Crypto Political Action Committees Prepare for Major Influence in Upcoming Elections
With the political landscape abuzz with renewed vigor, cryptocurrency-focused Political Action Committees (PACs) are strategizing to significantly bolster their impact in the forthcoming special elections across the United States. Following a successful campaign in the previous election cycle, these super PACs are steadfast in their mission to establish digital assets as a pivotal element of economic growth and technological advancement in the American financial system.
Fairshake and Affiliates Advocate for Cryptocurrency
A comprehensive report by journalist Eleanor Terret, featured in Crypto In America, reveals that Fairshake, the most prominent and financially robust of these super PACs, alongside its partners, Defend American Jobs and Protect Progress, has already allocated an astounding $136 million to back over 58 pro-cryptocurrency candidates in the 2024 election cycle. This significant financial commitment underscores their unwavering support for candidates who champion cryptocurrency and blockchain technology, building upon substantial advancements, particularly within the US Congress.
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Notably, Protect Progress, traditionally a supporter of Democratic candidates, played an instrumental role in the primary triumph of James Walkinshaw in Virginia’s 11th Congressional District over the weekend. The PAC invested $1 million in advertising to bolster Walkinshaw’s campaign, aiming to fill the vacancy left by the late Rep. Gerry Connolly, a noted adversary of digital asset initiatives. Walkinshaw, who served as Connolly’s chief of staff for over a decade, advocates for blockchain technology as a crucial element of Northern Virginia’s economic development framework. In contrast, his predecessor Connolly had a history of opposing digital asset legislation, earning an “F” on the Stand With Crypto scorecard due to his votes against pro-crypto measures, such as the FIT21 market structure bill.
PACs Strategize for 2026 Midterm Elections
Walkinshaw’s success against nine challengers in the Democratic primary, including Virginia State Senator Stella Pekarsky, signifies a transformative shift towards a more pro-digital asset political environment. Pekarsky criticized Walkinshaw for accepting support from the crypto sector, stating, “I haven’t taken a penny from crypto PACs because you deserve a voice in Congress that serves you, not the billionaires who funded Trump’s inauguration.”
In response to such critiques, Protect Progress defended its involvement, stating, “Once again, politically motivated attacks against crypto didn’t work — because a vast majority of Americans, including Democrats, want Congress to unlock American innovation with responsible crypto regulation, not demonize an entire industry.”
Walkinshaw’s victory adds to a series of triumphs for Fairshake this election cycle. In April, the PAC threw its support behind two Republican candidates in Florida, Jimmy Patronis and Randy Fine, both of whom secured wins with a combined $1.5 million in backing from Fairshake. As preparations for the 2026 midterms get underway, Fairshake and its affiliates are well-equipped with over $100 million in resources, reinforced by contributions from significant figures in the digital asset industry, including Coinbase, Andreessen Horowitz, and Ripple.
The crypto market currently boasts a total cap of $3.27 trillion, indicating robust growth and potential. As these PACs continue to advocate for the integration and regulation of digital assets, the narrative around cryptocurrency as a cornerstone of economic innovation continues to gain traction.
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