Fairshake, the political action committee (PAC) focused on crypto, is preparing to spend another $40 million in the closing days of the 2024 U.S. elections.
After already dropping $140 million on Congressional races, the PAC is set to make its final push, with Ohio’s Senate race being one of the most watched contests. Fairshake’s funding comes from some of the biggest names in the industry, including Coinbase, Ripple Labs, and venture capital giant Andreessen Horowitz.
With the financial backing of these companies, Fairshake has disrupted campaigns nationwide, and their next moves are highly anticipated.
In Ohio, Fairshake’s influence has made waves in the race between Democratic Senator Sherrod Brown and Republican challenger Bernie Moreno. Brown, the Senate Banking Committee chair and long-time crypto critic, saw his six-point lead vanish after Fairshake poured millions into the race.
Since August, $40 million has been funneled into supporting Moreno, a pro-crypto candidate, turning the race into a toss-up.
Bipartisan targets
Fairshake plays both sides of the aisle, funding two affiliated PACs: Defend American Jobs, which supports Republicans, and Protect Progress, backing Democrats. Their goal? Pushing candidates from both parties to adopt pro-crypto policies.
In some cases, the mere threat of their financial involvement is enough to sway candidates to add crypto-friendly language to their platforms.
This was the case in Nevada, where neither candidate has received direct funding from Fairshake, but both added pro-crypto stances to avoid becoming the next target.
The bipartisan approach isn’t without its critics though. Ron Conway, a Silicon Valley venture capitalist and Fairshake donor, slammed Coinbase CEO Brian Armstrong and other industry leaders for backing Bernie Moreno. He called it “short-sighted” and threatened to stop supporting the PAC.
Marketing and PAC strategy
Fairshake’s ads don’t shout about crypto or blockchain. Instead, they focus on personal stories and political alignments. A prime example is Bernie Moreno, whose family and Trump-aligned energy policies have been the focus of recent Fairshake ads.
Fairshake is playing the long game, knowing full well that shouting “crypto” isn’t always the smartest play in American politics. But it’s certainly paying for candidates that support the industry.
The PAC made its first big move earlier this year, dropping $10 million in ads against California Senate hopeful Katie Porter. She had voted against crypto legislation, and Fairshake made sure voters knew. She ended up losing to Adam Schiff in the primary, a win for Fairshake and its strategy.
This playbook worked elsewhere, too. The PAC took credit for defeating crypto opponents like Jamaal Bowman in New York and Cori Bush in Missouri. It spent $2 million and $1.4 million respectively to help knock them out.
Fairshake’s cash even helped John Curtis win his Utah Republican primary, where they shelled out $3.4 million to beat pro-regulation candidate Trent Staggs.
Meanwhile, Sherrod Brown became the main focus of Fairshake’s attention. Brown has been a vocal crypto critic, even mocking the industry’s Super Bowl ads. His opponent, Bernie Moreno, made his money with blockchain technology, founding a company that digitizes car titles.
Fairshake sees Moreno as the crypto world’s ticket to taking down Brown, with their cash flow making a real difference in this tight race.
“It’s crazy how money can change everything in politics,” said Trent Staggs after his defeat in Utah. “We were drowned by over $10 million spent against me, and another $2 million was spent on attack ads.”
In Michigan, Fairshake has also pumped $10 million into Elissa Slotkin’s Senate race. Slotkin has supported pro-crypto legislation during her time on the House Agriculture Committee. Ruben Gallego, running for Senate in Arizona, also benefited from $10 million of Fairshake’s funds.
They’ve spent nearly $2.5 million to back Shomari Figures in Alabama, a Democrat who has openly supported crypto since his primary campaign. With the amount of cash Fairshake has left in the bank, these candidates are just the beginning.
