Republican

2024

Donald Trump

Fairshake PAC, a pro-crypto political group, will reportedly spend $3 million to back Democratic candidates in two states ahead of the 2024 US elections. NBC News reports that Republicans are unhappy with the group supporting Democrats Ruben Gallego in Arizona and Elissa Slotkin in Michigan. 
Republican presidential nominee Donald Trump and his running mate for vice president, J.D. Vance, have been vocal supporters of the crypto segment. While elections are cutting close, exit polls have started leaning in favor of Democratic presidential nominee Kamala Harris. 
<h3 id="span-data-preserver-spaces-true-fairshake-pac-will-spend-3m-to-support-democrats-span">Fairshake PAC will spend $3M to support Democrats</h3> 
Political action group for pro-crypto regulations has backed two Democratic candidates in the Senate race. <a class="editor-rtfLink" href="https://www.nbcnews.com/politics/crypto-group-spending-angers-republicans-politics-desk-rcna166655" target="_blank" rel="noopener nofollow">NBC</a>&nbsp;reported that Fairshake PAC has vowed to spend $3 million to support pro-crypto Democrats, Ruben Gallego in Arizona and Elissa Slotkin in Michigan. The report comes as Fairshake PAC attempts to defeat Democratic Senator and crypto skeptic Sherrod Brown in Ohio by earmarking $12 million in funds. 
Republicans are reportedly unhappy with the crypto community supporting the opposition. Considering Republican presidential nominee Donald Trump and his running mate for vice-president, J.D. Vance, have portrayed themselves as the crypto industry allies. 
The matter is further complicated as businessman Marc Andreessen and his business partner, Ben Horowitz, are financial backers of Fairshake and support Trump for president. Meanwhile, the latest election polls are leaning in favor of Kamala Harris. 
<figure id="attachment_568588" aria-describedby="caption-attachment-568588" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="size-full wp-image-568588" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/crypto-donations.png" alt="Polymarket bets ahead of 2024 US elections" width="837" height="733" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/crypto-donations.png 837w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/crypto-donations-300x263.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/crypto-donations-768x673.png 768w" sizes="(max-width: 837px) 100vw, 837px">
 <figcaption id="caption-attachment-568588" class="wp-caption-text">
 Polymarket bets ahead of 2024 US elections
 </figcaption>
</figure> 
At press time, 45% of election bets on Polymarket believe Trump would win the 2024 US elections. <a class="editor-rtfLink" href="https://www.cryptopolitan.com/kamala-harriss-kama-memecoin-rises/" target="_blank" rel="noopener">Harris maintains</a> a lead with 54% bets in her favor. In the Senate race, Republicans maintain a lead with 71% bets while Democrats are at 29% on the platform. 
<h3 id="span-data-preserver-spaces-true-harris-span-span-data-preserver-spaces-true-win-is-less-beneficial-for-btc-span">Harris win is ‘less beneficial’ for BTC</h3> 
Just months into the November voting, crypto continues to be a bipartisan election issue. <a class="editor-rtfLink" href="https://blog.coinshares.com/trump-versus-harris-the-implications-for-bitcoin-b8f8b6684545" target="_blank" rel="noopener nofollow">CoinShares</a>‘ report finds that Trump’s economic policies could have mixed effects on Bitcoin. Meanwhile, Fairshake super PAC has reportedly raised $161 million with $13.3 million channelled to oppose anti-crypto Democrats, and support pro-crypto Democrats and Republicans. Democrats received 5% of the total spend while Republicans are said to have received 4%. 
Fairshake has also transferred $15.4 million to two other super PACs:Defend American Jobs and Protect Progress. The purpose of the majority of these funds is to support pro-crypto political candidates. The report also underlined that compared to Trump’s potential presidency, Kamala Harris could be less advantageous for Bitcoin and other digital assets due to her potentially more cautious approach.

2024 US Elections: Republicans unhappy with crypto PAC’s $3M Democratic backing

Table of Contents

Cryptopolitan_News

Other articles published on Aug 15, 2024

Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conf...

Analyst Predicts Bitcoin’s Potential Price Surge

Ethereum Layer-2 Transaction Volume Surpasses 12.4M Daily Record

Senator Chuck Schumer Pledges Pro-Crypto Stance if Kamala Harris is Elected

Could XRP Price Break $200? Analyst Highlights Key Signals

Floki Inu with Distinctive Features & the New Star with Bullish Presale Under $0.50

Join our free newsletter for daily crypto updates!