Fairshake, a political action committee (PAC) known for its aggressive attack ads against various United States lawmakers, revealed that it had amassed a staggering $169 million in funds in preparation for the upcoming primaries across the nation.
In a statement provided to Cointelegraph on June 19, a spokesperson for Fairshake disclosed that Jump Crypto, the digital asset division of Jump Trading, had generously contributed $10 million to the Super PAC, bringing its total donations to approximately $169 million since its inception. The group has garnered significant support from various cryptocurrency companies, including Coinbase and Ripple, as well as previous donations from Jump Crypto, Marc Andreessen and Ben Horowitz of Andreessen Horowitz, and Cameron and Tyler Winklevoss of Gemini exchange.
Money plays a pivotal role in shaping the political landscape, and Fairshake’s substantial financial backing has already had a notable impact on several crucial races in U.S. elections. As the countdown to Election Day on Nov. 5 continues, the PAC is actively engaging in media purchases to further its agenda. Super PACs in the United States are permitted to assist specific candidates and political parties, but they are prohibited from coordinating directly with campaign efforts.
One such instance of Fairshake’s influence was seen in the primary race of California Representative Katie Porter for the U.S. Senate, where a pre-election ad by the PAC accused Porter of accepting contributions from “big pharma, big oil, and big bank executives,” a claim later debunked by the Sacramento Bee as “mostly false.”
Moving forward, the upcoming primary on June 25 will witness Jamaal Bowman, seeking reelection as the U.S. Representative for New York’s 16th Congressional District, facing off against fellow Democrat George Latimer. Fairshake recently financed a substantial $2 million media campaign in June, alleging that Bowman had promoted “dangerous conspiracy theories.” Notably, the ad did not specifically target his stance on significant cryptocurrency legislation in the House of Representatives.
A spokesperson for Fairshake assured Cointelegraph that the Super PAC remains dedicated to supporting candidates who prioritize effective governance and collaborate with the industry to enact responsible regulations. Additionally, the spokesperson hinted at the committee’s sustained influence in future races beyond the 2020 U.S. elections.
As the clock ticks closer to the upcoming U.S. presidential election, the frontrunners from the major political parties are emerging. Incumbent U.S. President Joe Biden and former President Donald Trump are anticipated to engage in a debate before their official nominations at the Democratic and Republican National Conventions.
Meanwhile, the Libertarian Party has nominated Chase Oliver as its presidential candidate, while Independent candidate Robert F. Kennedy Jr. is also in the running. However, Kennedy’s chances of securing victory are slim due to his limited appearance on state ballots.
In a related development, the impact of crypto voters on the 2024 election is already being felt, with projections indicating a sustained influence in the years to come.