Millions Spent by Crypto PAC to Support Alabama Candidate’s Congressional Campaign

A new crypto political organization called Protect Progress and Fairshake has emerged with transparent disclosure of its contributors, in contrast to the dark-money crypto group Cedar Innovation Foundation. The organization is supported by major digital assets giants like Ripple Labs, Coinbase, and prominent investors Marc Andreessen and Ben Horowitz.

Unlike the previous congressional elections where former FTX CEO Sam Bankman-Fried led a campaign spending blitz, this season’s donations are more targeted towards a select group of crypto-friendly politicians. These politicians include established incumbents as well as new candidates who have shown support for the industry.

The shift in focus towards supporting fewer candidates but with clear alignment with the crypto industry indicates a strategic approach by crypto giants to influence policy and regulation in their favor. Protect Progress and Fairshake, along with its backing from industry leaders, aims to shape legislative decisions that will benefit the digital assets sector. This trend suggests a calculated effort to protect the progress made in the industry and ensure a fair outcome for crypto stakeholders.