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Crypto super PAC gets crucial wins in US primaries, plans significant spending for general election

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Crypto super PAC gets crucial wins in US primaries, plans significant spending for general election

Fairshake PAC plans to spend over $100 million in the general election to back pro-crypto lawmakers.

The super PAC funded by major crypto companies achieved significant victories in recent congressional primaries. Fairshake PAC, created to support candidates favorable to the crypto industry, plans to spend over $100 million in the general election to back pro-crypto lawmakers.

Fairshake focuses on supporting candidates who are “committed to making the United States home to the innovators building the next generation of the Internet.” Fairshake supports presidential candidates and regional politicians.

On Tuesday, Rep. Jamaal Bowman, a Democrat from New York, lost his primary to Westchester County Executive George Latimer. Fairshake PAC spent $2 million on ads critical of Bowman, contributing to his defeat. 

The PAC and its affiliated groups also secured wins for several other candidates, including Representative John Curtis, who won the Republican nomination for Utah’s Senate seat.

Fairshake is gaining influence, particularly among politicians who are up for re-election next year. The support of a few thousand voters or a substantial donation could sway the outcome of an election and determine which party takes control.

Fairshake

Over a dozen crypto firms founded Fairshake, and it has emerged as a leading political action committee. It spends more than $37 million on primary race ads.

Crypto exchange Coinbase, venture firms Andreessen Horowitz (a16z) and Electric Capital, and Ripple have collectively contributed tens of millions of dollars to Fairshake to influence U.S. policymakers and support crypto-friendly candidates.

The majority of its $160 million in contributions comes from four companies: Ripple, Andreessen Horowitz, Coinbase, and Jump Crypto.

In addition to financial support, the crypto industry is mobilizing over 1.1 million crypto advocates, per CNBC.

In February, Tyler and Cameron Winklevoss, the founders of Gemini Exchange, donated $4.9 million to Fairshake.

Implications

Pro-crypto lawmakers can push for legislation, regulations and policies with all this new financial backing. This has already occurred this spring with the passing of the FIT21 bill

This influx of crypto money into the government shifts political power dynamics, giving candidates and lawmakers supporting crypto more influence. 

Financial support from crypto PACs may impact the general election and lead to policies aligning with the crypto industry’s goals.