Crypto-Supporting Political Action Committees Influence U.S. Elections

The Crypto Campaign Trail

Shomari Figures, recognized for his progressive efforts in Washington, recently emerged victorious in Alabama's Democratic runoff for a U.S. House seat, securing 61% of the vote. Despite not being the top fundraiser in direct contributions, Figures' pro-crypto stance drew substantial backing from the cryptocurrency industry's PAC, Protect Progress, which provided a hefty $2.7 million in independent expenditures.

Support for Innovation

With a background linked to the Obama White House and Senate Banking Committee Chairman Sherrod Brown, Figures promoted embracing the digital asset landscape on his campaign trail. Protect Progress PAC, part of the broader crypto industry group Fairshake, saw Figures as a valuable ally, thus supporting him over other Democrats in Alabama's 2nd Congressional District.

A Focus on Crypto-Friendly Candidates

Figures' campaign, having raised over $400,000, contrasted with his main rival, who lacked significant PAC support. This incident of industry backing marks a strategic turn for crypto PACs. Focusing on a select number of incumbents and newcomers positive toward crypto, Protect Progress, alongside Fairshake backers like Ripple Labs and Coinbase, are steering clear from the previous election's massive spends, seeking a more targeted impact.