Fairshake has poured nearly $40 million into Ohio since August to campaign against anti-crypto Senator Sherrod Brown.
Since August, Fairshake, a political action committee that is funded by some of the most prominent cryptocurrency actors, such as Ripple Labs, Coinbase Global Inc., and venture capital firm Andreessen Horowitz, has invested nearly $40 million in Ohio to oppose anti-crypto Senator Sherrod Brown.
Brown, the chairperson of the Senate Banking Committee, is essential to the passage of any additional cryptocurrency legislation. Fairshake’s aggressive campaign against him serves as an illustration of the industry’s increasing political influence.
The current political landscape serves as a reminder that financial potential can significantly influence electoral outcomes, particularly in Senate campaigns that are fiercely contested.
Fairshake Lead crypto PACs against anti-crypto senate
Fairshake was the most prominent of the crypto-backed political action committees, which were spending $800,000 daily by mid-September. The objective of fairshake committee was to transfer the Senate seat in Ohio from the long-standing Democratic incumbent, Sherrod Brown, to the Republican challenger, Bernie Moreno.
Brown is a vocal opponent of cryptocurrency, frequently emphasizing the negative impact it has on the average consumer. In contrast, Moreno is a blockchain entrepreneur who has committed to maintaining a positive relationship with the industry.
Crypto benefactors provided Moreno with an additional $40 million in support. Sherrod Brown, one of its most vocal critics, would be eliminated by his victory in that election, which would also serve to secure Republican control of the crypto-Congress.
Fairshake, a crypto-centric super PAC, and its affiliates have allocated $54.6 million to Republicans thus far in 2024. The Republican Party maintained a 62% advantage over the Democrats, as $33.7M was allocated to their behalf.
One of the most influential positions is that of Sherrod Brown, Chairman of the Senate Banking Committee, which is responsible for the drafting of the critical legislation that regulates cryptocurrencies. Additionally, if he is successful in his bid for re-election, he may harbor animosity toward an industry that has actively opposed him.
In the event that Brown loses his seat but the Senate is retained by the Democrats, Elizabeth Warren, the most vocal cryptocurrency critic in Congress, will likely be appointed as the chair of the committee.
This is a dangerous development for the crypto industry, as it positions Warren at the helm. This would enable one of crypto’s most fervent adversaries to postpone legislation that is considered significant. The legislation could remain inactive for a minimum of the next two years if the elections do not proceed as Fairshake would prefer.
Cryptocurrency Exceeds Conventional Political Boundaries, Appealing to Both Parties
Mick Mulvaney, the former interim White House Chief of Staff during the Trump administration, is of the opinion that the cryptocurrency industry is a force that transcends traditional US political boundaries and draws support from both Democrats and Republicans.
Mulvaney stated that crypto “does not fit neatly into the old Republican, Democrat sort of silos,” demonstrating its bipartisan appeal.
He further stated that legislators’ perspectives, similar to those of cryptocurrency, must evolve to accommodate these concepts. Mulvaney also addressed the maturation of the industry. He observed that what was once a communal endeavor has now transformed into professional lobbying in Washington.
He stated:
“It is a new industry, it’s starting to mature a little bit — not much. I remember about four years ago when I was doing this: their effort in DC was effectively people sitting in their basements writing nasty letters to their lawmakers. Now, they have professional operations.”
The majority of October polls indicate that the campaign between Trump and Harris is closely contested, even in certain critical battleground states. The Electoral College could be won by either candidate as a result of this close competition. As a result, their roles in emerging industries, such as cryptocurrency, are expected to become increasingly significant.
The industry was supported by former President Donald Trump, who in a September interview positioned himself as a pro-crypto candidate. In September, World Liberty Financial, a cryptocurrency trading platform, was established by his sons.
In the interim, Vice President Harris has advocated for regulatory supervision of the sector to safeguard participants. Sen. Elizabeth Warren is one of the most vocal critics of crypto, with the exception of Sherrod Brown, according to Mulvaney. Anti-crypto John Deaton, a lawyer who advocates for XRP, recently criticized Warren for being selfish.
Mulvaney: The Political Influence of Cryptocurrency to Increase in the 2024 Election
Up until March 2020, Mick Mulvaney was the White House chief of staff. Subsequently, he was designated as the United States envoy for Northern Ireland. He subsequently resigned in response to the U.S. Capitol being stormed by Trump supporters on January 6, 2021.
Mulvaney, a NewsNation contributor, characterized the 2024 election cycle as a bellwether for the cryptocurrency industry. He stated that its influence will be “fascinating to observe” as it becomes a more significant factor in the subsequent election cycles.
In order to achieve this objective, the Commonwealth Unity Fund, Protect Progress, Defend American Jobs, and Fairshake political action committees have collectively allocated millions of dollars to endorse pro-crypto candidates and eliminate anti-crypto personalities, including Sherrod Brown.
Therefore, with only 13 days until the US elections, the focus is now on securing the support of last-minute voters for the candidates who are friendly to crypto.
