Ripple, Coinbase, And Crypto Titans Team Up And Stage Offensive Against Anti-Crypto Politicians
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February 13, 2024 7:18 pm
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Coinbase, Ripple Labs, and other crypto titans have teamed up to take on anti-crypto politicians.
These industry leaders have formed a political action committee (PAC) to target anti-crypto candidates running for office or seeking re-election by spending advertising dollars on political messaging campaigns against such candidates.
The PAC has accumulated roughly $85 million in funds to fuel its work against these incumbent politicians and political candidates.
Elizabeth Warren’s ally Katie Porter has become one of the most notable targets of Fairshake’s political advertising campaigns.
Politico reporter Christopher Cadelago reports: “With the Fairshake super PAC funded by crypto billionaires coming in against Katie Porter, we’re likely looking at a 3-to-1 spending advantage for Adam Schiff by March 5. Maybe more. That includes Schiff + his super PAC spending millions to prop up Republican Steve Garvey & drag him into the runoff. Porter is getting ambushed from all sides & doesn’t have the resources or seemingly the allied groups to respond.”
we wrote yesterday about ad spending in California’s U.S. Senate race.
With the Fairshake super PAC funded by crypto billionaires coming in against Katie Porter, we’re likely looking at a 3-to-1 spending advantage for Adam Schiff by March 5. Maybe more …
That includes Schiff +… pic.twitter.com/XjGs6SmzAL
— Christopher Cadelago (@ccadelago) February 13, 2024
🚨NEW: Fairshake super PAC has raised over $85 million to support political candidates who endorse #crypto and #blockchain technology in the upcoming November election.
— Eleanor Terrett (@EleanorTerrett) February 6, 2024
According to Decrypt:
On Monday, Fairshake began throwing millions of dollars at a negative ad blitz targeting Katie Porter, a Democratic congresswoman from Orange County currently in a four-way race for California’s open U.S. Senate seat.
A Fairshake representative confirmed to Decrypt that the PAC has spent $2.9 million on anti-Porter ads since yesterday.
Cadelago shared this statement from Fairshake: “California voters deserve to know the truth about Katie Porter’s record. Katie Porter says one thing and does another. Despite her claims, Porter has taken campaign cash from the big banks, big pharma, and big oil and her Super PAC is spending big to mislead Californians about her record. We are standing up for California jobs and innovation.”
Statement from the super PAC:
Fairshake today announced the launch of a new multi-million statewide TV and digital media buy in the California Senate race.
“California voters deserve to know the truth about Katie Porter’s record. Katie Porter says one thing and does another.…— Christopher Cadelago (@ccadelago) February 13, 2024
The big question: Will Fairshake be @SBF_FTX 2.0 in terms of politics?
It's already hiring tons of political talent: Impact Research (Biden '20 pollster), Jamestown (Trump '20 admakers), Global Strategy Group, Doug Schoen and more https://t.co/zPBQe2f1N5 https://t.co/bbNkaq2Npf
— Shane Goldmacher (@ShaneGoldmacher) February 13, 2024
CoinDesk provided another statement from Fairshake:
“Despite her claims, Porter has taken campaign cash from the big banks, big pharma, and big oil and her super PAC is spending big to mislead Californians about her record.”
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