The leading political action committee of the crypto industry, Fairshake, has announced plans to invest heavily in influencing three U.S. Senate races in Ohio, Arizona, and Michigan. In Ohio, the race is between a crypto supporter, Bernie Moreno, and Sherrod Brown, the chairman of the Senate Banking Committee, who has been hesitant to move forward with crypto legislation.
The crypto industry is gearing up to challenge Sen. Sherrod Brown in their largest campaign to date, allocating $12 million to support the Republican candidate vying for the Senate seat currently held by the chairman of the Senate Banking Committee. Fairshake and its affiliates have revealed that they will be reserving TV advertising time in Ohio, Arizona, and Michigan, with $12 million earmarked for Ohio to promote Bernie Moreno, a blockchain entrepreneur.
According to Fairshake spokesperson Josh Vlasto, the group’s objective is to back candidates who embrace innovation, prioritize protecting American jobs, and are willing to collaborate across party lines to achieve results. They are advocating for responsible regulation focused on crypto and blockchain technologies, aiming to build a sustainable bipartisan coalition.
In addition to supporting Senate candidates, Fairshake recently announced its endorsement of 18 incumbent members of the House of Representatives who have a track record of supporting crypto initiatives. While the group has been involved in numerous primary races, their ads have generally not highlighted the candidates’ positions on crypto-related issues.
Fairshake, along with its affiliated PACs Protect Progress and Defend American Jobs, will also be investing in targeted digital ads aimed at crypto users. These efforts make the crypto industry’s PACs significant players in the 2024 elections, competing with other major industries and party-backed funding.
By strategically supporting candidates from both parties and focusing on congressional races rather than the presidential campaign, Fairshake has established itself as a key player in shaping the political landscape. Their substantial investment in opposing Rep. Katie Porter’s Senate bid in California demonstrates the impact they can have on individual races.
Overall, the crypto industry’s push to influence key Senate races reflects a growing recognition of the importance of regulatory support for digital assets. As the industry continues to expand and evolve, securing political allies who understand and champion these technologies will be crucial for its long-term success.