Cryptocurrency PAC Backed By Coinbase CEO Attempts To Help Crypto-Friendly Candidates Win In 2024 Election By Benzinga
Benzinga – by Chris Katje, Benzinga Staff Writer.
Along with a presidential election, there are other races that will be decided by voters in the 2024 election.
A cryptocurrency super political action committee (PAC) is looking to help candidates who are friendly to the sector win their respective races.
What Happened: The 2024 election could see several crypto-friendly candidates win seats in Congress or win re-election, which could provide a boost to the sector and leading cryptocurrencies like Bitcoin (CRYPTO: BTC).
A political action committee with a focus on supporting House candidates who are crypto-friendly, according to a report from Politico.
The PAC, named Fairshake, has spent $1.2 million on television advertisements for House candidates in the last two months according to the report.
Fairshake is backed by Coinbase Global (NASDAQ:COIN) CEO Brian Armstrong, who pledged to donate $1 million to the PAC. A goal of raising $50 million from individuals and cryptocurrency companies from Faishake is seen as a way to help shift the 2024 election.
The PAC has backed 13 incumbent candidates from both the Republican and Democratic parties. The candidates serve on the House Financial Services and Agriculture committees, which have advanced crypto legislation.
Listed in the report are the following candidates:
- Patrick McHenry (R-N.C.)
- Dusty Johnson (R-S.D.)
- Josh Gottheimer (D-N.J.)
- Don Davis (D-N.C.)
- Zach Nunn (R-Iowa)
- Steven Horsford (D-Nev.)
- Wiley Nickel (D-N.C.)
- Yadira Caraveo (D-Colo.)
- Young Kim (R-Calif.)
The PAC could back more pro-cryptocurrency candidates in the coming months, including members of the Senate.
Related Link: Ron DeSantis Says Biden’s War On Bitcoin Will End When He’s President
Why It’s Important: Advertisements from the PAC don’t focus solely on cryptocurrency regulation, according to the report. The advertisements mention the Congress members working to “attract the jobs of the future” and working to build “the next generation of the internet.”
The efforts of the PAC come as several presidential candidates, including Robert F. Kennedy Jr. and Vivek Ramaswamy, have also spoke out positively on the cryptocurrency sector.
As previously shared by Benzinga, the 2024 election could hit a record for ad spending with an estimate of $10.2 billion, which would be an increase of 13% from the 2020 election.
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The estimated total includes $2.7 billion for the presidential election, $2.1 billion on the Senate races and $1.7 billion for House races.
Ark Invest founder Cathie Wood previously told Benzinga that cryptocurrency, specifically Bitcoin, could be a big issue for voters in the 2024 election.
“This is an election year issue,” Wood told Benzinga. “You can’t be on the wrong side of young people and win an election.”
Read Next: Robert Kennedy Jr Bought 14 Bitcoin Worth $400K For His Kids: ‘No One Can Say I Didn’t Put My Money Where My Mouth Is’
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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