GOP to crypto: Show me the money
Summary
Republicans have passed pro-crypto legislation and expect support from the crypto industry's biggest political spender, the pro-crypto super PAC Fairshake, which has $165 million. However, Fairshake has not yet disclosed which candidates it will back in the upcoming midterm elections, causing frustration among Republicans who want more help to maintain control of Congress.Key Facts
- Fairshake is a super PAC that receives most of its money from Coinbase, a major cryptocurrency exchange.
- It holds $165 million, making it the largest political war chest of any industry in the US.
- Republicans passed the CLARITY Act, which aims to clarify how digital assets are regulated. The bill passed the Senate Banking Committee with GOP support and opposition from most Democrats.
- Fairshake has not yet announced if it will oppose Senator Sherrod Brown, a Democrat who had been critical of crypto but has softened his stance.
- Republicans are also worried Fairshake may not target Democratic Rep. Chris Pappas in New Hampshire, who republican backers wanted to challenge.
- Some Republicans believe the crypto industry wants to avoid alienating Democrats who help pass crypto laws.
- Fairshake says it supports or opposes candidates based on their stance on crypto, regardless of party.
- Some pro-crypto Republicans have started their own groups to support GOP candidates directly.
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