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PAC Fairshake is backed by prominent crypto players and is up for the senator’s race, probably supporting senators who are positive about crypto.
The prominent figures in cryptocurrency support the well-funded Political Action Commission (PAC). It has kept its sights on key Senate races to potentially shift the balance of power in Congress.
Fairshake, the PAC, has recently spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California. It now plans to concentrate its efforts on races in Ohio, Montana, Maryland, and Michigan.
Fairshake has accumulated a staggering $85 million in funding, primarily from significant crypto players, including Coinbase, Ripple Labs, and Andreessen Horowitz. They collectively intend to dedicate resources to the general elections in Ohio and Montana and the Democratic primaries in Maryland and Michigan.
These states are important because of the vulnerable Democratic senators who are preparing for re-election. These senators have previously expressed skepticism or criticism towards cryptocurrencies.
Fairshake is Targeting Anti-Crypto Senators
In Ohio, Sherrod Brown, a Senator, proposed a nationwide ban on cryptocurrencies in December 2022 after the collapse of FTX. Similarly, John Tester, a Senator from Montana, has been against crypto and has questioned the reason for its existence.
Fairshake has not explicitly accepted the opposition to cryptos despite these senators presenting their interests. However, it has instead dedicated its intention to participating in the race.
The above two paragraphs recommend that Brown and Tester potentially earn the support of PAC if they change their stance towards cryptocurrencies and adopt a more crypto-friendly stance.
However, Fairshake has not disclosed the timeline for deciding to announce the list of candidates to endorse in the Ohio and Montana races. The Fairshake has clarified that it will verify and evaluate various factors before deciding on the candidates. The factors include the candidate’s take on crypto, viability, election significance, and the potential impact of the PAC’s involvement.
In contrast, in Michigan, the Fairshake will engage with the Democratic Senate primary set for August, which Congresswoman Elissa Slotkin currently leads. Slotkin has not extensively discussed cryptocurrencies. She has further acknowledged the need for politicians to disclose their crypto trades.
Opponents of Slotkin include Hill Harper, who launched an app to encourage people to engage in crypto trades.
Fairshake will also participate in Maryland’s May Democratic Senate primary with candidates David Trone, co-founder of Total Wine, and Angela Ashbrooks, a local politician, facing off.
Neither candidate has specifically addressed crypto on their campaign websites nor made public statements about cryptocurrencies.
Impact of Crypto PAC on U.S. Power Dynamics
With Democrats holding a 51-49 narrow majority in the Senate, shifts in these four races could substantially impact the power dynamics in Washington. It gets significant funding from the crypto industry. Fairshake targets ensuring that candidates elected in November will advocate for establishing and adopting much-needed regulations for the crypto world.
It has been reported that approximately 73% of U.S. voters believe that U.S. presidential candidates should have an informed perspective on developing technologies like AI, blockchain, and cryptography.
A recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to substantially affect the 2024 elections. The reports mention that 78% of the crypto holders are based in the USA and believe that policymakers should support new, innovative, and disruptive technologies. It expresses their intention to vote for candidates who align with these views.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
