Fairshake PAC, a pro-cryptocurrency political group, has targeted Michigan and Arizona Senate races by backing Democrat candidates against those endorsed by Donald Trump, angering top Republicans. Fairshake has committed millions to support Rep. Elisa Slotkin in Michigan and Rep. Ruben Gallego in Arizona, who have both shown support for the crypto industry in recent months. This move is seen as a threat to GOP efforts to secure seats in battleground states. Fairshake’s significant contributions come from donors such as Ripple, Andreessen Horowitz, and Coinbase.
Republicans are concerned about Fairshake’s spending against GOP candidates, which could hurt Trump’s allies and the party’s chances in the Senate. The industry is also divided over this strategy, with some questioning the effectiveness of targeting friendly candidates. Trump has shifted his stance on cryptocurrencies and now accepts Bitcoin donations, promising crypto-friendly policies if elected. Democrats, including Vice President Kamala Harris, are also seeking to build ties with the industry. However, industry insiders are skeptical of whether Harris can truly offer a more business-friendly regulatory framework.
The rift within the crypto industry and its involvement in political campaigns is causing tensions among Republicans, who fear losing support from key players. As the 2022 elections approach, the impact of Fairshake’s spending and the industry’s political agenda remain uncertain, with potential implications for both parties and the future of cryptocurrency regulation.
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