Residents in Missouri, Washington, and Michigan will soon decide the fate of candidates backed or opposed by major crypto interest groups. This election could shape the future of crypto legislation in the United States.
On August 6, voters in these states will participate in primaries to choose which Democrats and Republicans will advance to the November elections for seats in the U.S. House of Representatives and Senate. Crypto PACs (Political action committee), such as Fairshake Super PAC and its affiliates, have invested millions in these races, hoping to sway outcomes in favor of their preferred candidates.
In Missouri, Fairshake Super PAC has focused on two significant races. According to sources, the group spent around $1.4 million to oppose Democrat Cori Bush in Missouri’s 1st Congressional District. Bush, in Congress since 2021, has been a vocal critic of cryptocurrency. She voted against key legislation such as the CBDC Anti-Surveillance State Act and the Financial Innovation and Technology for the 21st Century Act (FIT21). Her stance has earned her a “strongly against crypto” rating from Coinbase’s Stand With Crypto initiative.
Meanwhile, the Defend American Jobs PAC, affiliated with Fairshake, spent over $250,000 to support Republican Bob Onder in Missouri’s 3rd Congressional District. Onder, who previously announced a bid for lieutenant governor, is viewed favorably by the crypto community. He and his son have advocated for pro-crypto policies, calling them a path to “economic freedom.”
Crypto PACs: Washington and Michigan
In Washington, the Protect Progress crypto Super PAC invested roughly $1.5 million to support Democrat Emily Randall in the 6th Congressional District. Randall’s campaign emphasizes the importance of technological innovation, including blockchain technology. Her support for crypto aligns with the interests of Protect Progress, which aims to promote digital asset growth.
In Michigan, the same PAC spent $1 million to back Democratic incumbent Shri Thanedar in the 13th Congressional District. Thanedar’s pro-crypto voting record includes support for the FIT21 bill and efforts to overturn restrictive SEC rules. His strong stance on digital assets has made him a favorite among crypto enthusiasts.
Crypto PACs: Losses in Arizona and Other States
While the outcomes in Missouri, Washington, and Michigan remain uncertain, Fairshake Super PAC experienced setbacks in Arizona. Both Republican Blake Masters and Democrat Andrei Cherny, candidates supported by Fairshake, lost their primaries. However, Fairshake invested $1.3 million to support Democrat Yassamin Ansari, whose race is so close it requires a recount.
Looking ahead, other states will also hold primaries before the November election, but Fairshake has not indicated any further investments at this time. Notably, the Commonwealth Unity Fund Super PAC, backed by Ripple and other industry players, aims to replace Massachusetts Senator Elizabeth Warren with Republican John Deaton. Deaton enjoys support from many in the crypto sector, including the Winklevoss twins, though he faces competition from crypto advocate Ian Cain.
Impact of Crypto PACs
Crypto PACs have already made their mark on primaries in states like California and New York, where candidates targeted by PAC-funded attack ads either lost or dropped out of their races. The influence of these groups highlights the growing intersection of cryptocurrency and politics.
Fairshake and other crypto-focused PACs hope to steer the political landscape in a direction that favors digital asset growth and innovation. With significant investments in key races, these groups are working to ensure that candidates supportive of crypto policies have a strong presence in Congress.
As residents of Missouri, Washington, and Michigan cast their votes, the impact of crypto PACs on American politics becomes increasingly evident. The outcomes of these primaries could shape the future of cryptocurrency regulation and adoption in the United States. With millions of dollars at stake, the influence of crypto interest groups is set to play a pivotal role in the upcoming elections.
The involvement of Crypto PACs in these primaries underscores the growing importance of digital assets in the political arena. As the votes are tallied and the results emerge, the crypto community will be watching closely to see which candidates prevail and how these outcomes will impact the future of cryptocurrency legislation in the U.S.
Crypto PACs are playing a major role in shaping the political landscape, investing heavily in key races to promote their interests. The results of these primaries could have significant implications for the future of digital asset regulation in the United States.
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