This is Why Crypto Donations Surged in the 2024 Election: $190 Million and Counting

• The pro-crypto PAC Fairshake disbursed nearly $29 million in September, with a significant portion targeting close House races, including two in California.
• Fairshake gave over $13 million to Republican David G. Valadao and $1 million to Republican Michael Garcia, both in tight races to retain their California seats.
• For the 2024 election cycle, political donations from or supporting the crypto industry reached around $190 million, with crypto companies accounting for nearly half of all corporate donations.

With the 2024 election entering its final stretch, cryptocurrency-focused PACs are funneling big donations into close House races in an effort to boost pro-crypto candidates. One group, Fairshake, has emerged as one of the biggest political spenders this cycle across all industries.

Fairshake’s September Donations

In September alone, Fairshake disbursed nearly $29 million according to Federal Election Commission (FEC) data. Of that total, $20 million went to two affiliated PACs – $15 million to Defend American Jobs PAC and $5 million to Protect Progress.

The remaining $9 million was spent on House races in states like New York, Nevada, and California. Several of these are considered toss-ups, including seats held by Republicans David G. Valadao and Michael Garcia in Southern California. As crypto analyst James Delmore notes, California needs as many pro-crypto politicians as it can get, given the number of crypto companies still located there.

Other major Fairshake recipients include Rep. Patrick Ryan (D-NY), Rep. Steven Horsford (D-Nev), and Rep. Angela Craig (D-Minn). Overall, $62 million went to Democratic House candidates in September compared to $23 million for Republicans.

Spending So Far in 2024 Cycle

According to FEC data, crypto-related groups have spent over $130 million on congressional races so far this election cycle. Public Citizen reported in August that crypto companies accounted for nearly half of all corporate donations.

Fairshake has raised over $160 million total this cycle and spent over $37 million supporting House candidates. Over $84 million has gone to its affiliated PACs. However, donations to Fairshake itself have slowed in recent months as the election approaches.

Conclusion

With control of the House on the line, cryptocurrency advocates are pushing hard during the final stretch to elect pro-crypto candidates, directing millions to critical House battlegrounds. Their spending demonstrates how crypto has emerged as a significant new political force determined to shape policies and regulations in Washington.