Fairshake, a political action committee (PAC) backed by the cryptocurrency industry, has spent over $10 million in an effort to influence key U.S. Senate races. These races, in states such as Ohio, Montana, Maryland, and Michigan, could potentially determine the balance of power in Congress.
The PAC, which has raised over $85 million from major crypto players like Coinbase, Ripple Labs, and Andreessen Horowitz, plans to spend money on ads in these states and support candidates who are pro-crypto. However, they have not yet announced which specific candidates they will support, as they are evaluating a variety of factors such as the candidate’s stance on crypto and the importance of the election.
In Ohio, Fairshake will be focusing their efforts on the Democratic Senate race against Senator Sherrod Brown, who has previously made critical comments about crypto. In Montana, they will be looking at the race against Senator John Tester, who has also expressed skepticism towards crypto. And in Michigan, they will be supporting whoever wins the Democratic Senate primary between Congresswoman Elissa Slotkin and other candidates, including Hill Harper who has launched an app to encourage people of color to get involved in crypto.
In Maryland, Fairshake has yet to announce their support for either candidate in the Democratic Senate primary between David Trone and Angela Ashbrooks. Both candidates have not mentioned crypto in their campaigns or made public statements about the topic.
With the current Senate majority held by Democrats at 51 to 49, any changes in these key races could shift the balance of power in Washington. Fairshake is confident that their large financial resources and strategic approach will help them support candidates who will advocate for favorable crypto regulations.
Ultimately, Fairshake aims to build a sustainable, bipartisan crypto and blockchain coalition by leveraging their resources and influence in key Senate races. Stay updated with daily crypto news by subscribing to our newsletter.
