Crypto Industry Super PAC Is 33-2 In Primaries, With $100 Million For House and Senate Races

A super PAC called Fairshake, funded primarily by top cryptocurrency companies, achieved several wins in congressional primaries and plans to spend over $100 million to support pro-crypto candidates in the general elections. CNBC reports: Fairshake and its two affiliated political action committees, one for Republicans, one for Democrats, quietly racked up half a dozen other wins Tuesday as the candidates they backed glided to victory, although none of the races were competitive. They included Rep. John Curtis, who won the Republican nomination for Utah’s open Senate seat. Created last year as part of a joint effort between more than a dozen crypto firms, Fairshake PAC has emerged as one of the top-spending PACs in the 2024 election cycle. Fairshake and its two affiliated PACs have put more than $37 million so far into advertisements in primary races, according to AdImpact. Despite a broad mission to defend the entire $2.2 trillion crypto market, Fairshake is funded by a very small set of donors.

Of the $160 million in total contributions Fairshake has raised since it was founded, around $155 million — or 94% — can be traced back to just four companies: Ripple, Andreesen Horowitz, Coinbase and Jump Crypto. But it’s not just money that the crypto industry plans to deploy this fall. The nonprofit Stand With Crypto says it has collected more than 1.1 million email addresses of crypto “advocates” it hopes to engage all the way to the ballot box. The strength of the crypto groups is getting noticed on Capitol Hill, especially among lawmakers who are facing tough elections in 2025, where a few thousand voters, or a hefty donation, could make a difference in not only a race but in which party controls each chamber. […]

In the coming months, the group doesn’t plan to spend on the presidential race, but rather the House and Senate, according to a Fairshake spokesperson. Both of those chambers are in play for 2025. Fairshake has yet to start spending in the general election cycle, but several officials in the industry said they are keeping an eye on states such as Ohio and Montana, where Democratic incumbents who are bearish on crypto face challengers who have embraced the technology. […] Ads funded by Fairshake deliver messages that are typically less about a candidates’ support for or opposition to crypto, and more about broader issues that resound with voters, such as fairness and integrity.

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