Fairshake PAC, a pro-crypto political group, will reportedly spend $3 million to back Democratic candidates in two states ahead of the 2024 US elections. NBC News reports that Republicans are unhappy with the group supporting Democrats Ruben Gallego in Arizona and Elissa Slotkin in Michigan.
Republican presidential nominee Donald Trump and his running mate for vice president, J.D. Vance, have been vocal supporters of the crypto segment. While elections are cutting close, exit polls have started leaning in favor of Democratic presidential nominee Kamala Harris.
Fairshake PAC will spend $3M to support Democrats
Political action group for pro-crypto regulations has backed two Democratic candidates in the Senate race. NBC reported that Fairshake PAC has vowed to spend $3 million to support pro-crypto Democrats, Ruben Gallego in Arizona and Elissa Slotkin in Michigan. The report comes as Fairshake PAC attempts to defeat Democratic Senator and crypto skeptic Sherrod Brown in Ohio by earmarking $12 million in funds.
Republicans are reportedly unhappy with the crypto community supporting the opposition. Considering Republican presidential nominee Donald Trump and his running mate for vice-president, J.D. Vance, have portrayed themselves as the crypto industry allies.
The matter is further complicated as businessman Marc Andreessen and his business partner, Ben Horowitz, are financial backers of Fairshake and support Trump for president. Meanwhile, the latest election polls are leaning in favor of Kamala Harris.
Polymarket bets ahead of 2024 US elections
At press time, 45% of election bets on Polymarket believe Trump would win the 2024 US elections. Harris maintains a lead with 54% bets in her favor. In the Senate race, Republicans maintain a lead with 71% bets while Democrats are at 29% on the platform.
Harris win is ‘less beneficial’ for BTC
Just months into the November voting, crypto continues to be a bipartisan election issue. CoinShares‘ report finds that Trump’s economic policies could have mixed effects on Bitcoin. Meanwhile, Fairshake super PAC has reportedly raised $161 million with $13.3 million channelled to oppose anti-crypto Democrats, and support pro-crypto Democrats and Republicans. Democrats received 5% of the total spend while Republicans are said to have received 4%.
Fairshake has also transferred $15.4 million to two other super PACs:Defend American Jobs and Protect Progress. The purpose of the majority of these funds is to support pro-crypto political candidates. The report also underlined that compared to Trump’s potential presidency, Kamala Harris could be less advantageous for Bitcoin and other digital assets due to her potentially more cautious approach.