In the past two months, Fairshake's name has frequently appeared in the news about crypto institutions donating to PACs (Political Action Committees). Official data from the U.S. Federal Election Commission (FEC) shows that Fairshake, a Super PAC (Super Political Action Committee) supported by the crypto industry, received a total of $92.87 million in donations and spent $40.65 million in donations between January 1, 2023 and April 30, 2024. The main donors are all leading companies in the crypto industry, such as Coinbase, Ripple Labs, and Andreessen Horowitz (a16z).

Due to delays in filing with the FEC, Fairshake and its two affiliated super PACs, Project Progress and Defend American Jobs, have raised $135 million this election cycle as of May 31, according to Bloomberg estimates based on FEC data and public news. Overall, including Fairshake, cryptocurrency donors have given the FEC more than $146 million since 2023.

It can be said that Fairshake is one of the main fronts and windows for influencing the US election situation through donations. Although many other crypto-friendly PACs have been registered with the FEC, judging from the amount of fundraising and the latest developments, Fairshake is deservedly ranked first in the list of crypto PAC influence.

In this article, PANews will provide a popular science introduction to the basic situation of Fairshake and its impact on the general election.

What is the Super PAC Fairshake?

In the United States, a political action committee (PAC) is a tax-exempt 527 organization that pools campaign contributions from its members and donates those funds to campaigns that will support or oppose candidates, ballot initiatives, or related legislation.

Super PACs, formally known as "independent spending only political action committees," are different from traditional PACs in that they can raise unlimited amounts of money from individuals, corporations, unions and other groups to spend on advertising and other activities that explicitly support or oppose political candidates. However, they are not allowed to make joint or direct donations to candidate campaigns or political parties.

There are currently at least 12 crypto industry-backed PACs or super PACs active in the U.S. election circle, among which Fairshake has the most outstanding fundraising amount.

Fairshake’s website says it is a Super PAC that “supports candidates committed to making America a home for innovators who are building the next generation of the internet.” In general, it supports politicians who support policies that are favorable to the cryptocurrency industry.

The organization was registered with the FEC in 2023 and is registered in Florida. Currently, Fairshake has received financial support from some of the most influential companies and executives in the digital currency field, such as Coinbase CEO Brian Armstrong, who has explicitly expressed his support. As a super PAC, Fairshake's list of donors must be disclosed in reports submitted regularly to the FEC.

OpenSecrets’ website shows all the institutional investors Fairshake has donated to so far in this election cycle, though the full scope of Fairshake’s fundraising is unclear because of lags in super PAC disclosures.

It can be seen that Fairshake’s main donors currently include Coinbase, Ripple Labs and Andreessen Horowitz (a16z), in addition to many well-known institutions in the crypto industry.

Coinbase 的 CEO Brian Armstrong

Which candidates does Fairshake support?

During the 2024 primary season, Fairshake was primarily involved in the race for a U.S. Senate seat in California, where it spent more than $10 million on independent expenditures against one of the running Democrats, Katie Porter. Fairshake allegedly viewed Porter as a potential ally to Massachusetts Democratic Senator Elizabeth Warren, a critic of cryptocurrency platforms. Ultimately, Porter failed to make the general election that fall.

Additionally, Fairshake spokesman Josh Vlasto said in March that the super PAC plans to be active in other U.S. Senate races, particularly the Democratic primaries in Maryland and Michigan and the general elections in Ohio and Montana.

Other big beneficiaries of Fairshake spending include House Financial Services Committee Chairman Patrick McHenry (R-NC), Rep. Dusty Johnson (R-SD) and Rep. Josh Gottheimer (D-NJ), among others.

According to a report by Public Citizen, in the six 2024 primaries in which Fairshake and its affiliated PACs were involved and have now ended, only one cryptocurrency-backed candidate lost, with a winning rate of over 80%.

Fairshake’s ads don’t explicitly focus on cryptocurrency regulation. Many of the ads show images of the candidates and their districts, with biographical information. The ads portray the candidates as bipartisan problem solvers, focusing primarily on economic issues. But almost all of the ads mention that the lawmakers are committed to “attracting the jobs of the future” and building the “next generation of the internet” in the United States.

According to information, Fairshake spokesperson Josh Vlasto was the former chief of staff of New York Governor Andrew Cuomo and a senior assistant to Senator Chuck Schumer (D-N.Y.). Vlasto once said: "We will have enough resources to influence the composition of campaigns and institutions at all levels, and will strategically use these assets to maximize their influence, thereby establishing a sustainable, bipartisan cryptocurrency and blockchain alliance."

Now, as both parties in the United States have gradually turned friendly to the crypto industry, the attitude towards the crypto industry is believed to further influence voters' attitudes. In general, as Fairshake's dynamics of accepting donations become more frequent, its influence is also worthy of further attention.