Tag: Crypto Elections

Crypto industry super PAC is 33-2 in primaries, with $100 million for House, Senate races

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By Emily Wilkins. (CNBC). June 26, 2024.

KEY POINTS

  • A super PAC bankrolled by a small group of crypto companies has backed the winning candidate in 33 of the 35 House and Senate primary races it entered.
  • Fairshake PAC kicks off the general election season with a strong track record and at least $100 million to spend on crypto-friendly members of Congress.
  • The PAC has spent tens of millions already on ads that rarely mention crypto. Instead, the messages they deliver about “fairness” and “integrity.”

WASHINGTON — A super PAC bankrolled by top crypto companies notched several wins Tuesday night in congressional primaries, the latest in a series of victories by the newest big player in American election financing.

Fairshake PAC, which supports candidates across the political spectrum whose positions align with the crypto industry’s, will enter the general election campaign season with more than $100 million that it plans to spend to elect pro-crypto lawmakers to the House and Senate.

Read more here: CNBC.

How Crypto Money Is Poised to Influence the Election

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By David Yaffe-Bellany, Erin Griffith and Theodore Schleifer. (New York Times). June 17, 2024.

Ryan Selkis, a cryptocurrency executive, was eating dinner at Mar-a-Lago last month when he got an unexpected invitation: Former President Donald J. Trump wanted him to come to the stage and say a few words.

Mr. Selkis, who runs the crypto data firm Messari, was one of a couple hundred attendees at an event celebrating Mr. Trump’s series of nonfungible tokens, the digital collectibles known as NFTs. When he reached the lectern, Mr. Selkis turned to face the former president.

“There’s 50 million crypto holders in the U.S.,” the executive declared. “That’s a lot of voters.”

That message has become a political talking point in the crypto world, as the industry tries to shake off a wave of scandals and establish itself as a powerful force in the 2024 election cycle. Three large crypto firms have banded together to finance a group of affiliated super PACs, investing about $150 million to elect pro-crypto candidates in congressional races.

Read the full piece here: The New York Times.