Crypto Industry Spending $21 Million More on GOP Ads than Democrats Ahead of Election
The crypto industry is making a significant impact on the upcoming elections, with groups supporting pro-crypto candidates set to spend $21 million more on ads for Republicans than Democrats. This influx of campaign ad dollars could sway the balance of power in Congress, making the industry a formidable force in shaping policy.
Fairshake, the main PAC representing the crypto industry, has been endorsing candidates from both parties but has shown a preference for Republicans in its ad spending. With $54.6 million spent on Republican candidates compared to $33.7 million on Democrats, the industry is clearly backing the GOP.
The recent $800,000 donation from ConsenSys Software, Inc. to Fairshake indicates that the crypto industry could ramp up its spending in the final weeks leading up to the election. With key Senate and House races expected to be close, these last-minute influence ads could make a significant difference.
One of the industry’s main focuses is the Ohio Senate race, where Republican challenger Bernie Moreno, backed by crypto groups, has received over $40 million in support. Fairshake is aiming to help Moreno defeat Democratic incumbent Sherrod Brown, who has been critical of the crypto industry.
Fairshake’s funding primarily comes from major crypto companies like Coinbase and Ripple, and it has made it clear that it will support candidates who are friendly to crypto. The industry has already played a role in knocking out Democratic candidates who were seen as unfriendly to their interests.
While Fairshake has primarily supported Republican candidates, there are also PACs affiliated with the industry that are backing Democrats. The outcome of these elections could have a significant impact on the future of crypto regulation, with industry insiders hoping for a slightly Republican-controlled Senate to counter the influence of vocal critics like Elizabeth Warren.
Overall, the crypto industry’s involvement in the upcoming elections highlights its growing influence in shaping policy and regulations in Washington.