Fairshake PAC (political action committee) has received a $10 million donation from Jump Crypto, raising a total of $169 million through funding.
Fairshake, a political action committee (PAC) supporting attack ads against various United States lawmakers, has announced that it has raised $169 million in advance of numerous national primaries.
A spokesperson for Fairshake informed Cointelegraph on June 19 that Jump Crypto, the digital asset branch of Jump Trading, had donated $10 million to the Super PAC. This donation brings the total amount of donations to the Super PAC to approximately $169 million since its inception. The group has received millions in contributions from crypto firms, such as Ripple and Coinbase, as well as an earlier $5 million donation from Jump Crypto, Marc Andreessen and Ben Horowitz of Andreessen Horowitz, and Cameron and Tyler Winklevoss of crypto exchange Gemini.
The influence of money on politics
Fairshake may have already affected the outcome of specific critical contests in U.S. elections and is continuing to make media purchases as Election Day approaches on Nov. 5. Super PACs are permitted to allocate funds to support particular candidates and political parties in the United States; however, they are prohibited from collaborating with the campaigns.
Katie Porter, a California Representative, was unsuccessful in her primary election for the U.S. Senate in March. Porter was accused of accepting campaign contributions from “big pharma, big oil, and the big bank executives” in a Fairshake advertisement released before the vote. The Sacramento Bee classified these allegations as “mostly false.”
In the June 25 primary, Jamaal Bowman, the incumbent U.S. Representative for New York’s 16th Congressional District, will compete against fellow Democrat George Latimer. Bowman is seeking reelection. A $2-million media purchase was funded by Fairshake in June, with the claim that Bowman had promoted “dangerous conspiracy theories.” The advertisement did not expressly criticize his record of opposing significant crypto legislation in the House of Representatives.
A spokesperson for Fairshake informed Cointelegraph that the Super PAC would “continue to support candidates who are dedicated to achieving results and collaborating with the industry to enact responsible regulation.” In addition, he suggested that the committee would “have the resources to affect races in 2024 and beyond” regardless of the results of the U.S. elections.
Candidates for the presidency convene
The candidates from main political parties are becoming more apparent as the following U.S. presidential election approaches, with less than five months until voters decide. It is anticipated that former President and convicted felon Donald Trump and U.S. President Joe Biden will engage in a debate before their official nominations at the Democratic and Republican National Conventions.
Robert F. Kennedy Jr. competed as an Independent, while the Libertarian Party nominated Chase Oliver as its presidential candidate. It is improbable that Kennedy will be included on a sufficient number of state ballots to secure the election.