Fairshake, a political action committee (PAC) known for running attack ads against various United States lawmakers, has reported raising an impressive $169 million in preparation for upcoming primaries across the country.
In a statement to Cointelegraph on June 19, a spokesperson for Fairshake revealed that Jump Crypto, the digital asset division of Jump Trading, had contributed $10 million to the Super PAC, bringing the total donations to approximately $169 million since its inception. The group has garnered significant support from crypto companies such as Coinbase and Ripple, as well as receiving donations from prominent figures like Marc Andreessen, Ben Horowitz of Andreessen Horowitz, and Cameron and Tyler Winklevoss of Gemini exchange.
The impact of money in politics has been evident in recent U.S. elections, with Fairshake potentially influencing key races and continuing to invest in media campaigns as Election Day on Nov. 5 approaches. Super PACs in the U.S. can provide financial backing to specific candidates and political parties, although they are required to operate independently from campaign coordination.
In a primary race back in March, California Representative Katie Porter faced defeat in her bid for the U.S. Senate. Prior to the election, a Fairshake advertisement accused Porter of accepting donations from “big pharma, big oil, and big bank executives,” a claim that was later debunked by the Sacramento Bee as “mostly false.”
Moving forward, U.S. Representative Jamaal Bowman of New York’s 16th Congressional District is gearing up for a primary challenge against fellow Democrat George Latimer on June 25. Fairshake recently funded a $2 million media campaign in June, alleging that Bowman promoted “dangerous conspiracy theories.” Despite this, the ad did not directly criticize his stance on major crypto legislation in the House of Representatives.
A representative from Fairshake informed Cointelegraph that the Super PAC will continue to support candidates who prioritize action and collaboration with the industry to establish responsible regulations. Additionally, they hinted at the organization’s potential to influence future races beyond the 2024 elections, regardless of the outcomes of the current election cycle.
As the U.S. presidential election draws closer, candidates from major political parties are emerging. President Joe Biden and former President Donald Trump are expected to engage in a debate before their official nominations at the Democratic and Republican National Conventions.
In the third-party arena, Chase Oliver has been named as the Libertarian Party’s presidential candidate, while Robert F. Kennedy Jr. is running as an Independent. However, Kennedy’s chances of securing enough state ballots to win the election seem slim.
In the world of crypto, voters are already making waves in the political landscape and are poised to continue shaping the 2024 election and beyond.