Fairshake PAC, a political action committee funded by major crypto companies, has seen success in recent congressional primaries and is gearing up to spend over $100 million in the upcoming general election to support pro-crypto lawmakers. The PAC focuses on candidates who are committed to fostering innovation in the United States and supporting the growth of the crypto industry.
In a recent primary election, Rep. Jamaal Bowman, a Democrat from New York, lost to Westchester County Executive George Latimer after Fairshake PAC spent $2 million on critical ads against Bowman. The PAC also helped secure wins for other candidates, such as Representative John Curtis, who won the Republican nomination for Utah’s Senate seat.
Fairshake PAC, backed by over a dozen crypto firms including Coinbase, Andreessen Horowitz, Electric Capital, and Ripple, has emerged as a significant player in the political landscape. With a majority of its $160 million in contributions coming from just four major companies, the PAC has the financial resources to sway election outcomes and support candidates aligned with the interests of the crypto industry.
Additionally, the crypto industry as a whole is mobilizing over 1.1 million advocates to support pro-crypto candidates and policies. The influence of organizations like Fairshake PAC has the potential to shape legislation, regulations, and policies that impact the future of the crypto industry in the United States.
The financial backing provided by crypto PACs like Fairshake has already resulted in political victories, such as the passing of the FIT21 bill this spring. This influx of crypto money into government circles is shifting power dynamics and giving pro-crypto lawmakers more influence over decision-making processes.
As the general election approaches, the support of Fairshake PAC and other crypto-backed organizations could have a significant impact on the political landscape and lead to policies that align with the goals of the crypto industry. With substantial financial resources and a growing base of supporters, pro-crypto candidates are poised to make their voices heard in the upcoming election cycle.