Fairshake, a crypto lobbying group, has made substantial contributions to election campaigns ahead of the upcoming U.S. presidential elections. According to a filing with the Federal Election Commission, Fairshake has spent over $142.3 million this year and still has $42.8 million in cash reserves.
In September, Fairshake allocated $15 million to Defend American Jobs, a political group that supports crypto-friendly Republican candidates. This move was in support of Republican businessman Bernie Moreno, who is running against Ohio Senator Sherrod Brown. Defend American Jobs has already spent more than $40 million on the campaign.
Sherrod Brown has been rated with an “F” by the crypto asset advocacy group Stand With Crypto due to his strong opposition to crypto. He has rejected House Resolution 109, which would overturn SEC Staff Accounting Bulletin No. 121. This bulletin requires certain companies to classify crypto assets as liabilities on their balance sheets, even if they are held for customers. The resolution was passed by the House and Senate earlier this year but was vetoed by President Joe Biden in May.
In addition to supporting Republican candidates, Fairshake has also allocated $5 million to Protect Progress, a PAC that supports crypto-friendly Democrats. This shows that Fairshake is trying to gain support for the crypto sector from both parties.
These financial contributions by Fairshake reflect the crypto industry’s efforts to gain influence in the political arena. By supporting candidates from both parties, the crypto sector hopes to find broader support and influence the regulation and acceptance of crypto assets. This demonstrates a significant step toward gaining more political support for the industry.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
