Three Crypto PACs Start 2024 with $78 Million for Election Cycle
Three political action committees (PACs) funded by leaders in the cryptocurrency industry are beginning 2024 with a combined $78 million. These PACs aim to have a significant influence during the pivotal election cycle. Despite recent challenges, the cryptocurrency industry is determined to shape elections, as demonstrated by the substantial amount of money these PACs are prepared to spend on pro-crypto candidates running for seats in Congress.
Super PACs and Their Financial Power
All three committees—Fairshake, Protect Progress, and Defend American Jobs—are classified as super PACs. This designation allows them to raise and spend unlimited funds in support of their preferred candidates. It is worth noting that the crypto industry lost one of its major contributors, Sam Bankman-Fried, after he was convicted of criminal charges. However, the three super PACs have successfully raised significant amounts of money from various sources.
Funding Sources for Fairshake
Fairshake has received donations from more than 20 wealthy and influential figures in the crypto space since its launch earlier this year. Notable donors include Andreessen Horowitz, Coinbase, Ron Conway, Fred Wilson, Cameron and Tyler Winklevoss, and Ripple. These contributions have allowed Fairshake to amass a substantial campaign war chest.
The Political Agenda
While it remains unclear which candidates the committees will support next year, Federal Election Commission records indicate that Fairshake has already spent over $1 million on television advertisements backing select lawmakers who have shown support for the crypto industry. One such example is House Financial Services Chairman Patrick McHenry from North Carolina, who recently announced he will not seek reelection.
Hot Take: Cryptocurrency Industry Continues to Invest in Political Influence
The cryptocurrency industry is determined to maintain its influence on the political landscape despite recent setbacks. With three super PACs starting 2024 with $78 million, the industry aims to support pro-crypto candidates and shape election outcomes. This financial power demonstrates the industry’s commitment to advancing its agenda and ensuring that candidates sympathetic to crypto interests are elected into office.
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