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Blockchain analyst James Delmore emphasized that Fairshake’s donations to California toss-up districts are crucial for electing pro-crypto candidates, especially since many crypto companies are based in California.
Key Notes
Fairshake donated nearly $29 million in September, with $20 million to two related PACs and $8.8 million to key House races.Fairshake's investments supported candidates in New York, Nevada, Minnesota, and other states, with $6.2 million for Democrats and $2.3 million for Republicans.Crypto-related donations for the 2024 election cycle reached nearly $190 million, with Fairshake contributing over $130 million to congressional races.As the 2024 election approaches its final stages, Fairshake, a leading pro-crypto super PAC, has strategically directed a substantial portion of its donations toward closely contested House races. The donation aims to elevate candidates who support the group’s crypto and blockchain agenda, potentially swaying the balance of power in key districts.
In September, Fairshake donated almost $29 million, according to data from the Federal Election Commission (FEC) released Sunday. Of that sum, $20 million went to two related PACs: $15 million to Defend American Jobs PAC, which supports pro-crypto Republicans, and $5 million to Protect Progress, backing Democrats.
Another $8.8 million was directed to races in critical states like New York, Nevada, and California. The Cook Political Report identifies several of these races as toss-ups, suggesting they could go either way. Southern California Republicans David G. Valadao and Michael Garcia received $1.3 million and $1 million, respectively.
“The Fairshake donations to the California candidates in toss-up districts are important not only to get pro-crypto candidates elected in House seats that could go either way, but also because a lot of crypto companies are still located in California,” noted James Delmore, a blockchain and crypto market analyst.
Fairshake’s Crypto Influence Expands Nationwide
Fairshake’s investments reach beyond California, significantly supporting candidates in New York, Nevada, and Minnesota. Rep. Patrick Ryan (D-NY) received over $1.9 million, Rep. Steven Horsford (D-Nev.) received more than $1.7 million, and Rep. Angela Dawn Craig (D-Minn.) was allocated nearly $1 million. Additional funding also went to candidates in Illinois, Colorado, Oregon, Iowa, and Arkansas, showing the PAC’s broad reach in key House races.
In total, $6.2 million supported Democratic House candidates, while $2.3 million was directed to Republicans. For Senate races, Protect Progress contributed over $10 million to Democrats in Arizona and Michigan, reflecting the PAC’s balanced strategy in promoting a crypto-friendly agenda. Overall, crypto-related donations for the 2024 election cycle have reached nearly $190 million, showcasing the crypto sector’s significant impact on the elections.
Public Citizen’s August report revealed that crypto firms were responsible for almost half of all corporate donations this cycle. Fairshake alone has poured over $130 million into congressional races, including primaries, according to FEC data. Despite this, Delmore noted a recent slowdown, 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 Shape House Elections
Fairshake’s extensive fundraising efforts have yielded over $160 million, with more than $37 million allocated to support House candidates and run opposition ads against Democrat Katie Porter, who was defeated in the California Senate primary. Additionally, $84 million was transferred to Fairshake’s affiliate PACs, amplifying their impact across various races.
The PAC’s focus on House races in states like New York, Nevada, and California is a calculated move to secure seats that could influence future cryptocurrency regulations and policies. By backing candidates who favor crypto-friendly legislation, Fairshake aims to create a legislative environment conducive to the growth and stability of the crypto industry.
As the election draws near, the substantial financial backing from Fairshake and other crypto groups will likely play a decisive role in the tight House races. The outcomes in these districts could determine the legislative direction of cryptocurrency and blockchain policies in the United States, making the support of pro-crypto candidates more critical than ever.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
