According to CoinDesk, the digital assets industry's Fairshake PAC has achieved three victories in this week's congressional primaries, marking significant progress for the crypto sector's political influence. The PAC's spending has contributed to the defeat of several allies of Sen. Elizabeth Warren, including Rep. Cori Bush in Missouri.
Fairshake has announced plans to secure advertising time in 18 general-election contests, with a budget of $25 million to support its chosen candidates. The crypto industry has allocated substantial funds to oppose candidates backed by Sen. Warren, which may have influenced the outcomes of some races. Bush, a prominent progressive, lost her primary to Wesley Bell, a Democratic prosecuting attorney, after anti-Bush forces, including Fairshake, spent millions on opposition ads. Despite Fairshake's $1.4 million expenditure, the American Israel Public Affairs Committee (AIPAC) played a more significant role with a $9 million anti-Bush campaign.
Josh Vlasto, a Fairshake spokesman, stated that the crypto and blockchain community will continue to support candidates who believe in innovation and job creation. This strategy mirrors the earlier campaign against Rep. Jamaal Bowman, which also saw significant spending from both the crypto sector and pro-Israel lobbying groups.
In Tuesday's primaries, Fairshake secured victories for its pro-crypto candidates in Washington state and Missouri. In Washington, the PAC spent $1.5 million to support Democrat Emily Randall in the 6th Congressional District, where she won in the state's top-two primary system. In Missouri's 3rd Congressional District, the PAC supported Bob Onder, a Republican state senator, who won the Republican primary.
Overall, the crypto industry has influenced 26 U.S. congressional races, either by supporting its preferred candidates or opposing those seen as threats to the digital assets space. Sen. Warren and her allies have been a primary focus of the 2024 crypto spending, which has outpaced most other U.S. industries. Notable efforts include the $10 million spent to defeat Rep. Katie Porter in her Senate bid and the ongoing race in Arizona's 3rd Congressional District, where crypto advocate Yassamin Ansari holds a narrow lead.
As the U.S. congressional primaries conclude, Fairshake is now focusing on the general elections. The PAC announced plans to secure advertising time in 18 districts, with a budget of $25 million. Vlasto emphasized the PAC's commitment to supporting leaders who work with the industry to pass responsible regulation that fosters innovation, job creation, and maintains America's global leadership.
