Fairshake, a political action committee (PAC) that has been backing attack ads against different United States lawmakers, announced that it had raised $169 million ahead of many primaries in the country.
In a June 19 notice to Cointelegraph, a Fairshake spokesperson said Jump Crypto, the digital asset arm of Jump Trading, had donated $10 million to the Super PAC, making its total donations roughly $169 million since its launch. The group has received millions in contributions from crypto firms, including Coinbase and Ripple, an earlier $5 million donation from Jump Crypto, Marc Andreessen and Ben Horowitz of Andreessen Horowitz, and Cameron and Tyler Winklevoss of crypto exchange Gemini.
Money in politics
Fairshake may have already impacted the outcome of certain key races in U.S. elections and continues to purchase media buys as Election Day approaches on Nov. 5. In the United States, money from Super PACs can be used to support specific candidates and political parties, but the groups are not supposed to coordinate with the campaigns.
In March, California Representative Katie Porter lost a primary race for the U.S. Senate. A Fairshake ad launched before the vote claimed Porter took campaign contributions from “big pharma, big oil, and the big bank executives” — claims the news outlet Sacramento Bee rated as “mostly false.”
Related: US political change could expose crypto to $20T industry: Bitwise
Jamaal Bowman, running for reelection as the U.S. Representative for New York’s 16th Congressional District, will face off against fellow Democrat George Latimer in a June 25 primary. Fairshake funded a $2-million media buy in June, claiming Bowman had pushed “dangerous conspiracy theories.” The ad did not specifically attack his record opposing major crypto legislation in the House of Representatives.
A Fairshake spokesperson told Cointelegraph that the Super PAC would “continue to support candidates who are committed to getting things done and working with the industry to pass responsible regulation.” He also hinted that regardless of the outcome of the U.S. elections, the committee would “have the resources to affect races in 2024 and beyond.”
Presidential candidates assemble
With less than five months before voters decide on the next U.S. presidential election, the candidates from major political parties are becoming more apparent. U.S. President Joe Biden and former President and convicted felon Donald Trump are expected to meet for a debate before their official nominations at the Democratic and Republication National Conventions.
The Libertarian Party nominated Chase Oliver as its presidential candidate, and Robert F. Kennedy Jr. is running as an Independent. It’s unlikely Kennedy will appear in enough state ballots to win the election.
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