Fairshake PAC Raises $169M, Influencing Upcoming U.S. Elections with Crypto Donations
Summary:
Fairshake, a political action committee (PAC), has reportedly raised $169 million ahead of several U.S. primary elections, with notable donations from Jump Crypto, Coinbase, Ripple, and other firms. The PAC uses these funds to sponsor attack ads against various lawmakers. It continues to finance media buys, potentially influencing election outcomes. The group claims to support candidates committed to practical actions and collaboration within the industry for sensible regulations.
Fairshake, the political action committee (PAC) known for sponsoring aggressive ads against various US politicians, has declared a collection of $169 million ahead of numerous primary elections across the country. On June 19, a representative from Fairshake informed Cointelegraph that Jump Crypto, the cryptocurrency division of Jump Trading, contributed $10 million to the Super PAC. This donation brought their total contributions to around $169 million since they started. Notable donors to the group include the cryptocurrency companies Coinbase and Ripple, and a prior $5 million donation from Jump Crypto. Additionally, Marc Andreessen and Ben Horowitz from Andreessen Horowitz, as well as Cameron and Tyler Winklevoss from the Gemini crypto exchange also contributed.
Fairshake has potentially already influenced the results of some significant races in past US elections. They continue to buy media spaces as the Election Day draws closer on November 5. Super PACs in the US use the money raised to back particular candidates and political parties, although they should not coordinate with the campaigns directly.
Back in March, Katie Porter, a representative from California, lost her bid for the US Senate in the primary elections. An attack ad sponsored by Fairshake before the vote accused Rep. Porter of accepting campaign funding from major pharmaceutical and oil companies, as well as large banks. The Sacramento Bee, a news outlet, rated these allegations as "mostly false".
Jamaal Bowman, who plans to seek re-election as the US Representative for New York’s 16th Congressional District, will stand against George Latimer (a fellow Democrat) in the primary on June 25. In June, Fairshake financed a $2 million media purchase, stating that Rep. Bowman had been promoting “dangerous conspiracy theories”. The advert did not explicitly criticize his record of opposing significant cryptocurrency legislation in the House of Representatives. A spokesperson for Fairshake informed Cointelegraph that the Super PAC plans to "continue to back candidates who are committed to get things done and collaborate with the industry to implement sensible regulations". The spokesperson also suggested that, regardless of this year's election results, the committee would have sufficient funds to influence races in 2024 and beyond.
With less than five months remaining before the next US presidential election, the candidates from major political parties are becoming more visible. Current US President Joe Biden and the former president (and convicted criminal) Donald Trump are expected to participate in a debate prior to their official nominations at the Democratic and Republican National Conventions. The Libertarian Party has chosen Chase Oliver as its presidential candidate while Robert F. Kennedy Jr. is running as an Independent, although it is doubtful that his name will appear on enough state ballots to win the overall election.
Published At
6/19/2024 8:59:18 PM
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