cryptopolitan.com
Protect Progress, a PAC supported by Fairshake and crypto companies, is throwing $1.7 million behind two Democratic candidates running for Congress in Arizona.
This is part of a larger game plan to sway the results of Democratic primaries across the nation, especially in places where pro-crypto candidates could grab congressional seats.
Protect Progress is all about supporting Democratic candidates who are on the same page as the crypto industry. The PAC has thrown money at other races too.
For instance, they spent $2.4 million in Alabama’s 2nd District to support Shomari Figures. Figures, who supports crypto for innovation, won his primary thanks to this backing.
In Texas’ 32nd District, the PAC invested nearly $962,000 for Julie Johnson. She also won her primary with their help.
Protect Progress is part of a bigger group of crypto-backed super PACs. Together, they’ve raised over $102 million for the 2024 election cycle.
Their cash mainly comes from big players in the industry, like Coinbase and Ripple Labs, and top venture capitalists like Marc Andreessen and Ben Horowitz.
Marc and Ben have each chipped in $750,000. Brian Armstrong, CEO of Coinbase, went even bigger. He put in $1 million.