Pro-crypto Super PAC backs winners of Democratic primaries for House seats

A Political Action Committee (PAC) invested $3.7 million in supporting Democratic candidates aiming to secure seats in the US House of Representatives from Alabama and Texas, effective 2025.

On April 16, Shomari Figures secured about two-thirds of the votes in the Democratic runoff election for Alabama’s 2nd Congressional District against Anthony Daniels. In the upcoming general election on November 5, Figures is set to challenge Republican candidate Caroleene Dobson.

Based on Federal Election Commission (FEC) figures, Protect Progress Super PAC spent approximately $1.7 million from donations such as Coinbase and Ripple Labs towards Figures’ campaign between July 2023 and February 2024. A Protect Progress representative shared with CryptoMoon that an extra $950,000 was reported post-February. These funds were utilized for purchasing advertisements endorsing Figures and conducting polls.

The Protect Progress website explains that the Super PAC they refer to champions Democratic candidates who are dedicated to making the US a hub for inventors creating the future of the internet, with a focus on blockchain technology. This organization is connected to Fairshake Super PAC, which previously financed adversional campaigns against California’s Democratic Senate nominee Katie Porter.

The candidate’s campaign site mentioned cryptocurrency as an issue to foster innovation and technological progression, and deal with regulatory hurdles concerning digital currencies. As per the FEC, approximately $400,000 was gathered by the Alabama contender’s campaign – 14% of what Protect Progress donated towards his election fund.

“Shomari is committed to collaborating for the advancement of innovation and providing decent employment opportunities for his local community and fellow Americans,” shared Josh Vlasto from Protect Progress with CryptoMoon. “We are pleased to back leaders like Shomari, regardless of party affiliation.”

Protect Progress, as indicated by FEC records, spent approximately $1 million to boost Julie Johnson’s campaign for Texas’ 32nd Congressional District seat in the House. In the local Democratic primary held in March, Johnson secured a victory with slightly over half of the votes (50.4%). Simultaneously, she managed to collect around $1.3 million in campaign funds.

The campaign site of her candidate advocated that the US should take the helm in advancing crypto and blockchain technology, yet emphasized the need for well-defined regulations for this sector. After the primary election outcomes, Faryar Shirzad, Coinbase’s chief policy officer, extended congratulations on platform X.

Pro-crypto Super PAC backs winners of Democratic primaries for House seats

In simple terms, the U.S. general election on November 5 will decide the winners for not only the two contested congressional seats but also for the 435 seats in the House of Representatives, 34 seats in the Senate, and the Presidency. Moreover, various elections are reflecting opposing perspectives towards cryptocurrencies within the government, such as the ongoing contest between Massachusetts Senator Elizabeth Warren and lawyer John Deaton.

Read More

2024-04-17 22:59