Crypto PAC Enters Senate Race, Challenges Katie Porter in California
TL/DR –
Crypto-focused super PAC Fairshake, funded by major cryptocurrency players Coinbase, Ripple Labs, and Andreessen Horowitz, is spending millions on advertising to oppose the re-election of California Democrat, Representative Katie Porter. Fairshake, with two affiliated super PACs, amassed an approximate $80 million in 2023, and is also involved in backing other candidates, such as Shomari Figures, a Democrat running for the House in Alabama. This political spending is part of a larger strategy by leading figures in the crypto industry to influence regulations on cryptocurrency at the federal level.
Fall of Crypto Titan Intensifies Crypto Interference in the 2024 California Election
Awaiting his prison sentence, 2022’s biggest crypto spender, Sam Bankman-Fried, has left a vacuum filled by new crypto-focused super PACs. These groups aim to influence the 2024 election, targeting Representative Katie Porter, a Democratic candidate in California’s Senate primary.
Crypto Super PAC Fairshake Takes the Lead
Leading the crypto PACs, Fairshake, initiated multimillion-dollar television and digital advertising in California recently. With its affiliates, it amassed approximately $80 million in 2023, primarily from cryptocurrency giants Coinbase, Ripple Labs, and Andreessen Horowitz.
California Senate Race: A Battle of Democrats
Representatives Adam Schiff and Barbara Lee, both Democrats, and Republican Steve Garvey challenge Ms. Porter in the California Senate race. Despite party affiliations, the two top performers in the March primary will proceed to the November election.
Fairshake Accuses Porter of Misleading Record
Fairshake alleges Ms. Porter of accepting campaign funds from various industries and accuses her of hypocrisy. The group plans a considerable anti-Porter advertising campaign across California.
Porter Responds to Crypto Industry’s Attack
Ms. Porter responded to the recent onslaught by tweeting, “Californians aren’t fooled: Shadowy crypto billionaires don’t want a strong voice for consumers in the Senate. They fear people who call out corporate greed, so they’re spending millions on dishonest dark-money ads against me“.
Crypto Financiers Out Open About Their Agenda
The financiers behind Fairshake aim to shape regulations favoring the crypto industry by investing in political spending.
Crypto Industry Attracts Top Consulting Firms
Prominent Democratic and Republican consulting firms are enlisted by the crypto mega group. Ms. Porter, a close ally of Senator Elizabeth Warren, has criticized the loose regulations around cryptocurrency.
Mixed Views on Crypto from Opponents
While Mr. Schiff supports nurturing innovative industries like crypto, Fairshake and its affiliated groups have invested in other races. These include supporting pro-crypto candidates like Shomari Figures, who has benefited from nearly $750,000 in crypto spending.
Bankman-Fried’s Legacy
After the late 2022 collapse of his crypto trading firm, FTX, Mr. Bankman-Fried was found guilty of fraud.
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