Caucuses, Candidates, and Crypto: A Case Study on the Independent Expenditures of Super PACs in 2024 Senate Races

Abstract

In the fifteen years since Citizens United v. FEC (2010), super PACs have become the predominant outside spenders in federal elections. These groups, which can raise and spend unlimited funds to support or oppose candidates, spent $2.7 billion in the 2024 election cycle alone. As super PACs have grown in number and size, their forms and functions have grown more diverse. This thesis examines how different types of super PACs, specifically leadership-aligned, candidate-centered, and industry-backed, vary their strategies and spending habits across senate races. This case study analysis uses Senate races from three key states in the 2024 cycle: Arizona, Michigan, and Ohio. Using the Federal Election Commission’s independent expenditure data, this thesis evaluates super PACs’ spending across different dimensions such as tone, timing, vendor, and media format. The super PACs analyzed in this study did not significantly alter their spending pattern across races, implying that super PACs utilize a national spending strategy. Further findings suggest that leadership-aligned super PACs reinforce and strengthen the authority of party leaders, while candidate-centered super PACs generally emerge when a party’s leadership and party unity is weaker. Additionally, the cryptocurrency industry’s unprecedentedly large and overt funding of super PACs in 2024 marks a shift in the behavior of industry-backed super PACs. Their openly strategic spending this cycle sets a template for emerging sectors seeking to avoid regulation. Overall, this thesis finds that both party leadership and new business sectors can use super PACs to gain political power and influence. In response, policy reforms should aim to close the FEC’s coordination loopholes, expand disclosure requirements, and restore institutional party strength over individual leaders’ dominance. Finally, this paper emphasizes the need for continuous investigative reporting and academic research to reveal the strategies and influence of major super PACs in order to support a more transparent and accountable democratic process.