Crypto Industry Tries to Tally Final Wins As U.S. Congressional Primaries Wind Down

As a seasoned crypto investor with a keen eye for political trends, I must say that the recent developments in U.S. congressional primaries have been nothing short of intriguing. The crypto industry’s increasing involvement in politics is a testament to its growing influence and maturity. It’s fascinating to see how the Fairshake super PAC and its affiliates are strategically backing candidates who align with their interests, while steering clear of the presidential race – a move that speaks volumes about their focus and determination.

Following a closely contested win last week in Arizona that may undergo a recount, the political powers within the cryptocurrency sector are now focusing their efforts on some of the last U.S. congressional primaries of 2024, such as those taking place in Missouri and Washington state on Tuesday.

Cryptocurrency-supporting Political Action Committees (PACs) have launched a $1.4 million ad campaign criticizing Representative Cori Bush (D-Mo.), a prominent progressive in the U.S. House of Representatives, who they’ve given an F grade by the advocacy group Stand With Crypto for her stance on digital assets. Furthermore, these PACs have recently invested $1.5 million into the 6th Congressional District of Washington state to back Democrat Emily Randall, as stated in a Federal Election Commission filing.

Concurrently in Arizona, the industry experiences a tentative victory in the 3rd Congressional District. Yassamin Ansari, a Democratic former Phoenix vice mayor who supports cryptocurrencies, currently leads by a margin of 42 votes following last week’s election. Given Arizona’s rules, this close race will trigger a recount.

To date, the main objective of Fairshake Super PAC and its associated committees has been to make Congress more welcoming towards digital asset advocates. Notably, these groups have chosen not to engage in presidential elections, a stance that contrasts with the vocal support from some of their key benefactors for former President Donald Trump.

A Fairshake spokesman declined to comment on the live races on Tuesday.

Following the elections on Tuesday, a few remaining states – such as Wisconsin, Connecticut, and Alaska – will soon conclude their primaries. After that, the focus of the political calendar will shift entirely towards the general election in November. Many of Fairshake’s congressional primary winners are expected to prevail in November, potentially resulting in the addition of around two dozen supporters of cryptocurrency to Congress during the next term, with representation from both major parties.

Fairshake, with an exceptional financial resource of approximately $169 million, has been strategically deployed to back numerous political candidates as well as fund ads criticizing several. This financial powerhouse, permitted under the category of “independent expenditures” by super PACS, allocated around $10 million to undermine the Senate aspirations of Rep. Katie Porter (D-Calif.) and $2.1 million against Rep. Jamaal Bowman (D-N.Y.). Lately, a similar strategy has been directed towards Bush in Missouri.

As an analyst, I’ve observed that advertisements funded by Fairshake typically steer clear of discussing cryptocurrency matters. Legally, these ads are not allowed to have a direct association with any campaign they are promoting.

In Missouri, the associates of Fairshake collectively donated approximately $260,000 to back Republican candidate Robert Onder, a state senator, during his campaign for the highly contested 3rd Congressional District seat.