Fairshake spends $29 million as US election nears

With the United States of America’s 2024 general election drawing nearer, pro-crypto super PAC Fairshake has been making strategic moves to support candidates with a shared agenda. In September, they spent about $29 million across several candidates in the running.

Republican presidential candidate Donald Trump is being predicted to win the election ahead of Democrat Kamala Harris. According to odds on crypto betting platform Polymarket, Trump has an odd of 61% to win the election, with Harris presently boasting a meager 39%.

Fairshake makes power play with its $29 million investment

According to a report, Fairshake contributed about $29 million last month. However, about $20 million from the whole figure was allocated to affiliate PACs. $15 million was sent to Defend American Jobs PAC, which focuses on blockchain and crypto policies and has gained favor from the Republicans. Similarly, $5 million was sent to Protect Progress, showing just enough backing for Democrat candidates.

The remaining $8 million was earmarked for candidates vying for the houses in New York, California, and Nevada. These investments are important in providing support for several candidates. The report revealed that Southern California Republicans David Valadao and Michael Garcia received $1.3 million and $1 million, respectively.

Analysts have discussed the importance of these donations to pro-crypto candidates, especially the ones located in California where most crypto companies are located. The verdict is that a strong representation will help shape the future of the industry.

Crypto donation fuels the 2024 general election

Fairshake has already distributed a considerable amount of money among several candidates. Some of them include Rep. Patrick Ryan (D-NY) who got $1.9 million, Rep. Steven Horsford (D-Nev), who got $1.7 million, and Rep. Angela Dawn Craig (D-Minn.) who got close to $1 million.

The financial might of the PAC is not limited to a few listed states. It has also made donations to candidates in places like Oregon, Iowa, and Arkansas. A total of $6.2 million has gone to Democratic candidates while the Republicans have gotten $2.3 million.

The total donation sent from or to parties supporting crypto during this campaign period has reached $190 million. A report by Public Citizen claims that crypto-affiliated firms have made more than half of the public donations during this election period.

Crypto groups have also infused more than $130 million into Congressional races this period. However, Fairshake’s fundraising this year has not turned out the way it expected, only realizing $1 million in September. Consensys, which became the SEC’s latest victim, donated $800,000.

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