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Crypto Super PAC invests $7.8 million in key US Senate races

Crypto Super PAC invests $7.8 million in key US Senate races

GrafaGrafa2024/09/16 22:15
By:Isaac Francis

The Protect Progress political action committee (PAC) has invested approximately $7.8 million to support Democratic candidates in the upcoming United States Senate races in Arizona and Michigan. 

A filing with the Federal Election Commission on September 14 revealed that the Super PAC spent around $4.1 million on a media campaign for Arizona Representative Ruben Gallego, who is running for the US Senate. 

In Michigan, the group allocated more than $3.7 million to support Representative Elissa Slotkin's bid for a Senate seat.

Protect Progress is affiliated with crypto-backed Super PACs, Fairshake and Defend American Jobs. 

Together, these PACs have spent over $6.9 million on Slotkin’s 2024 campaign and more than $7.6 million on Gallego’s Senate run. 

The combined effort has seen millions of dollars poured into supporting and opposing congressional candidates in both primary and general elections.

Close races are expected, with early voting starting on October 9 in Arizona and October 26 in Michigan. 

Recent polls suggest Gallego is ahead of far-right Republican candidate Kari Lake by four to six points. 

Slotkin is also leading her opponent, Republican Mike Rogers, by about five points.

Josh Vlasto, a spokesperson for Fairshake, stated in August that the crypto Super PAC aims to back candidates from both parties who are willing to collaborate with the crypto industry “to pass responsible regulation.” 

Depending on the election outcomes, the balance of power in the US Senate, House of Representatives, and even the presidency could shift in 2025.

Fairshake, backed mainly by Ripple and Coinbase, has raised over $169 million for the 2024 election cycle. 

Other PACs, like the Commonwealth United Fund, are targeting specific races. 

The fund supported Republican John Deaton in Massachusetts, who won his primary and will face incumbent Senator Elizabeth Warren in November. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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