Crypto Super PAC Raises $169M Following $10M Donation From Jump Crypto
Fairshack's political action committee (PAC), which has sponsored attack ads against various US lawmakers, announced that it raised $169 million ahead of the country's primary elections.
In a note to Cointelegraph on June 19, a Fairshack spokesperson said Jump Crypto, the digital asset arm of Jump Trading, donated $10 million to the super PAC, bringing its total donations since its launch to about $169 million. The group has received millions in contributions from crypto organizations including Coinbase and Ripple – and an earlier $5 million donation from Jump Crypto – as well as Marc Andreessen and Ben Horowitz, Andreessen Horowitz and Cameron and crypto exchange Gemini Tyler Winklevoss.
Money in politics
Fairshack continues to make media buys as Election Day approaches on Nov. 5. In the United States, money from Super PACs can be used to support specific candidates and political parties. The groups should not cooperate with campaigns.
In March, Rep. Katie Porter of California lost her first race for the US Senate. A Faircheck ad released before the vote claimed Rep. Porter had received campaign contributions from “big pharma, big oil and big banking executives” — which the news outlet Sacramento Bee described as “mostly false.”
Related: US political change could expose crypto to $20T industry: Bitwise
Jamal Bowman, running for U.S. Representative for New York's 16th Congressional District, will face Democrat George Latimer in the June 25 primary. Fairshack made a $2 million media buy in June that Rep. Bowman said pushed “dangerous conspiracy theories.” The ad did not specifically attack the record in the House of Representatives in opposition to major pacifist legislation.
A Fairshack spokesperson told Cointelegraph that the super PAC “will continue to support candidates who are committed to getting things done and enacting responsible regulation with the industry.” He also hinted that regardless of the U.S. election, the committee “will have the ability to touch seeds in 2024 and beyond.”
Presidential candidates gather
With less than five months to go before voters decide on the next US presidential election, candidates from the major political parties are emerging. US President Joe Biden and former president and convicted felon Donald Trump are expected to meet for a debate ahead of their official nominations at the Democratic and Republican National Conventions.
The Libertarian Party has nominated Chase Oliver as its presidential candidate, while Robert F. Kennedy Jr. is running as an independent. It is unlikely that Kennedy will appear in enough state polls to win the election.
Magazine: Crypto voters are rocking the 2024 election — and it's set to continue.
