A crypto industry-backed political action committee (PAC) has pooled funds to run an ad campaign to influence the California senate elections.
As reported by The Guardian, a super PAC reportedly spent $10 million on advertisements that opposed Katie Porter’s candidacy for the United States Senate in California.
Katie Porter is Contradicted by Cryptocurrency Advocates
The Guardian report highlights that Porter, a young progressive congressman, is confronting significant challenges in her quest to advance to a November Senate runoff against Democratic front-runner Adam Schiff.
In support of “leaders who champion the interests of progressive innovation and responsible regulation,” the Fairshake Pac announced at the start of the year that it had acquired $85 million from notable cryptocurrency community members on behalf of the Pac and its affiliates.
One of the Pac’s most prominent investments is in the California Senate election, which is geographically close to Silicon Valley. Porter, a congressman from southern California, has garnered renown for questioning prominent CEOs and raising concerns such as the energy consumption associated with cryptocurrency production and the potential exacerbation of the climate crisis.
Furthermore, in 2022, Porter and Elizabeth Warren formed a collaborative effort to initiate an investigation into the potential impact of Bitcoin mining operations in Texas on the state’s electrical infrastructure and the average user’s electricity bill.
The Influence of Crypto Voters in Upcoming US Elections
Voters who utilize cryptocurrencies will be crucial in the 2024 United States presidential election. Forbes reports that currently, one in every five Americans possesses digital assets. Exactingly 52 million individuals.
This number can potentially alter the trajectory of the upcoming American presidential election. Furthermore, the political composition of the demographic is arguably the most salient.
22% of cryptocurrency owners surveyed by Forbes identified as Democrats, 18% as Republicans, and 22% as Independents, according to data from Morning Consult and Coinbase.
Furthermore, a Harris Poll survey reveals that most respondents (73 percent) believe prospective US presidents should possess knowledge of state-of-the-art technologies such as cryptocurrency and artificial intelligence. Under such circumstances, the competition for government formation in the United States will likely need to consider the digital asset community.
