$85 Million Crypto Super PAC Sets Sights on Transforming Senate Makeup
A well-funded political action committee (PAC) backed by prominent figures in the cryptocurrency industry has set its sights on key Senate races, with the goal of potentially shifting the balance of power in Congress.
The PAC, called Fairshake, recently spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California and now plans to concentrate its efforts on races in Ohio, Montana, Maryland, and Michigan.
Fairshake, which has amassed a staggering $85 million in funding, primarily from major crypto players Coinbase, Ripple Labs, and Andreessen Horowitz, intends to allocate resources to the general elections in Ohio and Montana, as well as the Democratic primaries in Maryland and Michigan.
These states are particularly significant due to vulnerable Democratic senators up for re-election, who have previously expressed skepticism or criticism towards cryptocurrencies.
In Ohio, Senator Sherrod Brown proposed a nationwide ban on cryptocurrencies in December 2022 following FTX’s collapse.
Similarly, Montana’s Senator John Tester has been dismissive of crypto, stating that he sees no reason for its existence.
Despite this, Fairshake has not explicitly announced opposition to these senators but rather indicated its intention to participate in their races.
This suggests that Brown and Tester could potentially earn the PAC’s support if they adopt more crypto-friendly positions.
Fairshake has not disclosed the timeline for deciding which candidates to endorse in the Ohio and Montana races but emphasized that it would evaluate various factors, including a candidate’s stance on crypto, viability, election significance, and the potential impact of the PAC’s involvement.
In Michigan,
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