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

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

A Political Action Committee (PAC) Backed by the Crypto Industry: Fairshake, invests $10 Million in California Senate Elections

Fairshake PAC’s $10 Million Investment Against Katie Porter in California Senate Race

A Political Action Committee (PAC) named Fairshake, backed by the crypto industry, has invested an impressive $10 million in advertising campaigns targeting Katie Porter’s bid for the US Senate in California. Porter, a young progressive congresswoman representing southern California, is engaged in a fierce race against Democratic frontrunner Adam Schiff to advance to the November Senate runoff.

Background of Fairshake PAC and its Funding

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 significant portion of these funds has been allocated towards the Senate race in California.

Katie Porter: A Tough Stance on Crypto Industry

Porter, a congresswoman representing southern California, has gained notoriety for questioning influential CEOs and posing concerns regarding the energy consumption associated with cryptocurrency mining. In 2022, she collaborated with Elizabeth Warren 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.

Adam Schiff: A Pro-Crypto Senate Candidate

In contrast to Porter’s stance, Schiff refers to cryptocurrencies and blockchain technology as “important new technologies” on his campaign Website and advocates for regulation that ensures these companies and jobs remain in the state and expand.

Andreessen Horowitz, Coinbase, and Other Major Contributors to Fairshake PAC

Notable contributors to Fairshake PAC include Andreessen Horowitz, a leading venture capital firm, which has contributed at least $20 million, and Coinbase, a crypto exchange platform operator, which has contributed at least $20.5 million. Tech venture capitalist Fred Wilson has contributed a minimum of $1 million, and the tech investor twins Cameron and Tyler Winklevoss, who operate the Gemini Trust cryptocurrency exchange, have contributed $100,000.

Impact on 2024 US Elections: Crypto Voters as a Significant Demographic

With the growing influence of cryptocurrencies and blockchain technology, it’s essential to acknowledge the potential impact of crypto voters in the future 2024 US elections. According to Forbes, one out of every five people owns digital property, equating to approximately 52 million individuals. This demographic holds the power to alter the course of the presidential election in America.

The Role and Significance of Crypto Voters in US Elections

Crypto voters will most likely play an essential role in the 2024 US elections. This demographic is politically diverse, with 22% of bitcoin owners identifying as Democrats, 18% as Republicans, and 22% as Independents.

“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 for Katie Porter

Some of Fairshake’s anti-Porter Website video integration ads 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. These ads label Porter a hypocrite and a fake, despite having no basis in reality. The PAC’s substantial financial investments against her further validate Porter’s commitment to advocating for average citizens.