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Fairshake Super PAC Eyes Key U.S. Senate Races After Defeating Democratic Candidate in California
Following a successful initiative that saw the expenditure of over $10 million to defeat a Democratic U.S. Senate candidate in California, Fairshake, a well-funded super PAC supported by prominent figures in the crypto industry, is now directing its attention towards crucial Senate races that have the potential to shift the balance of power in Congress.
Focus on Key Senate Races
Fairshake has confirmed its intention to concentrate its efforts on four pivotal U.S. Senate races in Ohio, Montana, Maryland, and Michigan for the remainder of this election cycle. The PAC, which has amassed over $85 million in funding primarily from major players in the crypto space such as Coinbase, Ripple Labs, and Andreessen Horowitz, plans to allocate resources towards advertising in the Ohio and Montana U.S. Senate general elections, as well as in the Maryland and Michigan U.S. Senate Democratic primaries.
- Ohio and Montana have Democratic senators facing re-election in states won by Donald Trump in 2020, both of whom have expressed skepticism towards the crypto industry. Senator Sherrod Brown from Ohio hinted at a potential nationwide crypto ban following FTX’s collapse, while Senator John Tester from Montana questioned the necessity of crypto’s existence.
It is important to note that Fairshake has not explicitly mentioned opposition against these senators but has indicated its involvement in their general election races. This suggests that Senator Brown and Senator Tester may still receive support from the PAC if they shift towards more favorable stances on crypto in a timely manner.
Fairshake has refrained from disclosing a specific timeline for deciding which candidates to support in the Ohio and Montana races, emphasizing a comprehensive evaluation approach that considers various factors such as a candidate’s stance on issues relevant to the crypto community, campaign viability, election significance, and the PAC’s capacity to influence the race.
In Michigan, Fairshake intends to participate in the Democratic Senate primary scheduled for August, where congresswoman Elissa Slotkin currently leads the race. While Slotkin has not extensively discussed crypto, she has emphasized the importance of politicians disclosing their crypto transactions. Additionally, she faces competition from Democratic contenders including actor Hill Harper, who previously launched an app to promote crypto engagement among people of color.
In Maryland’s upcoming Democratic Senate primary in May, David Trone, co-founder of Total Wine, will compete against Angela Ashbrooks, a local politician. Neither candidate has highlighted crypto on their campaign platforms or made public statements regarding the subject.
Balance of Power at Stake
With Democrats holding a narrow 51-49 majority in the Senate, potential shifts in the outcomes of these four races could significantly impact the balance of power in Washington. Bolstered by substantial support from the crypto industry, Fairshake expresses confidence in its ability to influence the election results to ensure that elected officials advocate for the implementation of long-awaited regulations within the crypto sector.
“We possess the necessary resources to influence election outcomes and shape the composition of institutions at various levels,” stated Fairshake’s spokesperson, Josh Vlasto. “Our strategic utilization of these assets aims to maximize impact and cultivate a sustainable, bipartisan alliance in support of the crypto and blockchain industries.”
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