News report:
The 2024 US election season is approaching its climax, and the pro-cryptocurrency super PAC Fairshake is strategically taking investment actions in key congressional races to support candidates who support its agenda. In September alone, they reported spending nearly $29 million on different candidates.
Republican presidential candidate Donald Trump leads in major competition
Data from Polymarket shows that the competition with Democrat Kamala Harris is highly intense. As of now, Trump’s chances of winning the 2024 election exceed 61%.
Fairshake’s $29 million power play
According to a report, Fairshake donated nearly $29 million in September. However, $20 million of the total amount was allocated to its affiliate PAC, with $15 million going to the Defend US Jobs PAC, which focuses on cryptocurrency and blockchain policies favored by Republicans. An additional $5 million supports “Protect Progress”, which supports Democratic candidates.
The remaining $8.8 million is primarily allocated to congressional races in New York, Nevada, and California. These investments are crucial for supporting candidates in swing districts. It is mentioned that Southern California Republicans David G. Valadao and Michael Garcia received $1.3 million and $1 million respectively.
Analysts emphasize the significance of these donations for candidates supporting cryptocurrencies, especially in California, where many large cryptocurrency companies are located. Strong representatives in Congress are expected to shape the future of this industry.
$190 million in cryptocurrency donations driving the 2024 election battle
Fairshake has donated over $1.9 million to Congressman Patrick Ryan (D-NY), $1.7 million to Congressman Steven Horsford (D-Nev.), and nearly $1 million to Congresswoman Angela Dawn Craig (D-Minn.).
The financial impact of the PAC is not limited to a few states. It has also made donations to candidates in Illinois, Colorado, Oregon, Iowa, and Arkansas. In terms of donations to the House of Representatives, $6.2 million went to Democratic candidates and $2.3 million went to Republicans.
In this election season, political donations from the cryptocurrency industry or in support of the industry have reached approximately $190 million. According to a report by Public Citizen, cryptocurrency companies have provided nearly half of the corporate donations in this cycle.
This year, cryptocurrency groups have invested over $130 million in congressional campaigns. Meanwhile, Fairshake’s recent fundraising activities have slowed down, as they only raised $1.1 million in September, with $800,000 coming from cryptocurrency company Consensys, which has recently attracted the attention of the US Securities and Exchange Commission.
