The political power of cryptocurrency: Fairshake Super PAC raises over $200 million to influence US election
In the 2024 US federal election, an emerging force is rising: Fairshake, a super PAC that supports cryptocurrency and blockchain.
Not only has the group surpassed all other Super PACs in terms of fundraising, it has also made it clear that it is opposing Democratic candidates who are unfriendly to crypto innovators.
Fairshake’s notable success sheds light on the growing influence of cryptocurrency in the U.S. political arena and the widespread support among politicians to protect the interests of the nascent industry.
Fairshake PAC Raises Financial Significance
The Fairshake Political Action Committee (PAC) had an impressive donation performance in the 2024 election cycle, raising a whopping $202,939,294, according to data from the Open Secrets website. This amount is close to 10% of the total fundraising of all 2,219 super PACs, which is $2.13 billion.
The achievement puts Fairshake at the top of the fundraising rankings, even surpassing the "Make America Great Again" political action committee supporting Donald Trump, which raised $201,076,225.
A political action committee (PAC) is an organization used by corporations, unions or interest groups to raise funds and support specific candidates or political parties. In contrast, super PACs do not donate directly to political parties, but instead support the election or defeat of candidates through independent marketing expenditures. They can raise funds from any source without restrictions, and only need to submit reports on donor information regularly.
Fairshake states on its website that in order for the blockchain economy to reach its full potential in the United States, a clear regulatory and legal framework must be provided to blockchain innovators. The organization's major donors include cryptocurrency exchange Coinbase and XRP creator Ripple, which have each contributed more than $45 million to Fairshake PAC.
Despite the huge amount of money Fairshake raised, it spent only $14,426,252. The group calls itself nonpartisan, but the majority of that money ($13.17 million) was spent against the Democratic Party, according to Open Secrets.
Additionally, Fairshake is associated with two other pro-cryptocurrency super PACs, Defend American Jobs and Protect Progress, which have invested $15.57 million and $13.3 million, respectively, to support crypto-friendly candidates in the Republican and Democratic parties.
Democratic Party split on cryptocurrency stance
In the US political arena, attitudes towards cryptocurrencies are becoming a new measure of the differences between the two major political parties. According to the CEO of the organization, Democratic presidential candidate Kamala Harris declined an invitation to participate in the 2024 Bitcoin conference in Nashville, which is in stark contrast to the attitudes of Republican leader Donald Trump and independent candidate Robert F. Kennedy Jr., who both attended the conference and expressed their commitment to support Bitcoin as a strategic reserve asset.
The disagreement has caused divisions within the Democratic Party, with a group of Democratic delegates calling on the Democratic National Committee to shift to a pro-cryptocurrency stance last Friday.
In their letter, they stated that the influence of cryptocurrency and its underlying blockchain technology in today's elections cannot be underestimated. Especially in those swing states, voters are very concerned about cryptocurrency, and this issue has become one of their most concerned issues. "
The move also highlights the divisions within the Democratic Party on cryptocurrency and the urgent need for some representatives to embrace this emerging technology. #美国大选2024 #区块链技术 #政治筹资 #选举议题
Conclusion:
As the 2024 U.S. federal elections approach, Fairshake super PAC’s significant fundraising activity and political stance demonstrate that cryptocurrency and blockchain technology have become a political force to be reckoned with.
However, Fairshake’s fundraising ability not only demonstrates the huge potential of the cryptocurrency community in political fundraising, but also reflects the public’s strong demand for a clear regulatory framework.
At the same time, the divisions within the Democratic Party on cryptocurrencies, as well as the positive stances of Republican and independent candidates, indicate that cryptocurrency is likely to become one of the key issues in the upcoming election.
I believe that as different political factions’ different attitudes towards this emerging technology become clearer, the future role of cryptocurrency in American politics deserves our close attention.
