California Approves Bitcoin Donations In Political Campaigns As BTC Looks At $28K

Story Highlights

  • Winklevoss Twins join list of other crypto billionaires to support super PAC.
  • Fairshake PAC backs pro-crypto candidates from both major political parties.
  • Fairshake recently opposed Democratic candidate Katie Porter

As per the latest federal filings submitted to the Federal Election Commission, Fairshake, the crypto super political action committee (PAC), has managed to secure a notable $4.9 million from billionaire twins Cameron Winklevoss and Tyler Winklevoss.

In the past, the super PAC has raised funds from venture capitalists like Marc Andreessen and Ben Horowitz. Fairshake raised an additional $6.3 million last month in January from crypto firms like Coinbase Global Inc. and Ripple Labs.

Can Crypto Super PACs Influence 2024 Elections?

Entering February 2023, the super PAC boasted a hefty $85 million in cash reserves after spending just over $225,000 the previous month. Meanwhile, two affiliated super PACs, Protect Progress and Defend American Jobs PAC, experienced minimal activity, raising no funds and making only minor expenditures. Together, they closed January with a combined $8 million in cash on hand.

Fairshake’s mission revolves around influencing regulatory decisions by backing pro-crypto candidates from both major political parties. While the organization acknowledges the importance of regulations promoting transparency and fraud prevention, it opposes excessively restrictive measures that could hinder cryptocurrency trading.

The substantial financial resources amassed by Fairshake are pivotal for the crypto industry, which faces increasing scrutiny from the US government. Furthermore, notable cases involving individuals like the FTX collapse and crackdown on Binance, have drawn attention from regulatory bodies like the U.S. Securities and Exchange Commission and prompted calls for stricter oversight from congressional member.

Fairshake Expenditures to Combat Regulatory Action

Since its launch last year, Fairshake crypto super PAC has managed to raise funds from 20 influential players from the crypto industry. They have also spent over $1 million in TV advertisements while backing a particular group of lawmakers.

Fairshake has allocated a hefty $3.6 million to oppose the Democratic California Senate candidate Katie Porter, marking its largest expenditure in an election campaign to date.

Additionally, the group has invested significant six-figure sums in supporting Representative Patrick McHenry, a Republican from North Carolina, despite his subsequent decision not to seek reelection. Fairshake has also thrown its weight behind Representatives Dusty Johnson of South Dakota, a Republican; Josh Gottheimer of New Jersey, a Democrat; and Tom Emmer of Minnesota, also a Republican, as reported by OpenSecrets.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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