Fairshake, a super PAC supported by the cryptocurrency industry, has been making headlines in recent months for its substantial donations to political action committees (PACs). According to official data from the Federal Election Commission (FEC), Fairshake received a total of $92.87 million in donations and spent $40.65 million from January 1, 2023, to April 30, 2024. These donations primarily came from leading cryptocurrency companies such as Coinbase, Ripple Labs, and Andreessen Horowitz (a16z).
Due to delays in filing documents with the FEC, Bloomberg estimated that as of May 31, Fairshake and its affiliated super PACs, Project Progress and Defend American Jobs, had raised $135 million during this election cycle. Overall, cryptocurrency donors have contributed over $146 million to the FEC since 2023.
Fairshake has emerged as one of the primary fronts and windows for influencing the US election through donations. While many other cryptocurrency-friendly PACs have registered with the FEC, Fairshake stands out in terms of fundraising amounts and recent developments.
In this article, PANews will provide an informative introduction to Fairshake, its impact on the election, and its overall influence.
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 members and donates these funds to support or oppose candidates, ballot initiatives, or related legislation.
Super PACs, formally known as “independent expenditure-only committees,” differ from traditional PACs in that they can raise unlimited funds from individuals, corporations, unions, and other groups for activities such as advertising that explicitly support or oppose political candidates. However, they are not allowed to coordinate or make direct contributions to candidate campaigns or political parties.
There are currently at least 12 active cryptocurrency industry-supported PACs or super PACs in the US election arena, with Fairshake being the most prominent in terms of fundraising amounts.
According to Fairshake’s website, it is a super PAC that “supports candidates dedicated to making America a home for innovators who are building the next generation of the internet.” Overall, it backs politicians who advocate for policies favorable to the cryptocurrency industry.
The organization registered with the FEC in 2023 and is based in Florida. Fairshake has garnered financial support from influential figures and companies in the digital currency field, including explicit endorsements from Coinbase CEO Brian Armstrong. As a super PAC, Fairshake’s donor list must be disclosed in regular reports submitted to the FEC.
The OpenSecrets website displays all the institutional investors that have donated to Fairshake during this election cycle. However, due to the lag in super PAC disclosures, the full scope of Fairshake’s fundraising efforts is not yet clear.
Notable donors to Fairshake include Coinbase, Ripple Labs, and Andreessen Horowitz, among other well-known institutions in the cryptocurrency industry.
Brian Armstrong, CEO of Coinbase
Which candidates does Fairshake support?
During the 2024 primary season, Fairshake primarily focused on the race for a US Senate seat in California, spending over $10 million in independent expenditures opposing Democratic candidate Katie Porter. Fairshake reportedly believed that Porter could be a potential ally of Massachusetts Democratic Senator Elizabeth Warren, who is critical of cryptocurrency platforms. Ultimately, Porter did not make it to the general election this fall.
Additionally, Fairshake spokesperson Josh Vlasto stated in March that the super PAC planned to be active in other US Senate races, particularly in the Democratic primaries in Maryland and Michigan, as well as the general elections in Ohio and Montana.
The biggest beneficiaries of Fairshake’s spending also include Representative Patrick McHenry (Republican, North Carolina), Chairman of the House Financial Services Committee, as well as Representatives Dusty Johnson (Republican, South Dakota) and Josh Gottheimer (Democrat, New Jersey).
According to a report by Public Citizen, in the six concluded 2024 primary races in which Fairshake and its affiliated PACs were involved, only one cryptocurrency-supported candidate was unsuccessful, resulting in a win rate of over 80%.
Fairshake’s advertisements do not explicitly focus on cryptocurrency regulation. Many of the ads feature images of the candidates and their districts, accompanied by narrations with biographical information. The ads portray the candidates as bipartisan problem solvers primarily concerned with economic issues. However, almost all the ads mention the candidates’ dedication to “attracting future jobs” and building the “next generation of the internet” in the United States.
Information shows that Fairshake spokesperson Josh Vlasto was formerly the Chief of Staff for New York Governor Andrew Cuomo and a senior aide to Senator Chuck Schumer (D-N.Y.). Vlasto has stated, “We will have enough resources to influence campaigns at all levels and the makeup of institutions and will strategically leverage these assets to maximize their impact, thereby establishing a sustainable, bipartisan cryptocurrency and blockchain alliance.”
Now, as both major US political parties are becoming increasingly cryptocurrency-friendly, their attitudes toward the industry are believed to further influence voters’ opinions. Overall, as Fairshake’s fundraising activities become more frequent, its influence is worthy of further attention.