After spending over $10 million to defeat a Democratic candidate for the U.S. Senate in California, a well-funded super PAC backed by the crypto industry is now turning its attention to several key Senate races that could determine the balance of power in Congress.
According to Fairshake spokesperson Josh Vlasto, the PAC will be focusing its efforts on four U.S. Senate races in Ohio, Montana, Maryland, and Michigan for the remainder of the election cycle. Fairshake has raised over $85 million so far, with major contributions from crypto players such as Coinbase, Ripple Labs, and Andreessen Horowitz.
The PAC plans to spend on advertisements in the general elections for Ohio and Montana, as well as the Democratic primaries in Maryland and Michigan. These states are home to vulnerable Democratic senators who have previously made negative comments about crypto.
For example, Ohio’s Senator Sherrod Brown suggested a nationwide crypto ban in December 2022 after the FTX scandal, while Montana’s Senator John Tester has stated that he sees no purpose for crypto. However, Fairshake has not announced any plans to support opposing candidates in these races. They have only stated that they will have a presence in these races and will consider supporting the candidates who demonstrate strong support for the crypto and blockchain community.
In Michigan, Fairshake will be involved in the Democratic Senate primary in August, where congresswoman Elissa Slotkin is currently leading the race. Slotkin has not publicly addressed crypto, but has stated that politicians should disclose their own crypto trades. She is up against other Democratic competitors, including actor Hill Harper, who previously launched an app to promote crypto adoption among people of color.
In Maryland’s Democratic Senate primary in May, David Trone, co-founder of Total Wine, will face off against local politician Angela Ashbrooks. Neither candidate has mentioned crypto on their campaign website or made any public statements about it. Fairshake has yet to announce their support for any candidate in these races.
With a slim majority of 51-49 in the Senate, any changes in these four races could significantly impact the balance of power in Washington. Fairshake is confident that their financial resources from the crypto industry will help them ensure that the winning candidates will advocate for the much-needed regulations in the crypto industry.
According to Vlasto, Fairshake will strategically use their resources to support a bipartisan coalition that will promote the creation and adoption of long-awaited crypto regulations.
Edited by Andrew Hayward.
