US lawmaker claims crypto PACs spent $3M to unseat colleagues

Pennsylvania Representative Summer Lee has criticised cryptocurrency-backed political action committees (PACs) for their role in funding ads that target lawmakers in the 2024 primaries.

At an October 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee emphasised the "influence and control" these special interest groups exert on elections, claiming they often demonise candidates for reasons unrelated to digital assets.

She stated that funds from the crypto industry were used to silence representatives who hold them accountable.

“You can distort the conversation if you have enough money,” Rep. Lee said, referencing the more than $3 million spent by crypto PACs to unseat her colleagues, Cori Bush and Jamaal Bowman.

She noted, “We lost some of the most important voices in Congress.”

Rep. Lee highlighted how the political landscape is shifting, saying, “It’s about keeping regular people out and letting the big players take over.”

In reference to the Fairshake PAC, she pointed out that they funded media buys opposing Bowman and Bush, both of whom lost their respective primaries this year.

Fairshake spokesperson Josh Vlasto previously described Bush as an “anti-crypto, Elizabeth Warren-endorsed lawmaker,” indicating the PAC's support for candidates favorable to crypto interests.

Rep. Lee urged that while industries and interests should have a voice in democracy, they should not dominate the conversation.

Texas Blockchain Council President Lee Bratcher defended the actions of crypto PACs, stating that utilising funds to educate elected officials is part of how democracy functions.

As Election Day approaches, crypto PACs continue to report significant expenditures, with Fairshake spending millions to support various congressional candidates across the country.