Crypto PACs invest $4M in candidates ahead of Aug. 6 primaries

Turner Wright3 hours agoCrypto PACs invest $4M in candidates ahead of Aug. 6 primariesMissouri, Washington and Michigan residents will be able to vote in primaries for specific candidates backed or opposed by crypto interest groups.369 Total views13 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onAfter pouring millions of dollars into races to support and oppose candidates from both major political parties, the Fairshake Super political action committee (PAC) and its affiliates await the results as registered voters in Missouri, Michigan, and Washington go to the polls.

On Aug. 6, residents of Missouri, Michigan, and Washington will vote on which Democrats and Republicans will go on to face each other in a November election for seats in the United States House of Representatives and Senate. At the time of publication, the polls had not closed, and no media outlets had announced clear primary winners in any district. Kansas will also be conducting party primaries on Aug. 6, but it did not appear that any crypto-focused candidates were running for House seats.

According to data from the Federal Election Commission, Fairshake spent roughly $1.4 million on a media buy to oppose incumbent Democrat Cori Bush in Missouri’s 1st Congressional District, where she has served since 2021. The Defend American Jobs PAC, a Fairshake affiliate, spent more than $250,000 on a media buy to support Republican candidate and former state senator Bob Onder in Missouri’s 3rd Congressional District after Republican Blaine Luetkemeyer announced his retirement.

Onder, who initially announced a bid to run for Missouri’s lieutenant governor, is ranked as “supportive” of digital assets by Coinbase’s Stand With Crypto initiative. In February, the candidate and his son penned an op-ed in the Missouri Times claiming that adopting pro-crypto policies was the path to “economic freedom” while equating Massachusetts Senator Elizabeth Warren’s approach to digital assets to that of China.Source: Bob Onder

Bush, running for reelection to represent Missourians in the state’s 1st district, is ranked as “strongly against crypto” by Stand With Crypto based on voting nay on three pieces of legislation while in Congress. Specifically, she voted against the CBDC Anti-Surveillance State Act, the Financial Innovation and Technology for the 21st Century Act (FIT21), and a resolution to overturn a Securities and Exchange Commission (SEC) rule requiring banks to record digital assets as a liability on their balance sheets.Washington and Michigan

In Washington, the Protect Progress crypto Super PAC spent roughly $1.5 million to support Democrat Emily Randall in the state’s 6th Congressional District. Her campaign website suggested she “believe[s] in the importance of driving technological innovation and economic growth, including through blockchain technology and the digital asset industry.”

Protect Progress has also funded efforts to support Democratic incumbent Shri Thanedar in Michigan’s 13th Congressional District with a $1 million media buy. The Democratic candidate was rated as “strongly supportive” of digital assets by Stand With Crypto due to his voting in favor of the FIT21 bill and the resolution to overturn the SEC rule.Losses in Arizona

It’s unclear what the results will be in Missouri, Washington, and Michigan. In Arizona, two candidates supported by Fairshake and its affiliates — Republican Blake Masters and Democrat Andrei Cherny — lost their respective primaries. The Super PAC invested roughly $1.3 million on a media buy to support Democrat Yassamin Ansari, whose primary race will go to a recount after polls suggested it was too close to call.

Related:Vitalik Buterin warns of politicians claiming to be ‘pro-crypto’

Many US states will hold primaries before the Nov. 5 election, but Fairshake did not appear to be invested in the results of any other upcoming races at the time of publication. The Commonwealth Unity Fund Super PAC has received donations from Ripple and other industry players in an attempt to replace Massachusetts Senator Elizabeth with Republican John Deaton.

The Republican primary in Massachusetts for the US Senate will be held on Sept. 3. Deaton has the support of many in the crypto industry, including Gemini co-founders Cameron and Tyler Winklevoss. However, Wyoming Senator Cynthia Lummis, a crypto advocate, endorsed his Republican opponent, Ian Cain.

Crypto-focused Super PACs may have already influenced primary elections in California and New York, where candidates either lost or dropped out following the release of PAC-funded attack ads. Cointelegraph reached out to a Fairshake spokesperson for comment but did not receive a response at the time of publication.

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