Protect Progress PAC has allocated significant funds to support Democratic candidates for the US Senate in Arizona and Michigan.
Financial Investments
According to a Sept. 14 filing with the Federal Election Commission, Protect Progress spent roughly $4.1 million on a media buy for Arizona Representative Ruben Gallego, who is running for the US Senate starting in 2025. Protect Progress also reported spending more than $3.7 million on a media buy for Representative Elissa Slotkin for a US Senate seat in Michigan. Protect Progress, an affiliate of the crypto-backed PACs Fairshake and Defend American Jobs, has spent more than $6.9 million to support Rep. Slotkin's 2024 run and more than $7.6 million on Rep. Gallego's race.
Close Elections
Though US Election Day is on Nov. 5, Arizona and Michigan both allow early voting on Oct. 9 and 26, respectively. According to some September polls, Rep. Gallego is leading far-right Republican Kari Lake by four to six points going into the election. Rep. Slotkin also leads Republican Mike Rogers by roughly five points. Fairshake spokesperson Josh Vlasto said in August that the crypto Super PAC intended to support candidates on both sides of the aisle who were committed to working with the crypto industry “to pass responsible regulation.” Depending on the outcome of the elections, control of the US House of Representatives, the Senate, and the Presidency could change hands in 2025.
Focuses of other PACs
Backed by crypto firms and executives, primarily Ripple and Coinbase, Fairshake reported raising more than $169 million for the 2024 election cycle. Its expenditures may have already influenced voters in primary elections. In August, Democrat Yassamin Ansari, backed by more than $1.3 million from Protect Progress for a run in Arizona’s 3rd Congressional District, won her primary election by only 39 votes after a mandatory recount. Additionally, other PACs backed by crypto industry leaders are focusing on individual races rather than national efforts. The Commonwealth United Fund funded media buys supporting Republican John Deaton for a US Senate run in Massachusetts. Deaton won his primary and will face off against incumbent Senator Elizabeth Warren in November.
Support for US Senate candidates from crypto-oriented PACs could significantly impact the election outcome and future cryptocurrency regulations.
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