{"id":2285127,"date":"2024-06-28T04:28:02","date_gmt":"2024-06-28T08:28:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-giants-amass-political-capital-after-backing-winning-primary-candidates-washington-examiner\/"},"modified":"2024-06-28T04:37:19","modified_gmt":"2024-06-28T08:37:19","slug":"crypto-giants-amass-political-capital-after-backing-winning-primary-candidates-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-giants-amass-political-capital-after-backing-winning-primary-candidates-washington-examiner\/","title":{"rendered":"Crypto giants amass political capital after backing winning primary candidates &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcrypto-giants-amass-political-capital-after-backing-winning-primary-candidates-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2285127&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Fairshake PAC, a super PAC funded by major cryptocurrency companies, has rapidly become a significant force\u2064 in election financing and has considerably influenced the \u200b2024 election cycle. Launched\u200d late last year, Fairshake PAC and its affiliates have spent over $37 million\u2064 on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-minority-leader-mccarthy-speaks-highly-of-president-trump-after-previous-critical-comments\/\" title=\"House Minority Leader McCarthy speaks highly of President Trump after previous critical comments\">primary elections<\/a> and plan to invest $100\u2063 million more. Their strategy focuses \u200bon supporting candidates who are receptive to the crypto industry, aiming to shape favorable legislation and\u200d regulation.<\/p>\n<p>The PAC\u2019s influence was evident \u2064in several races, \u200bincluding\u2063 the\u200b congressional primary defeat\u2062 of Rep. Jamaal Bowman (D-NY), whom they \u200copposed due to his voting record on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-lawmakers-set-to-square-off-with-white-house-treasury-department-over-stifling-crypto-tax-plan\/\" title=\"House Lawmakers Set To Square Off With White House, Treasury Department Over \u2018Stifling\u2019 Crypto Tax Plan\">pro-crypto<\/a> legislation. Critically, Fairshake&#8217;s \u200cinvestment extends to both Republican and Democratic\u2063 candidates that align with crypto-friendly\u200b policies, reflecting its bipartisan approach. The PAC contributed significantly to the \u2064victories of \u200dcandidates like Rep. Jim Banks (R-IN), Gov. Jim Juctice (R-WV), and Rep. John \u200bCurtis (R-UT).<\/p>\n<p>Apart\u200b from direct political involvement, Fairshake and similar groups aim to elevate cryptocurrency as a key issue in American politics, advocating for clear regulatory frameworks that support innovation and growth within the industry.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p><a href=\"https:\/\/www.fairshakepac.com\/\" target=\"_blank\" rel=\"noopener\" title>A super PAC<\/a> supported by top <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/cryptocurrency\/\" target=\"_blank\" rel=\"noopener\" title=\"cryptocurrency\">cryptocurrency<\/a> companies is emerging as the newest big player in <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/2024-elections\/\" target=\"_blank\" rel=\"noopener\" title=\"election\">election<\/a> financing, piling up more victories in Tuesday\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-susan-collinss-praise-for-bidens-scotus-pick-irks-senate-republicans\/\" title=\"Why Susan Collins\u2019s Praise for Biden\u2019s SCOTUS Pick Irks Senate Republicans\">congressional primaries<\/a>. <\/p>\n<p>Fairshake PAC was launched late last year by more than a dozen crypto firms and has been <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/detail\/2024?cmte=C00835959&#038;tab=targeted_candidates\" target=\"_blank\" rel=\"noopener\" title>flooding primary elections<\/a> with cash. The organization supports candidates on both sides of the aisle who are friendly to the crypto industry, a move designed to eventually help shape future legislation and regulations.<\/p>\n<p>Rep. Jamaal Bowman (D-NY) <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/congressional\/3057326\/bowman-primary-squad-democrat-israel-new-york\/\" target=\"_blank\" rel=\"noopener\" title>lost his primary<\/a> on Tuesday, and while much of the focus centered on the spending from pro-Israel groups, Fairshake was also in the mix. The super PAC spent $2 million to air an <a href=\"https:\/\/www.youtube.com\/watch?app=desktop&#038;si=hpAbtwqMRio10vXX&#038;v=AIXvp_zJD6I&#038;feature=youtu.be\" target=\"_blank\" rel=\"noopener\" title>ad<\/a> critical of Bowman. The video opens with a narrator saying, \u201cWhat happened to decency? It\u2019s gone in Jamaal Bowman\u2019s New York.\u201d <\/p>\n<p>The ad does not mention cryptocurrency, but two recent votes put the New York congressman in the crypto industry\u2019s crosshairs:\u00a0voting against the House\u2019s <a href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/house-bill\/4763\" target=\"_blank\" rel=\"noopener\" title>Financial Innovation and Technology for the 21st Century Act<\/a> and Congress\u2019s <a href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/house-bill\/5403\/text\" target=\"_blank\" rel=\"noopener\" title>effort to overturn<\/a> the SEC\u2019s crypto account policy. <\/p>\n<p>\u201cJamaal Bowman fought against <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/actor-matthew-perry-dies-at-54-2\/\" title=\"Matthew Perry, 54, passes away.\">setting clear rules<\/a> of the road for the crypto and blockchain industry, and tonight he\u2019s looking for a new job,\u201d Josh Vlasto, a spokesman for Fairshake and its affiliated super PACs, said in a statement to the <em>Washington Examiner. <\/em>\u201cThe crypto and blockchain community will continue to support candidates who believe in innovation and job creation, and reach across the aisle to get things done.\u201d<\/p>\n<p>Fairshake PAC has already become one of the top spenders in the 2024 election cycle.\u00a0Along with its two affiliated PACs, it has now spent more than $37 million on ads in primary races, according to AdImpact. The group still intends to spend $100 million more to support candidates it sees as pro-crypto. <\/p>\n<p>So far, the group has helped 20 crypto-friendly candidates win primaries, contributing to the victories of Rep. Jim Banks (R-IN) for Senate in Indiana, Gov. Jim Justice (R-WV) for the open Senate seat in his state, and most recently Rep. John Curtis (R-UT), who is likely to take over Sen. Mitt Romney\u2019s (R-UT) seat in Utah. <\/p>\n<p>Cody Carbone, chief policy officer at pro-crypto advocacy group the Digital Chamber, believes the groups are making a huge impact.<\/p>\n<p>\u201cI think what the super PACs have done is really elevated the crypto advocacy game by adding political muscle,\u201d Carbone said in an interview with the <em>Washington Examiner. <\/em>\u201cThis issue now becomes relevant at the top of the ticket in the presidential race, and the money, in combination with the exposure it\u2019s getting in Congress.\u201d<\/p>\n<p>The industry says it wants to elect lawmakers who will ultimately help the government embrace and write tailored rules for crypto. <\/p>\n<p>\u201cI think what we are hoping is that more candidates can come in \u2014 if they are accepting of this technology \u2014 can prioritize creating clear rules of the road,\u201d Carbone said. \u201cWe are one of the very few industries out there that are asking for regulation. We are asking for laws. We are not asking to be deregulated, we just want to exist and we want to make sure we have a regulatory framework that allows us to exist.\u201d<\/p>\n<p>A notable victory for the PAC came after contributing $10 million in spending against Rep. Katie Porter\u2019s (D-CA) bid for Senate in California. The congresswoman eventually lost the nomination to Rep. Adam Schiff (D-CA), who is considered to be friendly to crypto. Fairshake was behind efforts to muddy the water against Porter, flying banners and driving vans around the state with accusations that she was taking corporate money for her campaign, which her campaign disputed. Like other spending in other races, the industry didn\u2019t mention cryptocurrency, but Carbone believes that\u2019s all by design.<\/p>\n<p>\u201cI think crypto is still a little intimidating for folks. And I think this industry is a lot more than crypt, but often gets conflated when we mention crypto,\u201d Carbone said. \u201cThe crypto industry as a whole is not really looking for candidates to be necessarily super pro-crypto, but I think [what] we have found is that the candidates and incumbents that are willing to listen to us and work with us, some of them don\u2019t even like crypto, but a lot of them understand it\u2019s here to stay.\u201d<\/p>\n<p>It\u2019s still unclear whether Fairshake will spend in the presidential election, but those involved in the industry believe they\u2019ll be heavily involved in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/desperate-democrat-whos-been-in-congress-since-1983-goes-after-people-in-washington\/\" title=\"\u2018Desperate\u2019: Democrat Who\u2019s Been in Congress Since 1983 Goes After \u2018People in Washington\u2019\">general election cycle<\/a>, pointing specifically to the Senate race in Ohio. Sen. Sherrod Brown (D-OH), who is one of the most vulnerable Democrats up for reelection this cycle, has been an outspoken crypto skeptic and has created a barrier to crypto legislation progress as the chairman of the Senate Banking Committee. On the other hand, Brown\u2019s Republican challenger, Bernie Moreno, helped found a blockchain startup.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong> <\/p>\n<p>\u201cFairshake is probably putting most eggs in that basket, trying to elect Bernie Moreno,\u201d Carbone said. \u201cGoing after the Senate Banking Committee chair who\u2019s been pretty opposed to this industry is pretty important.\u201d<\/p>\n<p>Sen. Jon Tester (D-MT), another vulnerable Democrat up this cycle, could be a target of the PAC. Tester <a href=\"https:\/\/www.nbcnews.com\/meet-the-press\/video\/crypto-hasn-t-been-able-to-pass-the-smell-test-for-me-sen-tester-157085765554\" target=\"_blank\" rel=\"noopener\" title>told NBC News<\/a> in 2022 that crypto did not \u201cpass the smell test.\u201d Although, lately he has made statements that may show his attitude is shifting, recently telling reporters that he\u2019s considering several crypto bills being currently in the Senate. Tester was one of 11 Democrats<a href=\"https:\/\/www.senate.gov\/legislative\/LIS\/roll_call_votes\/vote1182\/vote_118_2_00169.htm\" target=\"_blank\" rel=\"noopener\" title> to vote<\/a> to overturn SEC guidance on crypto.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A super PAC backed by leading cryptocurrency firms is becoming a major force in election financing, securing numerous wins in Tuesday&#8217;s congressional primaries. Launched last year by over a dozen crypto companies, Fairshake PAC has been heavily funding primary elections, supporting candidates across the political spectrum<\/p>\n","protected":false},"author":2657,"featured_media":2285128,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/Cryptocurrency-coins-2024--scaled-1024x684.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[6987,33161,5894,32076,33160],"class_list":["post-2285127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-crypto","tag-political-capital","tag-politics","tag-washington-examiner","tag-winning-candidates"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/Cryptocurrency-coins-2024--scaled-1024x684.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2285127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2657"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2285127"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2285127\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2285128"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2285127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2285127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2285127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}