$85 million crypto Super PAC, backed by Coinbase
An $85 million crypto Super PAC, backed by Coinbase and other major players in the crypto industry, is shifting its focus to Senate races after successfully defeating a Democratic candidate in California with a $10 million campaign.
The Super PAC, called Fairshake, plans to concentrate its efforts on four key Senate races in Ohio, Montana, Maryland, and Michigan for the remainder of the election cycle.
Fairshake spokesperson Josh Vlasto confirmed that the PAC will be spending on advertisements in the general elections for the Senate seats in Ohio and Montana, as well as in the Democratic primaries for the Senate seats in Maryland and Michigan.
Ohio and Montana are of particular interest to Fairshake as both states have Democratic senators up for re-election who have expressed skepticism about cryptocurrency.
Senator Sherrod Brown of Ohio suggested a nationwide crypto ban in December 2022, while Senator John Tester of Montana has questioned the necessity of cryptocurrency.
However, Fairshake has not explicitly stated that it will oppose these senators' campaigns. Instead, the PAC has indicated that it will be involved in their general election races, suggesting that they could potentially receive support if they adopt more favorable stances on crypto-related issues.
Fairshake has not disclosed a specific timeline for deciding which candidates to support in the Ohio and Montana races but stated that it will evaluate candidates based on their leadership on crypto issues, campaign viability, election significance, and the PAC's ability to influence the race.
In Michigan, Fairshake will participate in the Democratic Senate primary in August, where congresswoman Elissa Slotkin is a leading candidate. Slotkin has not spoken extensively on crypto but has emphasized the need for politicians to disclose their crypto trades.
She faces competition from multiple Democratic contenders, including actor Hill Harper, who has promoted crypto involvement among people of color.
In Maryland's Democratic Senate primary in May, Fairshake will be involved, although neither candidate, David Trone or Angela Ashbrooks, has addressed crypto prominently in their campaigns.
Fairshake has not announced specific endorsements in the Michigan or Maryland races but has committed to participating in the primaries.
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