Crypto-Linked 'Corporate Money' Might Challenge Warren and Porter in 2024 Campaigns
Summary:
Senator Elizabeth Warren and Representative Katie Porter could potentially face challenges funded by "corporate money" linked to crypto supporters in their 2024 campaigns. This concern was raised following indications that a Super PAC, Fairshake, backed by cryptocurrency firms, invested heavily against Porter in her California Senate race. Warren defended her efforts to pass the Digital Asset Anti-Money Laundering Act (DAAML) and denied that crypto was too complex to regulate. Neither Warren nor Porter’s campaigns accepted corporate PAC money, relying instead on small contributions.
Elizabeth Warren, the Senator from Massachusetts, insinuated that "corporate money" linked to cryptocurrencies enthusiasts might back potential attacks on her and the 2024 campaigns of Katie Porter, a California Representative. In a recent conversation with Pod Save America, Jon Favreau, previously a speechwriter for President Obama, quizzed Warren about John Deaton, a "Republican crypto enthusiast" who might contest her seat in the 2024 election. Warren has been widely known for voicing her skepticism about digital currencies, associating them with illegal activities, and she speculates that "corporatists" could invest any necessary sum to support contenders against her and Porter. Favreau pointed to the possibility of massive funding coming from crypto Super PACs, similar to the one currently confronting Porter in her Senate race in California. He was presumably referring to Fairshake, a Super PAC supported by cryptocurrency firms such as Ripple and Coinbase. In February, Fairshake released a commercial alleging that Representative Porter accepted campaign donations from "big pharma, big oil, and the big bank executives." The Sacramento Bee’s Andrew Sheeler labeled the ad “mainly false” for distortions regarding the firms that had donated to Porter's campaign. On February 14, Representative Porter stated, "Corporate special interests are investing millions to misrepresent my record." Warren disclosed that neither her nor Porter’s campaigns accepted “corporate PAC money,” relying instead on small donations in the competition for two senatorial seats. She firmly defended her initiative to pass the Digital Asset Anti-Money Laundering Act (DAAML) and dismissed the argument that cryptocurrencies were too complex to regulate. Warren pointed out that many loopholes exist in the cryptocurrency system, making it a haven for drug and human traffickers, rogue nations, and terrorists. She further noted the huge sums of money some cryptocurrency supporters possess and their propensity to enlist lobbying armies to oppose the DAAML. Nov. 5 is election day for the U.S. 2024 candidates, and control of the House of Representatives, Senate, and the Presidency is up for grabs by either Republicans or Democrats. Fairshake did not respond to Cointelegraph's request for a comment.
Published At
2/19/2024 7:19:48 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.