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Crypto-Backed Pac splashes $10M to Influence California Senate elections

TL;DR

  • A crypto industry-backed political action committee (PAC) has pooled cash to undertake an ad campaign aimed at influencing the California Senate elections.
  • The $10 million has been spent by a super PAC on advertisements opposing Katie Porter’s bid for the US Senate in California.
  • According to a Main Stream Media report, Porter, a young progressive congressman, faces substantial obstacles in her bid to proceed to a November Senate runoff against Democratic front-runner Adam Schiff. 

A political action committee (PAC) supported by the crypto industry has invested $10 million in advertising campaigns aimed at influencing the California Senate elections. This PAC, known as Fairshake, has been involved in significant spending opposing progressive candidates, mainly targeting Katie Porter, a Senate candidate with a tough stance on the crypto industry. 

The campaign includes attack ads against Porter, reflecting the growing influence of cryptocurrency interests in political affairs

Pac spends $10m on Katie Porter

A Super Pac supported by the crypto industry has spent $10 million on advertisements opposing Katie Porter’s bid for the US Senate in California. Porter, a young progressive congresswoman, is engaged in a fierce race against Democratic frontrunner Adam Schiff to advance to a November Senate runoff.

Early this year, the Fairshake Pac disclosed that it and its affiliates had successfully raised $85 million from prominent figures in the crypto community. The funds would be used to support “leaders who champion the interests of progressive innovation and responsible regulation.”

A notable allocation of the Pac’s funds thus far has been towards the Senate race in California, which is the home of Silicon Valley. Porter, a congresswoman representing southern California, has gained notoriety for questioning influential CEOs and has posed concerns regarding the energy consumption associated with cryptocurrency mining and whether this energy usage contributes to the climate crisis.

In 2022, Elizabeth Warren and Porter collaborated to initiate an inquiry into the potential ramifications of crypto mining in Texas on the state’s electrical infrastructure and the cost of electricity for average consumers.

Schiff, the leading candidate for the California Senate from southern California, contrasts this by referring to cryptocurrencies and blockchain technology as “important new technologies” on his campaign website and advocating for regulation that “ensures these companies and jobs remain in the state and expand.”

Andreessen Horowitz, a leading venture capital firm, has contributed at least $20 million to Fairshake, and Coinbase, a crypto exchange platform operator, has contributed at least $20.5 million, according to filings with the Federal Election Commission and company spokespeople.

According to FEC filings, tech venture capitalist Fred Wilson has contributed a minimum of $1 million, while the tech investor twins Cameron and Tyler Winklevoss, who operate the Gemini Trust cryptocurrency exchange, have contributed $100,000.

Josh Vlasto, a spokesperson for PAC Fairshake, said in a statement, “We are making sure the 8 million crypto owners in California – who are disproportionately young voters who support Democrats – know about [Porter’s] hostility toward the technology and how that would hurt American jobs.” 

According to Vlasto, the advertising expenditures aimed at Porter had amassed $10 million as of Wednesday of this week. According to Porter’s campaign, the Pac’s substantial financial investments against her further prove her dedication to advocating for average citizens.

Crypto voters play a big role in 2024 US elections

Cryptocurrency voters will most likely play an important role in the future 2024 US election. According to Forbes, one out of every five people owns digital property. 52 million people, to be precise. This amount is sufficient to alter the course of the upcoming presidential election in America.

Furthermore, the demographic’s political composition is possibly the most significant. Forbes also reported that 22% of bitcoin owners identify as Democrats, 18% as Republicans, and 22% as Independents, according to poll data from Coinbase and Morning Consult.

These baseless dark money ads have nothing to do with crypto and everything to do with a handful of greedy billionaires trying to rig an election. They’re spending more than $10m to keep Katie out of the Senate because they know she will stand up for Californians and take on powerful special interests like them in Washington.

Lindsay Reilly, a campaign spokesperson

Some of Fairshake’s anti-Porter video ads, which Vlasto claimed were also airing on television, attack one of the congresswoman’s campaign pillars, her pledge not to accept money from corporate PACs, federal lobbyists, or big pharma, big oil, and big bank executives, calling her a hypocrite and a fake.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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