Coinbase-Backed Crypto Super PAC Targets Senate Races with $85M 💰🎯

Crypto Super PAC Fairshake Sets Its Sights on Key Senate Races

A cash-rich super PAC funded by the crypto establishment, Fairshake, is targeting key Senate races in an effort to shape the balance of power in Congress. After successfully defeating a Democratic U.S. Senate candidate in California, Fairshake plans to focus its efforts on four U.S. Senate races in Ohio, Montana, Maryland, and Michigan.

Fairshake’s Strategy

Fairshake has raised over $85 million from major crypto players Coinbase, Ripple Labs, and Andreessen Horowitz.
The super PAC will spend on ads in the Ohio and Montana U.S. Senate general elections, as well as the Maryland and Michigan U.S. Senate Democratic primaries.
Ohio and Montana are home to vulnerable Democratic senators up for re-election who have expressed criticism of crypto.

Ohio and Montana Races

Ohio Senator Sherrod Brown proposed a nationwide crypto ban in December 2022 following FTX’s implosion. Montana Senator John Tester has also been critical of crypto, stating that he sees no reason for its existence.

However, Fairshake has not announced that it will support campaigns against these senators. It has only indicated that it will have a presence in their general election races, suggesting that Brown or Tester could still win the PAC’s support if they change their positions to become more pro-crypto.

Evaluation Process

Fairshake has not disclosed when it will decide which candidates to support in the Ohio and Montana races but stated that it will evaluate several factors:

A candidate’s leadership on issues important to the crypto community
The viability of a candidate
The importance of the election
The organization’s ability to impact the race

Michigan and Maryland Races

In Michigan, Fairshake will participate in the Democratic Senate primary, where congresswoman Elissa Slotkin is leading the race. Slotkin has not publicly discussed crypto, but she has emphasized the need for politicians to disclose their own crypto trades. Other Democratic competitors include actor Hill Harper, who previously launched an app aimed at encouraging people of color to engage with crypto.

In Maryland’s May Democratic Senate primary, David Trone, co-founder of Total Wine, will face off against Angela Ashbrooks. Both candidates have not mentioned crypto on their campaign websites or made public statements about it in the past.

The Balance of Power

With Democrats holding a slim majority in the Senate, any changes in these four races could shift the balance of power in Washington.

Hot Take: Fairshake’s Crypto Influence on Senate Races

Fairshake, a cash-rich super PAC funded by major players in the crypto industry, is strategically targeting key Senate races to shape the balance of power in Congress. By investing over $85 million into its efforts, Fairshake aims to ensure that politicians elected in these races will support favorable regulations for the crypto industry.

Fairshake’s strategy includes:

Raising funds from prominent crypto companies Coinbase, Ripple Labs, and Andreessen Horowitz.
Allocating resources for ads in Ohio and Montana U.S. Senate general elections as well as Maryland and Michigan U.S. Senate Democratic primaries.
Focusing on vulnerable Democratic senators up for re-election who have expressed skepticism about crypto.

The impact of Fairshake’s involvement in these races:

Ohio Senator Sherrod Brown and Montana Senator John Tester could potentially gain support from Fairshake if they adopt more pro-crypto positions.
The evaluation process for candidate support includes considering their leadership on crypto issues, viability, election importance, and Fairshake’s ability to influence the race.
In Michigan, Fairshake will participate in the Democratic Senate primary where Elissa Slotkin is leading. Other competitors include actor Hill Harper, who has shown interest in promoting crypto among people of color.
Maryland’s May Democratic Senate primary features David Trone and Angela Ashbrooks, neither of whom have publicly discussed crypto.

With Democrats holding a narrow majority in the Senate, Fairshake’s efforts in these key races could significantly impact the balance of power in Washington. By leveraging its substantial financial resources, Fairshake aims to build a sustainable bipartisan coalition that supports favorable regulations for the crypto and blockchain industry.