With polls in the 2024 United States elections closing in less than 48 hours, a political action committee (PAC) has already announced millions of dollars raised to support pro-crypto candidates in the 2026 midterms.
In a Nov. 4 notice, the Fairshake PAC reported it had received $48 million in contributions from cryptocurrency exchange Coinbase and venture capital firm Andreessen Horowitz, in addition to the $30 million the committee had “in the bank.”
Coinbase CEO Brian Armstrong announced a $25-million contribution to Fairshake on Oct. 30, and the PAC reported receiving $23 million from Andreessen Horowitz.
“We have seen a transformational shift in how both parties look at crypto and blockchain,” said a Fairshake spokesperson, adding:
“We look forward to continuing our strategy of supporting candidates on both sides of the aisle who believe in advancing American innovation, creating jobs, and working together to pass responsible regulation.”
Influence of the crypto industry in an election year
The 2024 US elections have seen millions of dollars from crypto industry advocates funneled through PACs like Fairshake and its affiliates Defend American Jobs and Protect Progress to support Democratic and Republican candidates through media buys.
Some of the most significant spending went toward the Ohio Senate race, where Republican Bernie Moreno is seeking to unseat Democrat Sherrod Brown, the chair of the Senate Banking Committee.
Related: US lawmaker claims crypto PACs forced out ’important voices in Congress’
With Election Day on Nov. 5 and results across multiple races expected to be exceptionally close, it’s unclear whether Republicans will maintain control of the House of Representatives or the Democrats the Senate starting in 2025. Even the presidential race between Vice President Kamala Harris and Donald Trump is considered a coin toss by many pollsters.
Both Vice President Harris and Trump have pledged to support the crypto industry if elected, with the Republican’s campaign posting last-minute appeals to single-issue voters.
Misinformation about the two candidates’ policies and the election is also rife on social media platforms. MicroStrategy executive chair Michael Saylor shared a fake quote of Trump advocating for changing taxes on Bitcoin (BTC) on Oct. 30.
Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue