A Crypto-Funded Super PAC Targets Political Candidates
A political action committee (PAC) called Fairshake, backed by major crypto companies including Coinbase, Andreessen Horowitz, and Ripple Labs, has accumulated $85 million in funds. In addition to these contributions, several other crypto companies and founders have also donated to Fairshake. The PAC recently launched a negative ad campaign against Democratic congresswoman Katie Porter, who is running for California’s open U.S. Senate seat.
Fairshake’s targeting of Porter may be due to her alignment with Senator Elizabeth Warren on various issues and her association with Harvard Law School, where Warren taught her. Moreover, Porter’s opponent in the Senate race, Adam Schiff, has expressed support for crypto regulation to foster the growth of the industry.
The Motive Behind Fairshake’s Campaign
Although Ripple Labs and Andreessen Horowitz have not commented on Fairshake’s actions, Coinbase referred to a blog post emphasizing the importance of supporting Americans who own digital assets and are dissatisfied with the current financial system.
Interestingly, Fairshake’s ads have avoided discussing crypto altogether. Instead, they attempt to portray Porter as being influenced by special interest groups. In response, Porter’s campaign emphasizes her support for the free market and consumer protections while criticizing Fairshake for spreading misinformation.
The Current State of the California Senate Race
According to a recent poll conducted by USC, Cal Poly Pomona, and CSU Long Beach, Adam Schiff leads the pack of California Senate candidates with 25% support. Porter and Republican candidate Steve Garvey are tied for second place at 15% each. The two candidates with the most votes in the March primary will compete in the general election in November.
Hot Take: Crypto-Backed PACs Enter the Political Arena
The emergence of Fairshake and its aggressive ad campaign against Katie Porter highlights the growing influence of the crypto industry in politics. With major players like Coinbase, Andreessen Horowitz, and Ripple Labs funding the PAC, it is clear that crypto companies are actively engaging in shaping political landscapes to protect their interests. This move also signifies a shift in the industry’s approach, as it seeks to counter potential regulatory challenges and ensure favorable policies for digital assets. As the crypto sector continues to expand, we can expect more political involvement from these powerful players.
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