Crypto Super PACs Wield Influence in Senate Races

Crypto interest groups like Protect Progress PAC have poured millions into supporting Democratic candidates Ruben Gallego and Elissa Slotkin in crucial US Senate races in Arizona and Michigan. These PACs, backed by crypto firms and executives, aim to shape the political landscape and ensure a Senate majority favorable to the industry.

High-Stakes Battlegrounds

The Arizona and Michigan Senate races are expected to be close, with Gallego and Slotkin leading their Republican opponents by narrow margins in recent polls. Early voting in these states begins in October, making these contests critical in determining the balance of power in the US Senate starting in 2025.

Crypto's Growing Political Clout

Fairshake, a crypto-backed Super PAC, has reported raising over $169 million for the 2024 election cycle, underscoring the industry's growing influence in the political arena. These PACs have already impacted primary elections, such as the narrow victory of Democrat Yassamin Ansari in Arizona's 3rd Congressional District.

Potential Shift in Power

Depending on the outcomes of these Senate races, as well as the elections for the House of Representatives and the presidency, the control of the US government could change hands in 2025. This could have significant implications for the future of cryptocurrency regulation and policy in the United States.

Source: https://cointelegraph.com/news/crypto-pac-michigan-arizona-senate-election-funding

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