- 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."
With early voting in Arizona and Michigan beginning in October, the influence of crypto-backed PACs could prove pivotal in shaping the U.S. Senate's future.
Fairshake has raised more than $169 million, largely from crypto firms like Ripple and Coinbase, for the 2024 election cycle, reflecting the industry's growing role in U.S. politics.
Edited by Harshajit Sarmah
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Harshajit Sarmah
