Crypto Super PAC uses $2.5M to support Washington, Michigan Democrats

Turner Wright6 hours agoCrypto Super PAC uses $2.5M to support Washington, Michigan DemocratsA crypto PAC used roughly $1.5 million to fund a media buy for Democrat Emily Randall, while her rival’s campaign manager criticized the move as having “sold out” the district.2049 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUpdate (July 26 at 7:22 pm UTC): This article has been updated to include a statement from Fairshake.

Less than two weeks before the State of Washington’s Democratic primary, candidate Emily Randall received a boost from the crypto political action committee (PAC) Protect Progress.

According to July filings with the Federal Election Commission, the Protect Progress Super PAC used $1.5 million to fund a media buy supporting the Democratic candidate. Randall is rated as a “strong” crypto supporter, according to Coinbase’s Stand With Crypto political initiative. The project cites funds donated to Fairshake — an affiliate of Protect Progress — on its landing page.

“I believe in the importance of driving technological innovation and economic growth, including through blockchain technology and the digital asset industry,” said Randall’s campaign website.

Derek Kilmer has represented Washington’s 6th Congressional District since 2013, but he announced in November that he did not intend to seek reelection. Many Democratic Party members also support Hilary Franz, the state’s commissioner of public lands.Source: CATargetBot0001

In a July 24 statement, Franz’s campaign manager, Eve Zhurbinskiy, said Protect Progress was “primarily funded” by donors for Republican presidential nominee Donald Trump. Some pundits suggested that the money from crypto-fund Super PACs undermined the electoral process.

“Elections should be decided by the people – not outside MAGA-funded Super PACs seeking to buy members of Congress,” said Zhurbinskiy. “Emily Randall is benefiting from $1.4 million in cryptocurrency spending because she’s sold out our district to the highest bidder.”

Fairshake spokesperson Josh Vlasto told Cointelegraph the PAC was “proud to support Emily, her record of getting things done, and progressive vision for the country.” He added Protect Progress was "backed by a bipartisan group of leading crypto and blockchain innovators."

Related:Politicians may be using crypto to influence the US elections

The Washington race was the second in the last seven days that Protect Progress may be influenced by crypto interest groups’ funding. In Michigan’s 13th Congressional District, the crypto PAC supported incumbent Shri Thanedar with a $1-million media buy. The Democratic candidate was rated as “strongly supportive” of digital assets by Stand With Crypto.

Thanedar, who has served in the US Congress since 2023, voted in favor of the Financial Innovation and Technology for the 21st Century Act and a resolution to overturn a Securities and Exchange Commission rule on banks handling crypto. Cointelegraph reached out to Thanedar’s office but did not receive a response at the time of publication.

According to data from Follow the Crypto, the Fairshake PAC and its affiliates Protect Progress and Defend American Jobs have spent roughly $42 million to support or attack candidates in congressional races, including those in Michigan, Washington, Arizona, New York and California. Notably, the organizers do not seem to have used the funds for the 2024 presidential race between Republican Donald Trump and presumptive Democratic nominee Kamala Harris.

Magazine:Crypto voters are already disrupting the 2024 election — and it’s set to continue# Washington# Cryptocurrencies# Politics# Elections# RegulationAdd reaction