Pro-crypto Super PAC backs winners of Democratic primaries for House seats

Turner Wright4 hours agoPro-crypto Super PAC backs winners of Democratic primaries for House seatsDemocratic candidates in Texas and Alabama both won their primary races after receiving a combined $3.7 million in financial support from the Protect Progress Super PAC.2847 Total views12 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA political action committee (PAC) used $3.7 million toward Democratic candidates in Alabama and Texas for the race to win seats in the United States House of Representatives starting in 2025. 

In an April 16 runoff between Democratic candidates to represent Alabama’s 2nd Congressional District, Shomari Figures defeated Anthony Daniels with roughly 61% of the vote. Figures is expected to face off against Republican Caroleene Dobson in the general election, scheduled for Nov. 5.

According to data from the Federal Election Commission (FEC), the Protect Progress Super PAC used roughly $1.7 million from donations, including Coinbase and Ripple Labs, to support Figures’ bid for office between July 2023 and February 2024. A Protect Progress spokesperson told Cointelegraph that an additional $950,000 was reported after February, with the funds used to purchase advertisements supporting Figures and polling.

Protect Progress’ website states the Super PAC “supports Democratic candidates committed to securing the United States as the home to innovators building the next generation of the internet,” specifically promoting blockchain technology. The group is affiliated with the Fairshake Super PAC, which was responsible for funding attack ads targeting Democratic Senate candidate Katie Porter in California.

Figures’ campaign website listed cryptocurrency among his issues as part of efforts “to stimulate innovation and technological advancement” and address regulatory concerns related to digital assets. According to the FEC, the Alabama candidate’s campaign raised roughly $400,000 — 14% of what Protect Progress contributed to his election bid.

“Shomari believes in working together to support innovation and create good paying jobs for his community and all Americans,” Josh Vlasto, a spokesperson for Protect Progress, told Cointelegraph. “We are proud to support leaders like Shomari on both sides of the aisle.“

Related:Crypto users could ‘make a difference in a close election’ in the US — CoinFlip CEO

FEC records showed Protect Progress also used roughly $1 million to support Julie Johnson’s bid to represent Texas’ 32nd Congressional District in the House. Johnson won her local Democratic primary with 50.4% of the vote in March but also raised roughly $1.3 million for her campaign.

Her campaign website stated that the U.S. “must lead the development of crypto and blockchain technology” while expressing concern about “clear rules of the road” for the industry. Following the primary election results, Coinbase chief policy officer Faryar Shirzad posted a congratulatory message on X:Source: Faryar Shirzad

The U.S. general election on Nov. 5 will determine the winner of both aforementioned congressional seats and the other 433 in the House of Representatives, 34 in the Senate, and the Presidency. Other elections are seemingly being represented as a microcosm of pro- and anti-crypto views in government, including one between Massachusetts Senator Elizabeth Warren and lawyer John Deaton.

Magazine:Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’# Politics# Donations# United States# Elections# RegulationAdd reaction