As the political scene heats up, crypto-oriented Political Action Committees (PACs) are poised to make a substantial impact in upcoming special elections throughout the United States.
After their notable success in previous electoral cycles, these super PACs are focused on championing the role of digital currencies in enhancing financial innovation and growth across the nation.
Advocates Unite for a Pro-Crypto Future
Recently, a report by journalist Eleanor Terret from Crypto In America revealed that Fairshake, the leading and most funded of the super PACs, alongside its allies like Defend American Jobs and Protect Progress, has allocated a staggering $136 million to back over 58 pro-crypto candidates in the upcoming 2024 elections.
This significant investment underscores their commitment to elevate candidates who advocate for cryptocurrency and blockchain technologies, extending the progress made in legislative circles, particularly in Washington, D.C.
Recently, Protect Progress, a PAC that aligns itself mainly with Democratic candidates, secured a crucial win in the primary elections for James Walkinshaw in Virginia’s 11th Congressional District.
With a robust $1 million directed towards advertising for Walkinshaw, who aims to succeed the late Rep. Gerry Connolly—a prominent critic of digital asset initiatives—this move exemplifies the PAC’s influence.
Walkinshaw, who has a decade of experience as Connolly’s chief of staff, advocates for embracing blockchain as a critical driver of economic growth in Northern Virginia.
In stark contrast, Connolly had consistently opposed digital asset legislation and earned an “F” on the Stand With Crypto scorecard due to his unsupportive votes against key initiatives, including the FIT21 market structure bill.
Preparing for the 2026 Elections
Walkinshaw’s triumph, easily defeating nine rivals in the Democratic primary, signals a transformative change in the political environment towards a more supportive stance on digital assets.
Criticizing Walkinshaw for receiving backing from the crypto sector, Pekarsky stated, “Unlike him, I have refused any funding from crypto PACs. You deserve representation that prioritizes your interests, not those of wealthy donors.”
In light of these criticisms, Protect Progress stood by its strategy, responding, “Attempts to politicize crypto will fail—Americans, including many Democrats, favor policies that foster innovation through responsible regulation rather than stigmatizing an entire industry.”
Walkinshaw’s victory adds to a series of successful endorsements by Fairshake this election cycle. Earlier in April, the PAC backed two Republican candidates in Florida, Jimmy Patronis and Randy Fine, both of whom won their races with Fairshake’s considerable support of $1.5 million.
Looking ahead, Fairshake and its allied PACs are strategically positioned for the 2026 midterms, equipped with over $100 million in resources. This robust funding is enhanced by contributions from major players within the digital asset ecosystem, such as Coinbase, Andreessen Horowitz, and Ripple.
