Top Crypto PAC Targets Close House Races as 2024 Election Reaches Final Stages

As the 2024 election hits the final stretch, the pro-cryptocurrency super PAC Fairshake has ramped up efforts to influence key House races, investing significant resources in swing districts. With close contests across California, New York, and Nevada, Fairshake is aiming to push crypto-friendly candidates over the top to shape policy decisions that will impact the blockchain and cryptocurrency industry. In September alone, Fairshakce disbursed nearly $29 million, making it one of the top political contributors of this election cycle.

Fairshake’s Major Donations Targeting Swing Districts

Fairshake, a prominent cryptocurrency and blockchain policy advocate, has been one of the largest spenders in the 2024 election cycle. According to recent Federal Election Commission (FEC) data, Fairshake disbursed $29 million in September, with $20 million of that amount funneled to two affiliate PACs: $15 million to the Defend American Jobs PAC, which primarily supports Republican candidates with a pro-crypto stance, and $5 million to Protect Progress, which is focused on backing pro-crypto Democratic candidates.

The remaining $8.8 million from Fairshake’s September expenditures was primarily targeted at House races in New York, Nevada, and California. Notably, Southern California Republican candidates David G. Valadao and Michael Garcia received $1.3 million and $1 million, respectively, as they face tight races to retain their seats. The Cook Political Report considers these districts toss-ups, making the contributions even more crucial.

Crypto Industry’s Stakes in California Politics

“California needs all of the pro-crypto politicians they can get,” said James Delmore, a crypto market and blockchain analyst. California remains a significant hub for cryptocurrency companies, making the stakes high to ensure favorable representatives occupy key political seats. Fairshake’s donations to candidates in this critical state reflect the industry’s ambition to solidify California as a pro-crypto landscape amidst increasing scrutiny.

Breakdown of Fairshake’s September Contributions

According to FEC data compiled by James Delmore and verified by CNBC, Fairshake’s contributions in September didn’t just go to California candidates. The PAC also gave $1.9 million to Rep. Patrick Ryan (D-NY), $1.7 million to Rep. Steven Horsford (D-Nev.), and almost $1 million to Rep. Angela Dawn Craig (D-Minn.). In total, $6.2 million went to Democratic candidates and $2.3 million to Republicans, illustrating a more balanced approach than past cycles.

Senate Campaign Contributions

The Protect Progress affiliate PAC also significantly influenced Senate races. In the September window, it contributed over $10 million apiece to Democrats running for Senate in Arizona and Michigan, demonstrating Fairshake’s commitment to influencing higher-level legislative bodies where future crypto legislation could take shape.

Crypto Industry Donations Reach New Heights

In total, crypto industry donations for the 2024 election cycle have reached around $190 million, with the Fairshake PAC alone disbursing over $37 million to various House races and for ad campaigns against specific candidates, such as Democrat Katie Porter, who lost her bid in the California Senate primary. Over $84 million was transferred to Fairshake’s affiliated PACs during this election cycle. Crypto companies are eager to influence policy, given the domestic and international regulatory hurdles.

A report from Public Citizen in August found that crypto companies accounted for almost half of all corporate donations made this election cycle, illustrating the industry’s increased efforts to sway legislative outcomes. Fairshake’s commitment to funding Democrats and Republicans speaks to a broader strategy of ensuring favorable voices are heard on both sides of the aisle.

Future Prospects and Financial Backing

Fairshake added $1.1 million to its funds in September, primarily through contributions from crypto companies, including $800,000 from Consensys, which was embroiled in a lawsuit with the SEC in June. Moonsong Labs CEO Derek Yoo also contributed, albeit in a smaller capacity. Despite the recent tepid donations, Fairshake has raised over $160 million, positioning itself as a significant player in crypto political advocacy.

Conclusion

The 2024 election marks a pivotal moment for the cryptocurrency industry. With over $130 million spent on congressional races and a strategic focus on swing House districts, Fairshake and other crypto-backed PACs are playing a crucial role in shaping the future of crypto-friendly legislation in the U.S. As election day approaches, the influence of Fairshake’s contributions in crucial districts across California, Nevada, and New York will be critical in determining whether pro-crypto candidates can secure seats that influence future blockchain and cryptocurrency policies.