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Well-Funded Political Action Committee Fairshake to Target Key Races That Could Shift Senate Power
A major crypto-backed political action committee is gearing up to spend big in several high-stakes U.S. Senate races this election cycle that could reshape the balance of power in Congress’s upper chamber.
Fairshake, a crypto industry super PAC that has raised over $85 million to date from players like Coinbase, Ripple, and Andreessen Horowitz, plans to deploy significant resources in Senate general election contests in Ohio and Montana, as well as Democratic Senate primaries in Maryland and Michigan, according to the group’s spokesperson.
The states represent some of the most competitive and consequential Senate battlegrounds in 2024. Ohio and Montana feature vulnerable Democratic incumbents running for re-election in traditionally Republican-leaning states. Meanwhile, open Senate seats in Maryland and Michigan due to retiring senators have set the stage for hotly contested Democratic primaries.
While Fairshake has not explicitly stated whether it will back challengers or incumbents in the Ohio and Montana races, the two Democratic senators – Sherrod Brown and Jon Tester – have voiced skepticism about crypto in the past. Brown floated the idea of an outright crypto ban in late 2022, while Tester questioned the very existence of cryptocurrencies.
However, Fairshake left the door open to potentially supporting the incumbents if they moderate their stances, stating it will evaluate the races holistically without committing to any candidates yet.
The primaries in Maryland and Michigan present an opportunity for the crypto group to boost pro-industry voices from the outset. With no incumbent running, the races are wide open and Fairshake’s deep pockets could sway voters.
The committee’s state-level blitz signals that after a successful anti-crypto candidate campaign in California earlier this year, the well-resourced crypto lobby is setting its sights on shaping the future crypto policy landscape by targeting key Senate seats up for grabs in 2024.
No matter which candidates Fairshake backs, one thing is clear – the crypto industry plans to flex its financial muscle to install a crypto-friendly Senate contingent that could dramatically impact the sector’s trajectory in the years ahead.
