A New Super PAC Launches Ad Campaign Against Katie Porter
A new super PAC called Fairshake, backed by major cryptocurrency players including Coinbase, has launched a multimillion-dollar advertising campaign aimed at defeating Representative Katie Porter in the California Senate primary. Fairshake, along with its affiliated groups Protect Progress and Defend American Jobs, has raised approximately $80 million, with contributions from Coinbase, Ripple Labs, and Andreessen Horowitz. The super PAC’s move comes as the race for the California Senate seat intensifies, with Porter facing tough competition from fellow Democrats Adam Schiff and Barbara Lee, as well as Republican candidate Steve Garvey.
Coinbase-backed Fairshake Accuses Porter of Misleading State
Fairshake has accused Porter of accepting campaign funds from other industries and misleading the state about her record. The super PAC plans to release a barrage of anti-Porter advertising and has already started booking advertising slots across California. The reasons behind the crypto industry’s opposition to Porter are likely her stance on regulating the industry and her viral grilling of a financial CEO. Fairshake and its affiliated groups openly advocate for favorable crypto regulations and are using political spending to achieve their objectives. Coinbase CEO Brian Armstrong personally donated $1 million to the group in September.
Katie Porter is an Elizabeth Warren Ally
Porter has been a close ally of Senator Elizabeth Warren, who criticizes lax crypto regulations. Fellow Democrat Adam Schiff has actively campaigned to boost Garvey’s chances over Porter and emphasizes the need for comprehensive regulatory frameworks for innovative industries. Fairshake and its affiliated groups have made smaller campaign contributions to other candidates who support digital assets like cryptocurrency. The super PAC has also enlisted the services of prominent Democratic and Republican consulting firms for their campaign.
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