Stand With Crypto’s bus tour kicked off last week in five battleground states in Phoenix and Las Vegas.
Logan Dobson/Stand with the Cryptocurrency Alliance
LAS VEGAS — In Nevada’s 4th Congressional District, a cryptocurrency political action committee has spent nearly $2 million on advertising this cycle to support the re-election of Democratic Congressman Steven Horsford, who voted for a number of major of pro-cryptocurrency bills.
But watching the ad, you wouldn’t understand that agenda.
“He has led on jobs, bringing good-paying union jobs to Nevada and rebuilding our infrastructure,” a 30 second ad explain. “He capped insulin prices at $35 a month” and “worked multiple jobs to support his single mother and siblings who were working hard in Congress.”
The ad concludes with the disclosure: “Fairshake is responsible for the content of this ad.”
Fairshake is the largest cryptocurrency super PAC of the 2024 election cycle, spending vast sums of cash to support cryptocurrency allies and vote out opponents across the country. The group raised $170 million, accounting for a large portion of the funds raised by cryptocurrency-related PACs and other groups, which totaled more than $245 million, according to Federal Election Commission data.
Cryptocurrencies account for nearly half of all corporate money flowing into elections, It is reported From the nonprofit watchdog Public Citizen. No other department comes close. These include oil companies and banks, which have historically been important political contributors. Cryptocurrencies have even surpassed the world’s richest man, Elon Musk, who has spent tens of millions trying to get Republican nominee Donald Trump to face Democratic Vice President Kamala Harris. Kamala Harris returns to the White House.
When it comes to allocating cash, an important part of the crypto industry strategy is to identify the key competition and then flood the area.
Industry Initiative Group Stand with the Cryptocurrency Alliance,Depend on Coin library last year, A scoring system was developed Provides assistance to presidential campaigns and national House and Senate candidates in determining where to spend their money.
Horsford received an A grade based on his public comments and voting history during his tenure. His campaign received funding from Fairshake as well as Coinbase CEO Brian Armstrong, Ripple co-founder Chris Larsen, venture capitalist and long-time cryptocurrency investor Reid Ho Reid Hoffman and billionaire twins Cameron and Tyler Winklevoss.
Nevada is home to two of the thirteen “critical elections” named by the Pro-Crypto group, which the group defines as races that are “vital to the future of cryptocurrency in the United States.” In addition to Horsford’s election, the other race in Nevada is the Senate race between Democratic incumbent Jackie Rosen and Republican challenger Sam Brown. Both candidates received A grades.
According to data shared by Stand with Crypto, 385,000 Nevadans are cryptocurrency owners, and more than 16,000 people in the state have signed up to become advocates for the organization, which made a stop in Las Vegas in September as part of a multi-state part of the brigade.
Other races considered crucial include the Senate races in Montana, Ohio, Pennsylvania, Arizona, Massachusetts, Michigan, Wisconsin and Maryland, as well as Colorado, Iowa and Oregon specific House races.
In an effort to appeal to potential voters, Fairshake hasn’t talked much about cryptocurrencies. Neither are its affiliated political action committees, with names like Defend American Jobs and Protect Progress. They spent a total of more than $135 million this cycle, mostly on advertising.
David Nickerson, associate professor of political science at Temple University, said: “Not explicitly mentioning crypto-assets may be a smart move to avoid alienating those who prefer traditional currencies and may be put off by their association with cryptocurrencies. voter.
The biggest single target for cryptocurrencies this cycle has been Ohio Sen. Sherrod Brown, the Democratic chairman of the Senate Banking Committee. Brown supports Sen. Elizabeth Warren, D-Mass., holding a hearing on whether digital tokens are linked to terrorism.
In December, Brown told reporters that he was not worried about criticism from the crypto industry.
“Take them with you,” Politico quote Brown told a group of reporters.
About $40 million in cryptocurrency has been used to defeat Brown, and one PAC has paid for five ads aimed at raising the profile of Republican rival, blockchain entrepreneur Bernie Moreno. The race will be crucial in deciding which party will control the Senate.
Fairshake’s PAC Protect Progress has donated more than $10 million each to Senate candidates in Arizona and Michigan. In Arizona, the group is supporting Democrat Ruben Gallego, who is vying for the seat being vacated by Kyrsten Sinema. In Michigan, the top choice is incumbent Democratic House member Elissa Slotkin.
Democratic Rep. Katie Porter lost her California Senate primary after Fairshake spent more than $10 million in advertising against her. Defend American Jobs spent more than $3 million to support West Virginia Republican Jim Justice, who was announced west virginia winnersucceeding current Democratic Senator Joe Manchin.
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