- In a significant development leading up to the 2024 federal elections, Fairshake, a pro-crypto and blockchain Super PAC, has surpassed all other Super PACs in fundraising.
- This milestone underscores the growing influence of the cryptocurrency sector in U.S. politics.
- “Providing blockchain innovators the ability to develop their networks under a clearer regulatory and legal framework is vital if the broader open blockchain economy is to grow to its full potential here in the United States,” states Fairshake’s website.
Fairshake’s record-breaking fundraising efforts signal a major shift in the political landscape, highlighting the rising importance of cryptocurrency in federal elections.
Fairshake PAC Takes the Lead in 2024 Fundraising
Fairshake has raised an impressive $202,939,294 during the ongoing 2024 election cycle, surpassing all other Super PACs in the United States. This achievement has been confirmed by Open Secrets, a site dedicated to tracking political donations. Fairshake’s fundraising accounts for nearly 10% of the $2.13 billion raised by the 2,219 Super PACs participating this cycle. Following closely behind is the pro-Donald Trump “Make America Great Again” PAC, which has collected $201,076,225.
The Role and Impact of Super PACs
A Super PAC, unlike a traditional PAC, does not directly contribute to political parties or candidates. Instead, it engages in independent marketing expenditures to support or oppose certain candidates. This structure allows Super PACs to raise unlimited amounts of money from diverse sources, provided they maintain transparency about their donors. Some of Fairshake’s largest contributors include major cryptocurrency entities like Coinbase and Ripple, each investing over $45 million into the PAC.
Spending and Strategy of Fairshake PAC
Despite its significant fundraising success, Fairshake has so far utilized $14,426,252 of its funds. Notably, the bulk of its expenditure—approximately $13.17 million—has been targeted against Democratic candidates, even though Fairshake is officially non-partisan. Fairshake’s alliances include other pro-crypto Super PACs like Defend American Jobs, which has spent $15.57 million supporting Republican candidates, and Protect Progress, which has expended $13.3 million in favor of Democratic candidates.
Political Divides on Cryptocurrency
Cryptocurrency’s prominence in politics has led to clear partisan divides. Kamala Harris, the presumed Democratic Party nominee for the 2024 presidential race, notably declined an invitation to the Bitcoin 2024 conference. In contrast, Republican leader Donald Trump and independent candidate Robert F. Kennedy Jr. attended the event, each advocating for Bitcoin’s position as a strategic reserve asset. This division has sparked a faction of Democratic representatives to urge the Democratic National Committee to adopt a more crypto-friendly stance.
Conclusion
Fairshake’s landmark fundraising achievement exemplifies the growing clout of cryptocurrency in American politics. With both major parties showing divergent stances on crypto-related issues, this election cycle will likely see intensified debate and policy discussion surrounding blockchain technology and its place in the financial landscape. Moving forward, candidates’ positions on crypto will undeniably influence voter decisions, reflecting the sector’s expanding footprint in the political arena.
