As a seasoned researcher who has closely followed the evolving intersection of politics and technology, I find the growing influence of cryptocurrency-backed PACs in the 2024 U.S. election particularly intriguing. With my background in both political science and tech innovation, I’ve witnessed firsthand how these two worlds can converge to shape our democratic processes.
In several parts of the United States, people can already vote in the 2024 election. Notably, political action committees (PACs) that accept cryptocurrency donations have reported approximately $1.3 million in spending to boost the campaigns of both Democratic and Republican candidates for the House of Representatives.
On October 17, the Fairshake Political Action Committee (PAC) informed the Federal Election Commission (FEC) that they had invested over $900,000 on a media campaign to back Democratic Representative Thomas Suozzi for New York’s 3rd Congressional District. Additionally, this same PAC revealed spending over $60,000 on a media campaign for Democratic Representative Yadira Caraveo in Colorado’s 8th Congressional District.
2024 U.S. election campaigns, especially those influencing the balance of power in the Senate and House of Representatives for 2025, have received an overwhelming influx of funds from Political Action Committees (PACs) that deal with cryptocurrencies.
Fairshake has amassed over $169 million in donations since its debut, funding political endorsements via media purchases or affiliated PACs such as Defend American Jobs and Protect Progress.
On October 17th, Defend American Jobs disclosed that they had invested approximately $107,000 in media advertising for Representatives French Hill of Arkansas, Andy Barr of Kentucky, and Bill Huizenga of Michigan. Notably, Rep. Hill heads the digital assets subcommittee and aims to chair the entire Financial Services Committee in 2025 if Republicans maintain control of the House.
Crypto in an election year
In the 2024 elections, it’s possible that numerous political candidates received significant financial support from crypto-related interest groups during both their primary and general campaigns.
While donors can opt to give either cash or cryptocurrency directly to federal candidates such as Donald Trump (Republican presidential nominee) or Kamala Harris (US Vice President), a significant portion of funds from crypto-focused PACs like Fairshake are being channeled towards Senate and House of Representatives election campaigns. Additionally, in the 2024 elections, many American voters will encounter candidates who have integrated cryptocurrency as a major component of their campaigns for the very first time.
Jason Allegrante, Fireblocks’ head of legal and compliance, expressed to CryptoMoon that what we’re witnessing is a struggling industry they believe has faced undeserved criticism. He added that this industry yearns for the chance to match up against established industries.
Early voting is underway in many US states. The general election will be held on Nov. 5.
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2024-10-18 23:15