Fairshake-Linked Crypto PACs Spend $7.2 Million in Five States Ahead of US Midterms

YM Lee

Summary

Crypto industry-backed PAC groups tied to Fairshake have begun a full-scale push to support pro-crypto candidates in the US midterm elections.
Fairshake-affiliated PAC groups disclosed a total of $7.2 million in political advertising spending for Democratic and Republican candidates.
The market is also watching whether US congressional crypto legislation advances, with progress on the CLARITY Act emerging as a key midterm variable and a political test for pro-crypto candidates.

Forecast Trend Report by Period

Crypto industry-backed political action committees tied to Fairshake have ramped up support for pro-crypto candidates ahead of the US midterm elections.

Cointelegraph reported on May 7 that two Fairshake-affiliated PACs, Protect Progress and Defend American Jobs, recently disclosed a combined $7.2 million in political advertising spending to the Federal Election Commission.

Protect Progress, which primarily supports Democratic candidates, spent about $1.6 million to back Jasmine Clark in Georgia's 13th Congressional District and Christian Menefee in Texas's 18th Congressional District.

Menefee is set for a runoff against incumbent Representative Al Green. Protect Progress said it would spend an additional $1.5 million to try to block Green's reelection, calling him "hostile to the Texas crypto community."

Defend American Jobs, which supports Republican candidates, spent about $5.6 million on races in Georgia, Nebraska, Alabama and Kentucky.

The largest share went to Representative Andy Barr, who is running in Kentucky's Senate race. Defend American Jobs spent more than $3.5 million on advertising in support of Barr alone.

Barr has repeatedly voiced support for pro-crypto policies in Congress. He also voted for related legislation, including the GENIUS Act and the CLARITY Act.

Fairshake held about $193 million as of January, according to the report. The group also spent more than $130 million in last year's elections on ads supporting pro-crypto candidates and attacking opponents.

The market is also watching whether Congress advances crypto legislation, with the progress of the CLARITY Act seen as a potential political test for pro-crypto candidates in the midterms.

Cody Carbone, chief executive officer of The Digital Chamber, said every member of Congress now needs a position on crypto. Voters will also be watching, he added.