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Three allied political action committees funded by cryptocurrency industry leaders will kick off 2024 with a combined $78 million as they aim to become key influencers during the pivotal election cycle, the groups announced Monday.
The massive amounts of money PACs are willing to spend in support of likely pro-crypto candidates running for seats in both the House and Senate show how cryptocurrency industry is still trying to influence the elections despite some recent headwinds. All three committees are known as super PACs, which means they can raise and spend unlimited amounts of money in support of their preferred candidates.
The industry lost one of its top providers, former crypto king Sam Bankman-Fried, after he was arrested and later convicted on seven criminal counts. Bankman-Fried ended up donating more than $36 million to campaigns and PACs during the 2022 midterm election cycle, with prosecutors saying some of that money came from her customers.
The three super PACs — Fairshake, Protect Progress and Defend American Jobs — will have a combined $78 million in their campaign war chests starting next year after a recent raise, according to a network release.
Since officially launching earlier this year, Fairshake has seen donations from more than 20 wealthy and influential players in the crypto space, according to the group.
Andreessen Horowitz, a crypto-friendly venture capital firm; crypto exchange platform Coinbase; veteran venture capitalist Ron Conway; venture capital executive Fred Wilson; tech executives Cameron and Tyler Winklevoss; and Ripple, a crypto solutions business, have all donated to Fairshake so far this year, according to the super PAC.
Ben Horowitz, the co-founder of Andreessen Horowitz, the firm recently announced plans to “support like-minded candidates and oppose candidates who seek to kill America’s advanced technological future” through their political donations. Brian Armstrong, CEO of Coinbaserecently told a conference that he donated $1 million to Fairshake.
While it’s unclear who the committees plan to support next year, Federal Election Commission records show the Fairshake super PAC has already spent more than $1 million on television advertisements supporting a select group of lawmakers, some of whom have a history of supporting the crypto industry.
Some of that spending went to the support of House Financial Services Chairman Patrick McHenry, RN.C., who has been an ally of crypto and recently. announced he will not seek re-election.