Cryptocurrency enthusiasts are gearing up for a substantial campaign against Sen. Sherrod Brown (D-Ohio), allocating $12 million to back the Republican challenger vying for his Senate seat. Sen. Brown, who serves as the chairman of the Senate Banking Committee, has expressed skepticism about cryptocurrencies and has been hesitant to pass crypto-related laws.
The political action committee known as Fairshake, along with its affiliate groups, announced on Tuesday their plans to reserve television advertising slots in Ohio, Arizona, and Michigan. In Ohio, the group is investing $12 million in TV ads to support the Republican candidate Bernie Moreno, a blockchain businessman. Additionally, around $3 million will be spent in each of the other two states to support U.S. Rep. Ruben Gallego (D-Ariz.) and Rep. Elisa Slotkin (D-Mich.) in their respective Senate contests.
“Our goal is clear – to back candidates who are proponents of innovation, dedicated to preserving American jobs, and committed to bipartisan cooperation to achieve actionable results, while opposing those who do not align with these values,” stated Josh Vlasto, a spokesman for Fairshake. The organization is focused on forming a “sustainable bipartisan coalition and reaching a consensus on the pressing need for sound crypto and blockchain regulation.”
The initial phase of support for Senate candidates in the general election comes after an announcement from Fairshake committing its backing to 18 sitting members of the House of Representatives in the upcoming November elections, all of which have shown support for crypto during their terms.
During its participation in numerous primary races, the organization’s advertisements typically did not focus on the crypto stances of the endorsed or opposed candidates, with only a few exceptions.
Fairshake along with its affiliated PACs, Protect Progress which leans Democrat and Defend American Jobs which leans Republican, plan to allocate resources towards digital advertisements aimed specifically at crypto users, according to the organization.
Political action committees (PACs) associated with the cryptocurrency industry are becoming some of the largest in terms of funding for the 2024 elections, challenging the financial clout of other major U.S. industries and internal party funds. Up until now, Fairshake has concentrated on Congressional races while avoiding the presidential race, maintaining a balanced distribution of support between the political parties. The organization previously invested a substantial $10 million in an effort to thwart the Senate campaign of Rep. Katie Porter (D-Calif.), representing its largest expenditure in any single race thus far.
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