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- Protect Progress, a crypto-backed PAC, is spending $1.7 million to support two Democratic candidates in Arizona.
- The PAC is part of a larger group that’s raised over $102 million to back pro-crypto candidates across the U.S.
- Big names like Marc Andreessen, Ben Horowitz, and Coinbase’s CEO are heavily funding this effort to shape crypto-friendly policies
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.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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