As a researcher with a background in political science and a keen interest in technology, I find myself deeply troubled by the influence of cryptocurrency-backed PACs in the 2024 primaries. Having spent years studying the impact of special interest groups on elections, I can attest that their role in shaping electoral outcomes is not only disconcerting but also alarmingly skewed towards those with deep pockets.
Pennsylvania Representative Summer Lee fiercely denounced Political Action Committees (PACs) that support cryptocurrencies, as they have been known to fund advertisements attacking candidates during the 2024 primary elections, frequently with no connection to digital currencies as the underlying issue.
At a virtual gathering on October 24 organized by Public Citizen and Americans for Financial Reform, Representative Lee criticized the power and manipulation wielded by influential lobbying organizations such as political action committees (PACs) within the cryptocurrency sector, which are suspected of attempting to sway candidates running for reelection in 2024.
The Pennsylvania lawmaker asserted that funds from the digital currency sector were allegedly employed to mute those representatives who were striving to keep them in check.
Rep. Lee stated, “With enough money, you can manipulate the discussion.” He pointed out what happened to his associates Cori Bush and Jamaal Bowman. They were a nurse and a principal, respectively. In their races, crypto Political Action Committees (PACs) spent over $3 million with the intention of ousting them. Unfortunately, some of the most influential voices in Congress were silenced as a result.
She added:
“It’s about keeping regular people out and letting the big players take over, and crypto knows this. They know regular people can’t go up, against, over $134 million in spending in one cycle. They’re exploiting the system, and they’re obscuring what their actual interests are in these races.”
In his statements, Rep. Lee mentioned the activities of the Fairshake Political Action Committee (PAC). This group invested in media campaigns that were against Bowman, a representative for New York’s 16th Congressional District, and Bush, a representative from Missouri’s 1st Congressional District. These Democratic candidates faced primary elections in June and August, and they ultimately lost their races. The Fairshake PAC spent over $3 million collectively on these two political contests.
CryptoMoon attempted to contact Fairshake for a statement, however, no reply was received before the article went live.
In August, following Rep. Bush’s defeat in the primary, Josh Vlasto from Fairshake stated that the Missouri representative was a “cryptocurrency skeptic, backed by Elizabeth Warren.” This implies that the cryptocurrency sector tends to support political figures who align with their interests.
Rep. Lee stated, “We’re not suggesting that people or industries with specific interests should be excluded from our democracy. Instead, we believe their influence should not dominate. Their impact should not be disproportionately large.
At the Permissionless conference on October 10, as reported by CryptoMoon, Texas Blockchain Council President Lee Bratcher stated that the involvement of Political Action Committees (PACs) in crypto and the financing of campaigns by industry leaders is simply a reflection of “how democracy functions.
Bratcher stated that people are coming to understand that investing funds grants access and opportunity for education of elected officials, which is reminiscent of market dynamics. Essentially, he implies that if you want to educate someone effectively, you must allocate time for it. To gain this time, one needs to play a significant role in their campaign.
12 days until the US election — money is still flowing
As a researcher, I’ve noticed that numerous Crypto Super PACs are consistently disclosing their spending, either in favor of or against candidates, amidst the ongoing 2024 election season. Simultaneously, millions of American voters are already casting their ballots through early voting.
As a crypto investor, I’ve taken note that the balance of power in both the House of Representatives and the Senate could shift significantly following the upcoming crucial congressional elections. On October 17th, my organization, Fairshake, along with our affiliate Defend American Jobs, reported spending $1.3 million to back candidates across five different states to the Federal Election Commission. This investment reflects my commitment to influencing the political landscape in a way that aligns with my values and beliefs as an investor.
As Election Day on November 5 approaches, the PAC is persisting in making media purchases. Specifically, Fairshake invested over $1.8 million to bolster the campaign of California’s Representative Young Kim and nearly $800,000 for Texas’ Representative Monica De La Cruz Hernandez.
In a recent report, fellow affiliate Fairshake’s branch, Protect Progress, revealed purchases of media ads that backed Virginia Representative Suhas Subramanyam and California Representative Rohit Khanna.
Despite most political action committees (PACs) related to cryptocurrencies focusing their media investments on congressional elections, the US presidential race between Democrat Kamala Harris and Republican Donald Trump is not completely untouched. In October, the Bitcoin Voter PAC financed ad placements advocating for Trump and Senate candidates in Texas and Pennsylvania.
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2024-10-25 00:03