Fairshake: How Cryptocurrency Titans Impact Politics

In less than two years, the crypto industry transitioned from political outcasts to significant participants in Washington, largely due to immense financial contributions.

The New Political Game Plan

U.S. congressional candidates now understand this: express support for crypto and watch as millions pour in to bolster campaign advertisements. In numerous districts, significant funding can make or break a campaign. Fairshake, a super PAC, is revolutionizing political contributions, spending around $139 million just in the 2024 elections to secure legislation favorable to the crypto sector.

Funding and Strategies

With approximately $30 million remaining and commitments for another $73 million, Fairshake is prepared for the upcoming election cycle. The PAC is entitled to utilize limitless corporate funding to support candidates without directly coordinating with their campaigns.

Josh Vlasto, Fairshake's primary spokesperson, states the aim is to "support candidates who advocate for responsible regulation within the industry."

Influence on Legislation

Congress saw two major voting instances this year influenced by Fairshake's funding efforts: the Financial Innovation and Technology for the 21st Century Act (FIT21) and significant attempts to reverse SEC policies that could inhibit the growth of crypto finance.

The Road Ahead

As the cycle shifts towards more elections, Fairshake will continue impacting U.S. legislation, indicating a profound change in how campaigns operate regarding financial support and political alignment. The response from representatives has been telling; almost half of Congress is now aligned with the crypto industry, setting an aggressive pace for future legislative initiatives.