Crypto is now the top Super PAC in US elections, raising $202 million

Fairshake, a pro-crypto and blockchain Super PAC, has now topped all other U.S. Super PACs heading into the 2024 federal election.

The interest group’s success reflects the growing role of crypto in American politics, which has culminated in vocal support from politicians seeking to protect the industry’s interests.

Fairshake PAC raises $202 million

According to the political money-tracking site Open Secrets, Fairshake has raised $202,939,294 during the 2024 election cycle.

That’s nearly 10% of the $2.13 billion raised across all 2219 Super Pacs. In second place, the pro-Donald Trump “Make America Great Again” PAC, amasses $201,076,225.

A PAC, or “political action committee,” is a business, union, or interest group that raises money and makes contributions to specific candidates or political parties.

In contrast, a Super PAC does not make direct contributions to parties, but instead makes independent marketing expenditures to support the election or defeat of certain candidates. Because of their indirect involvement, Super PACs can raise an unlimited amount of funds from any source, as long as they file regular reports on who their donors are.

“Giving 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” , says the Fairshake website.

Some of Fairshake’s top donors include crypto exchange Coinbase and XRP creator Ripple, each with more than $45 million in the PAC.

Despite outperforming the other groups, Fairshake has only spent $14,426,252 of its total haul. Although technically listed as nonpartisan, the vast majority of those funds ($13.17 million) have been spent “against Democrats,” Open Secrets shows.

Fairshake is affiliated with two other pro-crypto Super PACs that have spent it so far. Defend American Jobs has spent $15.57 million on pro-crypto Republican candidates, while Protect Progress has spent $13.3 million supporting Dems.

Democrats rejecting crypto

Presumptive Democratic presidential nominee Kamala Harris declined her invitation to the Bitcoin 2024 conference in Nashville, according to the conference’s CEO.

Meanwhile, Republican front-runner Donald Trump and leading independent candidate Robert F. Kennedy Jr. appeared, promising to establish Bitcoin as a strategic reserve asset.

The dichotomy between the positions of the two major parties invoked a faction of Democratic representatives break rankasking the DNC to move to a pro-crypto position last Friday.

“Crypto and blockchain technologies have an outsized impact in securing up-and-down-the-ballot victories,” the letter said. “Crypto is at the top of voters’ minds in swing states.”

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