Fairshake PAC plans to spend more than $100 million in the general election to support pro-crypto lawmakers.
Super PACs funded by major crypto companies scored big victories in recent congressional primaries. The Fairshake political action committee, created to support pro-crypto industry candidates, plans to spend… More than $100 million In the general election to support pro-crypto lawmakers.
Fairshake is focused on supporting candidates “committed to making the United States home to the innovators who are building the next generation of the Internet.” Fairshake supports presidential candidates and regional politicians.
On Tuesday, Rep. Jamaal Bowman, a New York Democrat, lost his primary to Westchester County Executive George Latimer. The Fairshake PAC spent $2 million on ads criticizing Bowman, contributing to his defeat.
The PAC and its affiliated groups also secured the victory of several other candidates, including actor John Curtis, who won the Republican nomination for the Senate seat in Utah.
The Vershak movement has gained increasing influence, especially among politicians up for re-election next year. The support of a few thousand voters or large donations may influence the outcome of the election and determine which party takes power.
Fairshake
More than a dozen cryptocurrency companies have founded Fairshake, and it has emerged as a leading political action committee. Spend more than $37 million on primary race ads.
Cryptocurrency exchange Coinbase, investment firms Andreessen Horowitz (a16z), Electric Capital, and Ripple have collectively contributed tens of millions of dollars to Fairshake to influence US policymakers and support crypto-friendly candidates.
The majority of its $160 million in contributions comes from four companies: Ripple, Andreessen Horowitz, Coinbase, and Jump Crypto.
In addition to financial support, the cryptocurrency industry fill More than 1.1 million are cryptocurrency advocates, according to CNBC.
In February, Tyler and Cameron Winklevoss, founders of Gemini Exchange, donated $4.9 million to Fairshake.
Ramifications
Pro-crypto lawmakers can push for legislation, regulations, and policies with all this new financial support. This actually happened this spring with the passage of the FIT21 bill.
This influx of crypto money into the government changes political power dynamics, giving candidates and lawmakers who support cryptocurrencies more influence.
Financial support from crypto PACs could influence general elections and lead to policies that align with the goals of the crypto industry.