The 2024 election could see several crypto-friendly candidates win seats in Congress or re-election, which could boost the sector and lead 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.
According to the report, the PAC, named Fairshake, has spent $1.2 million on television advertisements for House candidates in the last two months.
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 with 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.
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 spoken out positively on the cryptocurrency sector.
As previously shared by Benzinga, the 2024 election could hit a record for ad spending with an estimated $10.2 billion, which would increase 13% from the 2020 election.
The estimated total includes $2.7 billion for the presidential election, $2.1 billion for the Senate, 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.”