Coinbase, Ripple-Backed Super PAC Raises Millions to Defeat Elizabeth Warren Allen

A super PAC backed by some of crypto's most powerful companies has raised an $85 million war chest — and now the organization has begun deploying those funds to political candidates across the country.

A political action committee (PAC), Fairshack, is primarily funded by crypto giants Coinbase, Andreessen Horowitz and Ripple Labs, according to a recent Federal Election Commission filing. Filing.

While those companies and their leaders have each pledged tens of millions of dollars to the organization, the largest donations to Fairshack have come from crypto companies and their founders: ARK Invest, Solana Labs, Bitwise, Jump Crypto, Multicoin Capital, Paradigm, and the Winklevoss Brothers to name a few.

On Monday, Fairshack began pouring millions of dollars into negative advertising targeting Orange County Democratic Congresswoman Kathy Porter, who is in a four-way race for California's open U.S. Senate seat. Fairshack representative confirmed Decrypt The PAC has spent $2.9 million on anti-Porter ads since yesterday.

What does crypto have on Porter? The congresswoman isn't one of the industry's most prominent foes in Washington, and she hasn't drawn the ire reserved for more outspoken crypto critics like Democratic senators. Elizabeth Warren And Sherrod Brown.

Porter teaches at Harvard Law School and has often teamed up with Warren on a case herself. It has been accepted Her senate was held a year ago.

Moreover, Porter's main rival in the Senate race and fellow Democrat, Los Angeles Congressman Adam Schiff, has openly called for a crypto regulatory framework against him. Campaign website– Says to sustain and grow the Web3 and Blockchain industries in California, respectively. Porter's campaign site makes no mention of crypto.

Ripple Labs and Andreessen Horowitz did not immediately respond to requests for comment on Fairshack's alleged attack on Porter. A representative of Coinbase pointed out the company's latest Blog post As for Fairshack, he emphasizes the urgent need to support Americans who own digital assets and are frustrated by the current state of America's financial system.

Interestingly, the anti-porter ads released by Fairshack in California have so far avoided any discussion of crypto. The organization's first ad, perhaps unsurprisingly, tries to paint the congresswoman as being in the pocket of special interest groups.

“Katie Porter says one thing and does another,” a representative for Fairshack said in a statement. Decrypt. “Despite her claims, Porter has taken campaign cash from big banks, big pharma and big oil, and her super PAC is spending heavily to mislead Californians about her record.”

Porter's campaign sees things differently — and the candidate has made a point to emphasize his lack of hostility toward the crypto industry.

“Katie believes that free markets and consumer protections go hand in hand with financial innovation — but that's not what this is about,” Porter campaign spokeswoman Lindsay Reilly said in a joint statement. Decrypt. “It's about billionaires and corporate special interests using misinformation to rig our election. California voters will see this plan to mislead voters before the March primary.

Adam Schiff currently leads California Senate candidates with 25% support, according to a recent report Poll Managed by USC, Cal Poly Pomona and CSU Long Beach.

Porter and retired Dodgers first baseman Steve Garvey, a Republican, are reportedly neck-and-neck for second place at 15 percent each. The two Senate candidates who received the most votes during the March 5 primary will advance to the general election in November.

Edited by Andrew Hayward.