Congresswoman Katie Porter Accuses Crypto-Backed PAC of Influencing Senate Race
Summary:
In an interview, California Congresswoman Katie Porter suggested targeted negative ads by cryptocurrency-backed PAC Fairshake may have influenced her loss in the Senate primary race. Porter further critiqued the campaign for failing to promote productive discussions around crypto policy. Despite this, she recognized the potential of blockchain technology and called for meaningful dialogue on cryptocurrency regulations. The runoff for the seat will take place in November, as part of the crucial 2024 U.S. election.
Congresswoman Katie Porter of California has insinuated that targeted political ads by a political action committee (PAC) might have influenced her recent loss in the United States Senate primary race, but did not further meaningful discussions around cryptocurrency. In an episode of the Pod Save America podcast that aired on March 19, Porter probed the motivation behind a considerable $10 million spent on a smear campaign against her by Fairshake—a Super PAC supported by notable cryptocurrency entities such as Ripple and Coinbase. Porter called attention to the fact that these targeted negative ads, while derailing her campaign, failed to foster any valuable dialogue about crypto regulations.
"The kind of conversation we should be fostering about crypto and technological advancements in Congress did not materialize from this," Porter shared. "It was not about creating a common understanding about crypto regulations or engaging in meaningful discussions. Instead, it was a targeted attack."
Porter was contending for one of California’s two U.S. Senate seats but was defeated in the March primary by Democrat Adam Schiff and Republican Steve Garvey. In February, Fairshake aired a commercial implying that Porter has been accepting campaign funds from 'big pharma, big oil, and big banks'—an assertion that the Sacramento Bee deemed "mostly unfounded."
She further argued that although it's perfectly acceptable to inquire about a candidate’s stance on crypto-related policies and any probable conflicts of interest, negative campaigning such as the one she found herself in often "thwarts dialogue" instead of creating a platform to discuss critical issues. Despite facing opposition from the crypto camp, Porter stated that she sees the potential of blockchain technology for positive change and encouraged meaningful discourse on crypto policies. She added, "My position on crypto remains unknown, simply because no-one ever asked."
In the November runoff, Schiff and Garvey will compete against each other, while several other congressional seats will be on the line in a pivotal U.S. election set for 2024. John Deaton, an attorney who has represented cryptocurrency companies, declared his plan to challenge crypto skeptic Elizabeth Warren for one of the Massachusetts’ Senate seats.
Published At
3/19/2024 9:39:56 PM
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