As a researcher with a background in political finance, I find this development extremely intriguing. The fact that a political action committee (PAC) focused on crypto-backed candidates has reportedly surpassed $100 million in fundraising for the 2024 United States elections is a significant indication of the growing influence of the cryptocurrency sector in American politics.
A PAC advocating for federal election candidates in the 2024 US elections has apparently raised over $100 million in donations.
Based on a May 6th report by Public Citizen, the Fairshake Super PAC and its affiliated groups, Defend American Jobs PAC and Protect Progress PAC, collectively amassed over $102 million in funds for backing crypto-aligned political candidates in 2024. Open Secrets, a non-partisan transparency organization, provided the data, indicating that this amount surpassed Donald Trump’s ‘Make America Great Again’ PAC’s fundraising total.
Previously supported by Fairshake, a group known for backing Republican candidates, an incisive attack ad was released against Democratic California Senate hopeful Katie Porter. In contrast, Protect Progress, a supporter of Democratic political aspirants, funded the campaigns of Shomari Figures and Julie Johnson for two congressional seats in Alabama and Texas respectively. Both Democrats triumphed in their primaries, gearing up for November confrontations against Republican opponents.
As a crypto investor, I’ve noticed that prominent players in the industry, such as Coinbase and Ripple, have contributed generously to Fairshake and its allies for the upcoming 2024 elections. Their support underscores the potential influence of cryptocurrencies in closely contested races. Furthermore, underdog Republican candidate John Deaton has garnered significant backing from the crypto community as he aims to challenge Massachusetts Senator Elizabeth Warren.
“Eleven primary contests featuring candidates backed by cryptocurrencies are still ongoing in 2024, according to Public Citizen researcher Rick Claypool in a May 6 post. After that, the general election will determine the winner, with small margins potentially influencing significant spending by super PACs to decide congressional control.”
The Public Citizen report added:
“[T]he crypto super PACs should be expected to continue the sleight-of-hand tactic of pushing messages fine-tuned toward their intended outcome – defeating or electing candidates who will prioritize the sector’s interests – while distracting voters from their true purpose.”
In the upcoming U.S. general election on November 5th, voters will decide the outcomes for all 435 seats in the House of Representatives and 34 seats in the Senate, as well as electing the President. The victors of these elections will have the power to influence the formation of crucial committees within the U.S. government. This control could significantly shape the progression of crypto-related legislation and policies.
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2024-05-06 21:24