Crypto PAC Fairshake Raised $29M Ahead of Fierce Political Race

Key Points:

• The crypto PAC Fairshake spent nearly $29 million in September, making it one of the top election cycle spenders.
• Fairshake allocated $20 million to two affiliated PACs, with $15 million going to the pro-Republican Defend American Jobs PAC and $5 million to Democrat-supporting Protect Progress.

According to CNBC, crypto PAC Fairshake spent nearly $29 million this September, recent Federal Election Commission data shows, setting it among the top spenders across industries in the current election cycle.

Read more: Corporate Crypto Donations Dominate 48% Of 2024 Election Funds\

Crypto PAC Fairshake Spends $29 Million in September Election Push

Crypto PAC Fairshake spent $20 million of its September total on two affiliated PACs: Defend American Jobs PAC, which got $15 million and Protect Progress, which was handed $5 million.

The Defend American Jobs PAC centres its efforts on cryptocurrency and blockchain policy, with most of its funding going toward backing Republican candidates. Protect Progress, by contrast, has funded only Democratic candidates so far. These grants may reflect Fairshake‘s broad strategy of affecting both sides of the aisle.

The rest of $8.8 million was spent on a variety of closely contested House races, especially in hotly contested states such as New York, Nevada and California. Among the major beneficiaries were Southern California Republicans David G. Valadao, who received $1.3 million, and Michael Garcia, who got $1 million.

Among other recipients were Democratic Representatives Patrick Ryan of New York with $1.9 million, Steven Horsford from Nevada with $1.7 million, and Angela Dawn Craig of Minnesota with nearly $1 million.

Crypto Industry Donations Top $190 Million Ahead of 2024 Election

In September, Fairshake gave $6.2 million to Democratic candidates, while $2.3 million went to Republicans. Protect Progress contributed over $10 million to Senate candidates in Arizona and Michigan.

Crypto industry political donations have surpassed $190 million for the 2024 election cycle. Public Citizen estimated in an August report that close to half of all corporate political donations this cycle came from crypto companies.