Fairshake's $25 Million Commitment

Crypto Super PAC Fairshake announced on Wednesday that it will spend $25 million on television ad campaigns for several digital asset-friendly candidates in the crypto sector during the 2024 election cycle. This move underscores the crypto industry's growing influence in American politics.

Backing 18 Political Hopefuls

Don Davis (D-NC), Michelle Steel (R-CA), and Pat Ryan (D-NY) are among the 18 House of Representative hopefuls who will receive support from the super PAC's latest announcement. Fairshake's backing shows a robust bipartisan effort to promote crypto and blockchain-friendly legislation.

"We are seeing a broad bipartisan consensus behind crypto and blockchain as a critical component of the future economy," Fairshake spokesperson Josh Vlasto said.

"More than 52 million Americans own crypto, and the sector is responsible for tens of thousands of jobs across the country," Vlasto added. "We will continue to deploy our resources in support of leaders on both sides of the aisle and in both houses committed to getting things done and working with the industry to pass responsible regulation that drives innovation, creates jobs, and sustains America's global leadership."

Recent Impact and Political Shifts

News of Fairshake's latest multi-million dollar candidate backing follows Rep. Cori Bush's (D-O) unseating on Tuesday after Fairshake and other political PACs donated funds to run ads featuring Bush's opposition. Jamaal Bowman (D-NY) experienced a similar defeat in June after Fairshake ran a $2 million ad campaign against him.

"Jamaal Bowman fought against setting clear rules for the crypto and blockchain industry, and tonight he's looking for a new job," Vlasto said in a statement. "The crypto and blockchain community will continue to support candidates who believe in innovation and job creation and who reach across the aisle to get things done."

"The crypto and blockchain community will continue to support candidates who believe in innovation and job creation."

The 2024 Election Cycle Heats Up

Crypto is now a critical topic ahead of the 2024 presidential race in the United States. A Digital Currency Group study shows that about 20% of U.S. voters consider crypto a key issue when considering a candidate.

Democratic candidate Kamala Harris and her Republican rival, Donald Trump, are facing intense activity from the blockchain sector.

On Tuesday, Crypto4Harris, a digital asset advocacy group focused on supporting Harris' campaign, announced an August 14 town hall featuring several prominent figures in the space.

Meanwhile, Donald Trump Jr. and Eric Trump began hinting at a "big announcement" regarding cryptocurrencies. This indicates that both political camps are keenly aware of the growing importance of the crypto sector among voters.