50 Days Until U.S. Elections: Crypto Super PAC Spends $7.8 Million on Senate Races
Date: 2024-09-17 Author: Oliver Abernathy Categories: BUSINESS
Protect Progress, a political action committee, has spent about $7.8 million to support Democratic candidates in U.S. Senate races in Arizona and Michigan.
According to a Sept. 14 filing with the Federal Election Commission, the super PAC spent about $4.1 million to buy media assets for Arizona Rep. Ruben Gallejo, who is running for the U.S. Senate in 2025. Protect Progress also reported spending more than $3.7 million to buy media assets for Rep. Elissa Slotkin, who is running for a Senate seat in Michigan.
Protect Progress, which is affiliated with crypto-focused super PACs Fairshake and Defend American Jobs, has spent more than $6.9 million to support Slotkin’s 2024 campaign and more than $7.6 million to Gallejo’s campaign. The three PACs have collectively poured millions of dollars into supporting and opposing congressional candidates in both the primary and general elections.
Close Elections
While Election Day in the U.S. is Nov. 5, early voting in Arizona and Michigan begins on Oct. 9 and Oct. 26, respectively. Some September polls have Gallejo leading far-right Republican Kari Lake by four to six points. Slotkin also leads Republican Mike Rogers by about five points.
Fairshake spokesman Josh Vlasto said in August that the crypto super PAC intends to support candidates from both parties who are willing to work with the crypto industry to advance “responsible regulation.” Depending on the outcome of the election, control of the House, Senate, and presidency could change in 2025.
With the backing of crypto companies and executives, primarily Ripple and Coinbase, Fairshake has reported raising more than $169 million for the 2024 elections. Their spending may have already influenced voters in the primary.
Democrat Yassamyn Ansari, who raised more than $1.3 million from Protect Progress to run for Arizona’s 3rd Congressional District, won the primary by just 39 votes after a mandatory recount in August. Katie Porter lost a nonpartisan primary for a U.S. Senate seat in California in March. Fairshake has spent about $10 million on attack ads against Porter.
Other PACs backed by crypto industry leaders focus on individual elections rather than national campaigns. Commonwealth United Fund financed a media buy to support Republican John Deaton's run for U.S. Senate from Massachusetts. Deaton won the primary and will face incumbent Sen. Elizabeth Warren in November.
