California Representative Katie Porter, who experienced defeat in the primary race for the United States Senate in March, has suggested that targeted advertisements from a political action committee (PAC) may have played a role in her loss, but failed to contribute to a meaningful national dialogue on cryptocurrency.
During an interview with Pod Save America, which was released on March 19, Porter raised concerns about the motivations behind the $10 million spent by Fairshake, a Super PAC supported by cryptocurrency companies such as Ripple and Coinbase, to undermine her Senate campaign. The negative ads launched by Fairshake specifically targeted Porter, but did not facilitate a productive discussion on crypto policy.
Porter stated, “This was not a conversation that we should be having about crypto or technology in Congress. It was not about crypto policy, engaging with me, understanding my perspective, or reaching a policy consensus.”
Porter had been vying for one of California’s two Senate seats, but lost in the primary to Democrat Adam Schiff and Republican Steve Garvey. In February, Fairshake released an advertisement accusing Porter of accepting campaign contributions from “big pharma, big oil, and big bank executives,” a claim that the Sacramento Bee deemed “mostly false.”
Porter acknowledged that it is fair to inquire about candidates’ positions on crypto-related policies and potential conflicts of interest. However, she argued that attack ads like the ones she faced only served to stifle meaningful conversation and prevent a genuine debate on important issues. She emphasized her belief that blockchain technology has the potential to bring about positive change and encouraged robust discussions on crypto policy.
Schiff and Garvey will compete against each other in a November runoff, coinciding with other congressional seats up for election in 2024. John Deaton, a lawyer who has represented cryptocurrency firms, recently declared his intention to challenge crypto skeptic Elizabeth Warren for one of Massachusetts’ Senate seats.
Magazine: Opinion: GOP cryptocurrency enthusiasts are nearly as detrimental as the Democrats’ “anti-crypto army.”