With many areas in the United States now allowing voters to cast ballots in the 2024 election, cryptocurrency-backed political action committees (PACs) have reported spending around $1.3 million to support campaigns for Democratic and Republican candidates in the House of Representatives.

In an October 17 filing with the Federal Election Commission (FEC), the Fairshake PAC reported spending more than $900,000 on media buys supporting Democratic Representative Thomas Suozzi in New York's 3rd congressional district. The same committee disclosed spending more than $60,000 on media buys supporting Democratic Representative Yadira Caraveo in Colorado's 8th congressional district.

Source: FEC

In the 2024 US election season, money from Crypto Super PACs has flooded into races that could decide whether Republicans or Democrats control the Senate or House of Representatives in 2025.

Fairshake reports raising more than $169 million since its launch, using it to support candidates through media campaigns or other affiliated PACs: Defend American Jobs and Protect Progress.

Defend American Jobs, which primarily supports Republican candidates, reported on October 17 that it spent about $107,000 each on media in support of Arkansas Representative French Hill, Kentucky Representative Andy Barr and Michigan Representative Bill Huizenga. Hill chairs the digital assets committee and has proposed a full Financial Services Committee by 2025 if Republicans retain the House.

Cryptocurrency in an Election Year

Millions of dollars from crypto interest groups could have a major impact on candidates in 2024 races, both in the primaries and general elections.

While individual donors can choose to contribute cash or cryptocurrency to federal candidates like Republican presidential candidate Donald Trump or U.S. Vice President Kamala Harris’s committee, much of the money from crypto-supporting PACs like Fairshake is going to candidates running for seats in the U.S. Senate and House of Representatives. Many 2024 U.S. voters are also seeing candidates make cryptocurrency a major part of their campaign for the first time.

“What you’re seeing is disruption in an industry that I think internally, we feel has been unfairly maligned,” Jason Allegrante, head of legal and compliance at Fireblocks, told Bitcoin News, referring to the collapse of the FTX exchange. “I think the industry wants nothing more than to have the opportunity to compete with established industries.”

Early voting is currently underway in many states across the United States. The general election will be held on November 5.

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