District. The same PAC disclosed it had spent more than $60,000 on a media buy for Democratic Representative Yadira Caraveo for Colorado’s 8th Congressional District.

Money from crypto Super PACs has flooded the 2024 US election season in races that could determine whether Republicans or Democrats control the Senate or House of Representatives in 2025.

Fairshake reported raising more than $169 million in contributions since its launch, which it has used to support candidates through media buys or its affiliate PACs: Defend American Jobs and Protect Progress.

Related: Ripple co-founder donates $1 million in XRP to Harris campaign

Defend American Jobs, which primarily supports Republican candidates, reported on Oct. 17 that it had spent roughly $107,000 each on media buys for Arkansas Representative French Hill, Kentucky Representative Andy Barr, and Michigan Representative Bill Huizenga. Rep. Hill chairs the digital assets subcommittee and has bid to chair the full Financial Service Committee in 2025 if Republicans keep the House.

Crypto in an election year

Millions of dollars from crypto interest groups may have influenced political candidates in the 2024 races, both in their primaries and the general election. 

Though individual donors have the choice of contributing cash or crypto to federal candidates like Republican presidential nominee Donald Trump or US Vice President Kamala Harris’ PAC, much of the funds from crypto-backed PACs like Fairshake are going toward candidates in races for seats in the US Senate and House of Representatives. Many US voters in 2024 have also seen candidates make crypto a central part of their campaigns for the first time.

“What you’re seeing is the upset of an industry that I think from the inside we feel has been really unfairly maligned,” Fireblocks head of legal and compliance, Jason Allegrante, told Cointelegraph, referencing the fallout of crypto exchange FTX. “I think this industry wants nothing more than to have the opportunity to compete with legacy industries.”

Early voting is underway in many US states. The general election will be held on Nov. 5.

Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue