Democrat Ruben Gallego emerged victorious in the Arizona Senate race, defeating Republican Kari Lake. Despite the Democrats losing control of the Senate in the recent 2024 election, Gallego’s win helped offset some of the losses. With Republicans now set to control 53 seats for the next two years, having secured victories in states like Pennsylvania, Ohio, Montana, and West Virginia, the balance of power in the Senate has shifted.
Gallego, a congressman from Arizona, played a key role in supporting the Financial Innovation and Technology for the 21st Century Act and a resolution that overturned the Securities and Exchange Commission’s Staff Accounting Bulletin 121. The crypto-focused super PAC, Fairshake, backed Gallego with $10 million in support, along with fellow Democrat Elissa Slotkin, who won the Senate race in Michigan. Predictions from platforms like Polymarket and Kalshi, as well as polling data, had already indicated that Gallego was likely to win the race.
While Gallego’s victory is a reason to celebrate for Democrats, there are still 16 House seats yet to be decided. As of 05:30 UTC on Tuesday, Republicans have secured 214 seats, just four short of the majority needed for another Congressional term. Democrats have won 205 seats so far, but Republicans are currently favored to take control of the House. With Republicans already holding the Senate and the recent presidential win by Donald Trump, they are on track to have control of a unified government.
Fairshake, the political action committee, supported a total of 56 candidates in House and Senate races, focusing mainly on primaries in safe districts where the primary winner was likely to also win the general election. The PAC’s strategy seemed effective initially, with their preferred candidates winning the first 48 called races. However, some races are still undecided, with candidates like Yadira Caraveo and Mike Garcia conceding, and others like Mary Peltola and Lori Chavez-DeRemer trailing.
In California’s Senate race, Fairshake invested heavily in opposition to Democrat Katie Porter, showcasing a concerted effort to influence outcomes in key battlegrounds. The PAC’s involvement in races across the country reflects a broader trend of outside groups playing a significant role in shaping election results. As the final House seats are decided, the political landscape in Washington is likely to see further shifts in power dynamics.
Overall, the recent elections have highlighted the influence of organizations like Fairshake in shaping the composition of Congress. With control of the House and Senate still up for grabs, the coming weeks will be critical in determining the balance of power in Washington. The involvement of PACs and outside groups underscores the complex and competitive nature of American politics, where strategic investments and support can make a decisive difference in election outcomes.
