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Jump Crypto has added $10 million to a U.S. political action committee focused on promoting pro-crypto candidates in Congress. This brings the total contributions from Jump, a Chicago-based investment firm, to $15 million, and raises the PAC’s total funds to nearly $169 million as of Wednesday, according to spokesman Josh Vlasto.
The significant fundraising effort by Fairshake and its affiliated PACs has positioned the crypto industry with one of the most influential campaign-finance operations for the 2024 elections. These super PACs have been heavily investing in primary campaigns, helping their preferred candidates advance toward likely general-election victories in November.
“The crypto and blockchain communities have united to form a sustainable bipartisan coalition and an effective long-term operation,” Vlasto stated. “We will continue to support candidates committed to responsible regulation that drives innovation, creates jobs, and maintains America’s global leadership.”
A spokeswoman for Jump Crypto declined to comment on the donation. This substantial contribution follows recent matching $25-million donations from major crypto firms Coinbase Inc. (NASDAQ:COIN), Ripple, and Andreessen Horowitz.
As of the May 31 Federal Election Commission filing, Fairshake and its related PACs—Defend American Jobs and Protect Progress—held $109 million. With less than five months until the final voting, Vlasto confirmed the PACs do not plan to support presidential candidates, instead focusing on proven congressional incumbents and crypto-friendly candidates.
Recent votes in Congress have provided clearer indicators of lawmakers’ stances on crypto. In May, the House passed the Financial Innovation and Technology for the 21st Century Act, the first comprehensive crypto oversight legislation to clear either chamber. Its future in the Senate remains uncertain, but the vote revealed which House members support crypto regulations.
Additionally, both chambers voted to overturn the Securities and Exchange Commission’s crypto account policy, Staff Accounting Bulletin No. 12. Although President Joe Biden vetoed this effort, it showed 11 Senate Democrats joining Republicans against the SEC policy and the White House’s stance.
These votes demonstrated unexpected support from Democrats and are being used to evaluate lawmakers. Stand With Crypto, an advocacy group started by Coinbase, uses a grading system to rate politicians. For example, Sen. Mark Warner received a “D” grade for his no vote on the SAB 121 resolution, while Sen. Chuck Grassley earned a “B” grade for supporting it.
“Recent votes have helped us educate our advocates on politicians’ positions on crypto,” said Sabrina Siddiqui, a spokesman for Stand With Crypto. She noted that the group reached over a million online members earlier than expected due to strong interest in these key votes.
Featured Image: Freepik
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