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Highlights
- Fairshake PAC spends $2.9M against Porter with crypto backing.
- Crypto giants Ripple, Coinbase fuel Fairshake's anti-Porter ads.
- Crypto industry aims to sway 2024 elections, amplifies political influence.
The political environment around the California Senate race is getting hot as the Fairshake political action committee (PAC), backed by big cryptocurrency companies, begins a targeted advertisement campaign on Representative Katie Porter. The action reflects the growing power of crypto backs in political circles, more so since the 2024 elections are approaching.
Crypto Companies Back the Fairshake PAC
Fairshake PAC, being quite influential thanks to the massive funds pouring into it from the biggest cryptocurrency players, Ripple and Coinbase, to name a few, has become a topic of heated discussion due to nearly $2.9 million spent on anti-Katie Porter’s Senate candidacy ads.
These ads are culprits of accusing Porter of receiving donations from “big pharma, big oil, and big bank executives.” thus, the crypto community sends a clear message to challenge the candidates who do not favor their interests.
Porter’s Stance on Crypto
Katie Porter, the sitting House Representative of California’s 47th Congressional District, has been a very vocal opponent of the environmental effects of cryptocurrency mining. Her activities, such as signing letters with Senator Elizabeth Warren for information on the energy consumption of crypto mining, have made her a crypto industry regulatory figure.
This context provides the background for Fairshake’s initiative, as the PAC aims to play a part in influencing the Senate race toward candidates more in line with the growth and regulatory expectations of the crypto sector.
Election Implications and Crypto’s Political Influence
The crypto-backed PAC targeting Porter is a clear sign that the cryptocurrency industry highly rates the 2024 elections as strategically critical. Groups like Fairshake, armed with large amounts of money, are trying to influence the political stage in the direction of more crypto-friendly policies and representatives.
The attack on Porter, just like the broader activities to help pro-crypto politicians, represents the growing role of digital asset stakeholders in policy debates and the outcome of elections.
Here’s the Fairshake TV ad from crypto billionaires attacking Katie Porter and accusing her of being a hypocrite about corporate powers pic.twitter.com/ovFMBsBWNt
— Christopher Cadelago (@ccadelago) February 13, 2024
Moreover, apart from the direct setting of the California Senate race, the role of Ripple, Coinbase, and other crypto companies in political financing points to a broader pattern.
In addition, these firms join forces with individual investors and industry chiefs who are also becoming more active in lobbying for regulations that promote innovation while addressing the challenges that face the sector. The significant investments in PACs such as Fairshake indicate a synchronized front to make sure that the interests of the crypto industry are presented at all levels of government.
Read Also: U.S. Treasury Calls for Stronger Tools Against Crypto Crime Risks
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