Crypto Super PAC’s $29 Million Election Push: Targeting Key House Races

As the 2024 US presidential election enters its final stages, the cryptocurrency industry’s significant political influence is becoming increasingly evident. A leading pro-crypto super PAC, Fairshake, has made a substantial late-stage investment, funneling **nearly $29 million in September** into crucial House races, aiming to elect candidates aligned with its agenda. This move underscores the growing power of crypto lobbying and its impact on the outcome of this year’s election, with implications far beyond the industry itself.

Key Takeaways: Crypto’s Big Election Gamble

• Fairshake, a major pro-crypto super PAC, contributed **nearly $29 million** in September to influence House races.
• **$20 million** went to affiliated PACs: **$15 million** to the Republican-leaning Defend American Jobs PAC and **$5 million** to the Democratic Protect Progress.
• The remaining **$8.8 million** targeted close House races in key states like California, Nevada, and New York, many considered “toss-ups.”
• This spending is part of a broader trend: Crypto industry donations for the 2024 cycle have already **topped $190 million**, making it a significant player in the political landscape.
• The strategy shows a bipartisan approach, with donations split between Republican and Democratic candidates, but concentrated on races deemed highly competitive.

Fairshake’s Strategic Spending: A Bipartisan Approach

Fairshake’s September spending reveals a carefully calculated strategy. While significant sums went to affiliated PACs—Defend American Jobs PAC, focusing on Republican candidates, and Protect Progress, supporting Democrats—a substantial portion, **$8.8 million**, was directly allocated to competitive House races. This targeted approach highlights the super PAC’s intention to maximize its impact by focusing on races where a relatively small injection of funds could swing the election results. This targeted injection also reinforces a bipartisan approach, suggesting that the primary objective is to promote crypto-friendly legislation and regulation rather than to support a specific political party.

California and Beyond: Key Races Targeted

A significant portion of Fairshake’s independent expenditures went to tight House races, particularly in California, Nevada, and New York. California candidates receiving substantial sums include Republicans David G. Valadao (**$1.3 million**) and Michael Garcia (**$1 million**), both facing tough re-election battles. Analyst James Delmore points to the large concentration of crypto companies in California as motivation behind this significant investment, stating that **”California needs all of the pro-crypto politicians they can get.”** Other notable recipients include Representative Patrick Ryan (D-NY) who received over **$1.9 million**, Representative Steven Horsford (D-Nev.) with over **$1.7 million**, and Representative Angela Dawn Craig (D-Minn.) with almost **$1 million**. The remaining funds were dispersed to a variety of candidates across several states, underlining the broad strategy of maximizing the influence of pro-crypto messaging.

The Broader Context: Crypto’s Growing Political Influence

Fairshake’s substantial spending is not an isolated incident. Data indicate that the cryptocurrency industry is making its presence felt in US politics, making it a significant political donor group. Political donations from the crypto industry for the 2024 cycle have already reached approximately **$190 million**, according to CNBC reporting. This figure represents a substantial financial contribution with the potential to heavily influence the political landscape and legislative outcomes. This significant investment further emphasizes the growing importance of crypto-related policies in the national political arena. A Public Citizen report in August further highlighted the size and scope of crypto industry spending, showing that the sector is responsible for **almost half of all corporate donations** this election cycle.

Congressional Influence: Beyond the Presidential Race

The influence extends beyond the presidential race. FEC data reveals that crypto groups have spent **over $130 million** in congressional races during 2024, including primaries significantly impacting down-ballot races and the composition of Congress for the upcoming session. This makes the crypto industry a powerful force in shaping federal legislation related to cryptocurrency regulation and innovation making it a significant influencer well past this election cycle.

Fairshake’s Funding: A Recent Slowdown

While Fairshake’s recent activity has been considerable, recent months have seen a slowdown in new contributions to the super PAC. **In September, Fairshake only received approximately $1.1 million**, with major contributors including Consensys (**$800,000**), a crypto firm recently sued by the SEC, and Moonsong Labs CEO Derek Yoo (**$1,000**). This suggests a possible shift in funding patterns that may impact the organization’s future influence and political activity. It does not, however, diminish the considerable impact exerted thus far within the election.

The Implications: A Shifting Political Landscape

The massive influx of cryptocurrency-related money into the 2024 election significantly alters the political landscape. The industry’s considerable spending power provides it with a significant voice in shaping future legislation related to crypto regulations and blockchain technology. **The success of this strategy remains to be seen**, however, the sheer magnitude of the financial commitment demonstrates the sector’s determination to influence political outcomes that could affect its future.

A Look Ahead: The Future of Crypto in Politics

The long-term implications of this substantial investment in the election remain to be seen. However, the unprecedented levels of funding from the cryptocurrency industry signal a new era of political involvement for the sector. The balance of this power between Democrats and Republicans will hinge in large part on the outcome of the election, potentially leaving lingering effects on future political campaigns and legislation regardless of the immediate election results. The outcomes of these races could significantly impact the future trajectory of cryptocurrency regulation and the overall blockchain sector for years to come. The level of crypto industry spending in this election cycle will certainly inform future strategists and PACs alike. Future elections may well see a continued, if not heightened, degree of financial support from the crypto industry demonstrating the lasting political impact of the industry’s actions this election cycle.