A new super PAC called Fairshake, supported by major cryptocurrency companies like Coinbase, has launched an $85 million advertising campaign against Rep. Katie Porter (D-CA) as she competes in the primary election for California’s open Senate seat.
The Fairshake PAC and its Big Donors
Fairshake, along with associated groups Protect Progress and Defend American Jobs, has amassed a combined total of approximately $80 million, with significant contributions from Coinbase, Ripple Labs, and Andreessen Horowitz.
Regardless of party affiliation, the top two finishers in California’s primary election scheduled for March will advance to the November general election. Porter faces tough competition from fellow Democrats like Rep. Adam Schiff and Rep. Barbara Lee, as well as Republican Steve Garvey.
— Eleanor Terrett (@EleanorTerrett) February 6, 2024
Coinbase CEO Donates $1 Million
Coinbase CEO Brian Armstrong personally donated $1 million to Fairshake. He has emphasized the influence of money in politics, drawing parallels to oil, gas, and banking industries’ lobbying efforts.
Porter’s Stance on Cryptocurrency Regulation
On Capitol Hill, Porter has been a close ally of Senator Elizabeth Warren, a vocal critic of lax cryptocurrency regulations. Fairshake has accused Porter of misleading the state about her record and accepting funds from other industries. While the reasons for the crypto industry’s opposition remain unclear, it likely stems from Porter’s stance on regulating the industry and her viral grilling of a financial executive.
In summary, the $85 million campaign demonstrates the cryptocurrency industry’s willingness to spend big money to oppose politicians they see as threats to their interests. How this affects the California Senate race remains to be seen.