Crypto Super PAC's Influence in the 2024 Elections

A new crypto-focused super PAC, Fairshake, is emerging as a significant player in the 2024 U.S. elections. Backed in part by Brian Armstrong, CEO of Coinbase, the super PAC has already invested over $1.2 million in television ads supporting various House candidates. This move comes at a critical time for the crypto industry in the U.S., which is close to seeing landmark legislation on digital assets and faces scrutiny over various issues, including the use of digital currency in terror financing.

Fairshake has supported 13 incumbent lawmakers from both major political parties, particularly those on the House Financial Services and Agriculture committees, who have advanced pro-crypto legislation. Notably, the PAC has backed figures like House Financial Services Chair Patrick McHenry and Reps. Dusty Johnson and Josh Gottheimer. The group’s ads, while not explicitly focusing on crypto regulation, subtly reference the role of lawmakers in attracting future-oriented jobs and building the next generation of the internet, a nod to the crypto industry.

The group’s strategy includes backing candidates in key swing districts and is expected to extend its support to more pro-crypto candidates, potentially in the Senate as well. This involvement by Fairshake is part of a broader engagement by the crypto industry in the 2024 election, with other super PACs like those affiliated with the Blockchain Innovation Project also gearing up to support candidates.

Coinbase’s spokesperson Julia Krieger emphasized the significance of crypto jobs and innovation in the upcoming elections, indicating that the company will actively inform the public about candidates’ stances on crypto-related changes.

FAQ’s:

What is Fairshake, and what is its goal?

Fairshake is a crypto-focused super PAC, investing in ads to support House candidates who are favorable to the crypto industry, with a broader goal of influencing the 2024 elections.

Who are some of the key lawmakers supported by Fairshake?

Fairshake has supported lawmakers like Patrick McHenry, Dusty Johnson, and Josh Gottheimer, who have been involved in advancing crypto-friendly legislation.

How does Fairshake’s strategy reflect its crypto focus?

While its ads don’t focus explicitly on crypto regulation, they emphasize the lawmakers’ contributions to future-oriented jobs and the digital economy, indirectly supporting the crypto industry.

What is the significance of this super PAC in the context of the 2024 elections?

Fairshake represents a strategic effort by the crypto industry to influence U.S. policy and legislation in favor of digital assets and blockchain technology, reflecting the growing political influence of the crypto sector.