As the 2024 election approaches its final stages, the top crypto PAC is focusing on key House races.

• In September, nearly $29 million was distributed by the pro-crypto PAC Fairshake, with a significant portion aimed at close House races, including two in California.
• James Delmore, a crypto market and blockchain analyst, stated that California needs as many pro-crypto politicians as possible.
• Over $130 million has been spent by crypto groups on congressional races during this year's election, according to FEC data.

As the 2024 election nears its end, the leading pro-crypto super PAC has allocated a significant portion of its remaining funds to support candidates who align with its objectives in tight House races.

Nearly $29 million was spent by Fairshake, one of the top spenders in any industry during this election cycle, in September, according to Federal Election commission data released to the public on Sunday. Of this amount, $20 million went to two affiliated PACs: $15 million to the Defend American Jobs PAC, a single-issue committee that supports cryptocurrency and blockchain policy and favors Republicans, and $5 million to Protect Progress, which has only supported Democrats.

Last month, Fairshake spent $8.8 million on House races in New York, Nevada, and California, according to FEC data analyzed by James Delmore and verified by CNBC.

The Cook Political Report has labeled several races as toss-ups, including those of Southern California Republicans David G. Valadao and Michael Garcia, who are both in tight contests to retain their seats. Valadao received $1.3 million, while Garcia got $1 million in contributions.

"Pro-crypto candidates in toss-up districts in California are crucial for crypto companies still located in the state, as well as for getting pro-crypto politicians elected in House seats that could go either way," Delmore said. "California needs all of the pro-crypto politicians they can get."

Rep. Patrick Ryan (D-NY), Rep. Steven Horsford (D-Nev.), and Rep. Angela Dawn Craig (D-Minn.) received more than $1.9 million, $1.7 million, and almost $1 million in funding from Fairshake, respectively. The remaining funds were distributed among candidates in Illinois, Colorado, Oregon, Iowa, and Arkansas.

In the September window, Protect Progress gave more than $10 million each to Democrats running for Senate in Arizona and Michigan. Of the House donations, $6.2 million went to Democratic candidates and $2.3 million to Republicans.

In the 2024 election cycle, the crypto industry contributed approximately $190 million in political donations, with significant contributions coming from prominent industry leaders. A Public Citizen report from August revealed that crypto companies accounted for nearly half of all corporate donations made during this election cycle.

Over $130 million has been spent by crypto groups on congressional races during this year's election, according to FEC data.

CNBC reported that Fairshake has seen lackluster donations in recent months, according to Delmore.

In September, the group received approximately $1.1 million in funding, with $800,000 coming from Consensys, a crypto firm that was sued by the SEC in June, and $1,000 from Moonsong Labs CEO Derek Yoo.

Over $160 million has been raised by Fairshake, with over $37 million being disbursed to support House candidates and run ads against Democrat Katie Porter, who lost in the California Senate primary. Additionally, more than $84 million was transferred to Fairshake's affiliate PACs.

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