Key facts
- Two crypto-affiliated PACs, Defend American Jobs and Protect Progress, spent over $1.5 million on media for candidates in four US state races.
- The spending targeted House and Senate candidates in Florida, Alaska, and Wyoming ahead of August 18 primaries.
- This investment follows a primary loss in Michigan for a candidate previously backed by the Protect Progress PAC.
- Supported candidates, including Representatives Nick Begich and Harriet Hageman, have generally voted for crypto-friendly legislation like the CLARITY Act.
- The broader Fairshake PAC has spent over $170 million in the 2024 election cycle.
Two political action committees affiliated with the cryptocurrency industry have disclosed spending over $1.5 million on media campaigns to support candidates in key US state races. The groups, Defend American Jobs and Protect Progress PACs, are linked to Fairshake, a major PAC focused on influencing US elections.
The expenditures come after a significant primary loss in Michigan, where a candidate backed by Protect Progress, incumbent Representative Shri Thanedar, was defeated by State Representative Donavan McKinney. Protect Progress had reportedly invested over $2 million in media supporting Thanedar.
In the recent spending, Defend American Jobs allocated more than $500,000 to support the re-election of Representative Nick Begich in Alaska's at-large congressional district. The PAC also spent a similar amount on Republican candidate Sydney Gruters in Florida's 16th district and Representative Harriet Hageman, who is running for the Wyoming Senate seat. Both Alaska and Wyoming are scheduled to hold their primaries on August 18.
Protect Progress also reported spending over $50,000 to support the re-election of Representative Lois Frankel in Florida's 23rd district. Many of the supported candidates, including Frankel, Begich, and Hageman, have previously voted in favor of legislation such as the Digital Asset Market Clarity (CLARITY) Act and the GENIUS Act, which aim to regulate the digital asset market.
These investments represent a continued effort by Fairshake and other crypto-aligned groups to influence US elections, with Fairshake having already spent over $170 million in the current election cycle. The voting records of lawmakers on crypto legislation are increasingly being used by advocacy groups like Stand With Crypto to rate candidates, potentially impacting future electoral support.