Crypto Super PAC Invests $7.8M in Key Senate Races Ahead of 2024 Election

• The Protect Progress PAC spent approximately $7.8 million on media buys for Democratic Senate candidates Ruben Gallego in Arizona and Elissa Slotkin in Michigan.
• Fairshake PAC raised over $169 million, primarily from crypto firms like Ripple and Coinbase, for the 2024 election cycle.

With just 50 days until the U.S. election, crypto-backed political action committees (PACs) are making a significant impact in key Senate races. The Protect Progress PAC, which is affiliated with crypto-centric PACs Fairshake and Defend American Jobs, has spent approximately $7.8 million to support Democratic candidates in Arizona and Michigan.

A filing with the Federal Election Commission on Sept. 14 revealed that the Super PAC spent roughly $4.1 million on media buys for Arizona Representative Ruben Gallego, who is running for the U.S. Senate. Additionally, Protect Progress allocated over $3.7 million for Representative Elissa Slotkin’s U.S. Senate campaign in Michigan. To date, the PAC has spent more than $6.9 million in support of Slotkin and $7.6 million on Gallego's race.

These races are expected to be close. Gallego is leading far-right Republican candidate Kari Lake by four to six points, while Slotkin holds a five-point lead over Republican Mike Rogers in September polls.

Josh Vlasto, a spokesperson for Fairshake, stated that the PAC intends to support candidates "committed to working with the crypto industry to pass responsible regulation."