Crypto Industry Super PAC Is 33-2 In Primaries, With $100 Million For House and Senate Races (cnbc.com) 18
A super PAC called Fairshake, funded primarily by top cryptocurrency companies, achieved several wins in congressional primaries and plans to spend over $100 million to support pro-crypto candidates in the general elections. CNBC reports: Fairshake and its two affiliated political action committees, one for Republicans, one for Democrats, quietly racked up half a dozen other wins Tuesday as the candidates they backed glided to victory, although none of the races were competitive. They included Rep. John Curtis, who won the Republican nomination for Utah's open Senate seat. Created last year as part of a joint effort between more than a dozen crypto firms, Fairshake PAC has emerged as one of the top-spending PACs in the 2024 election cycle. Fairshake and its two affiliated PACs have put more than $37 million so far into advertisements in primary races, according to AdImpact. Despite a broad mission to defend the entire $2.2 trillion crypto market, Fairshake is funded by a very small set of donors.
Of the $160 million in total contributions Fairshake has raised since it was founded, around $155 million -- or 94% -- can be traced back to just four companies: Ripple, Andreesen Horowitz, Coinbase and Jump Crypto. But it's not just money that the crypto industry plans to deploy this fall. The nonprofit Stand With Crypto says it has collected more than 1.1 million email addresses of crypto "advocates" it hopes to engage all the way to the ballot box. The strength of the crypto groups is getting noticed on Capitol Hill, especially among lawmakers who are facing tough elections in 2025, where a few thousand voters, or a hefty donation, could make a difference in not only a race but in which party controls each chamber. [...]
In the coming months, the group doesn't plan to spend on the presidential race, but rather the House and Senate, according to a Fairshake spokesperson. Both of those chambers are in play for 2025. Fairshake has yet to start spending in the general election cycle, but several officials in the industry said they are keeping an eye on states such as Ohio and Montana, where Democratic incumbents who are bearish on crypto face challengers who have embraced the technology. [...] Ads funded by Fairshake deliver messages that are typically less about a candidates' support for or opposition to crypto, and more about broader issues that resound with voters, such as fairness and integrity.
Of the $160 million in total contributions Fairshake has raised since it was founded, around $155 million -- or 94% -- can be traced back to just four companies: Ripple, Andreesen Horowitz, Coinbase and Jump Crypto. But it's not just money that the crypto industry plans to deploy this fall. The nonprofit Stand With Crypto says it has collected more than 1.1 million email addresses of crypto "advocates" it hopes to engage all the way to the ballot box. The strength of the crypto groups is getting noticed on Capitol Hill, especially among lawmakers who are facing tough elections in 2025, where a few thousand voters, or a hefty donation, could make a difference in not only a race but in which party controls each chamber. [...]
In the coming months, the group doesn't plan to spend on the presidential race, but rather the House and Senate, according to a Fairshake spokesperson. Both of those chambers are in play for 2025. Fairshake has yet to start spending in the general election cycle, but several officials in the industry said they are keeping an eye on states such as Ohio and Montana, where Democratic incumbents who are bearish on crypto face challengers who have embraced the technology. [...] Ads funded by Fairshake deliver messages that are typically less about a candidates' support for or opposition to crypto, and more about broader issues that resound with voters, such as fairness and integrity.
Re: (Score:1)
This reads like an AI powered troll bot.
Partisanship Tingling (Score:3)
Fairshake and its two affiliated political action committees, one for Republicans, one for Democrats
Well, tell us their names already, so we know which one to donate to!
Jesus fucking Christ this is bad (Score:4, Interesting)
And when that happens Jesus fucking Christ the economic crash is going to make 2008 look like the roaring twenties. This is something we need to stop now. This is a do not pass go, do not collect $200 moment in our lives.
Re: (Score:2)
They tried already, and I'm sure that getting the SEC to allow crypto-currency based securities, perhaps bring back derivatives will be another way to do this. Great for the bankers, which will get millions of dollars of bonuses, but going to be hard on the country.
I know that TARP made all its money back (the bank bailout). Would TARP 2.0 do the same thing if banks collapsed due to Bitcoin or other cryptocurrency speculation? Especially stablecoins where if they go below $1.00, they are done for.
Even if tarp made its money back (Score:2)
When you have massive crashes like that trillions of dollars is permanently extracted when the economy and it never gets put back. Again barring direct political action
Much Ado About Nothing (Score:5, Interesting)
This is typical made-up crypto crap where some crypto bros try to pretend they're relevant. Here's a telling part of the story:
"Fairshake and its two affiliated political action committees, one for Republicans, one for Democrats, quietly racked up half a dozen other wins Tuesday as the candidates they backed glided to victory, although none of the races were competitive. They included Rep. John Curtis, who won the Republican nomination for Utah’s open Senate seat."
Basically, it sounds like they're giving money to already-sure-to-win candidates in the hopes of creating a false narrative that they're somehow driving the winning side - not just jumping on the bandwagon. You know, like the exact headline that's on this submission.
Re: (Score:2)
That absolutely should be the headline, and the lede plays right into their hands.
They want to brand themselves as kingmakers and this story is helping them do it.
The finest politicians (Score:2)
money can buy.
Douglas Adams (Score:2)
Lying with statistics (Score:2)
33-2?
How many of the challengers were anti-crypto -and- stood a chance anyway?
Pro/anti crypto is not a thing voters think about when pulling the lever.
I will go out on a limb the size of Colorado and say that not a single person, including crypto bros, has ever voted for/against any candidate based on their crypto policies.
This article and the concept behind it are silly as fuck.
Re: (Score:3)
Even here in Texas, where crypto companies are paid money not to mine crypto during peak power hours, I've not seen crypto anywhere be something for the one-issue voters.
If anything, the economy is in the shitter right now for a lot of people, and they are not really caring that Joe Cryptobro is showing off his new hypercar, but more of wanting a political change so their earned income keeps up with the 2020 and newer rent doublings, and the fact that a 4 ton (48,000 BTU... odd units, should be 14 kilowatt-
Money in politics (Score:2)
Re: (Score:1)
People tend to rely on their intuition when making decisions because the alternative is too costly for the brain.
"although none of the races were competitive" (Score:4, Insightful)
In other words the money didn't really affect any of the races. It is just bribes to make sure that the winning candidates stay pro-crypto.