Crypto PACs Back Democrats in Key Senate Races, Frustrating GOP Allies
A leading pro-cryptocurrency political group has significantly influenced key Senate races in Michigan and Arizona, backing Democrats against candidates endorsed by Donald Trump. This move has surprised and angered top Republicans who previously saw the industry as an ally as reported by NBC News.
Fairshake PAC, along with its affiliated super PACs, has committed approximately $3 million each to support Democrats Rep. Ruben Gallego in Arizona and Rep. Elissa Slotkin in Michigan. This financial backing could disrupt GOP efforts to secure crucial Senate seats, especially in these battleground states.
Republicans have worked hard to build relationships with the crypto industry, particularly in a challenging regulatory environment. However, the significant support for Democrats from Fairshake PAC is causing tensions, with some Republicans questioning the longevity of these alliances.
In response to inquiries, Fairshake referred to the A-ratings Slotkin and Gallego received from Stand With Crypto, a nonprofit advocating for the crypto industry. Both Democrats crossed party lines this year to support a historic crypto bill, despite Slotkin’s earlier skepticism, which had earned her an F-rating from the same group just a few months ago.
Gallego, who is running against Republican Kari Lake, had previously opposed crypto-friendly legislation and even praised efforts to regulate the industry. Lake, on the other hand, has received strong support from Stand With Crypto, earning an A rating for her pro-crypto stance.
Fairshake’s spokesperson, Josh Vlasto, emphasized that the PAC aims to support candidates who embrace innovation, protect American jobs, and work across the aisle to achieve results. The crypto industry and its aligned super PACs have reportedly amassed over $100 million to influence House and Senate races, aiming to create a favorable regulatory environment for digital assets.
Fairshake is largely funded by major digital asset firms, including blockchain company Ripple, individual donors associated with venture firm Andreessen Horowitz, and Coinbase, the largest U.S. cryptocurrency exchange.
