Cryptocurrency-focused Fairshake is now the largest super political action committee in this year's presidential election, with a war chest now exceeding $202 million.
What Happened: Tom Dunleavy, a managing partner at cryptocurrency investment firm MV Global, revealed on X that the total funds raised by the pro-cryptocurrency super PAC has now surpassed both the biggest Republican and Democratic PACs, Make America Great Again Inc and Senate Majority PAC, respectively.
Super PACs pool money from corporations, unions, and individuals but unlike traditional PACs, they are prohibited from donating money directly to political candidates.
Fairshake represents a coordinated effort to support and put political candidates in office who can further the interests of the cryptocurrency industry.
See Also: Cynthia Lummis’ Push For Bitcoin Strategic Reserve Ridiculed By Economist Justin Wolfers: ‘One Of The Most Amazing Word Salads I’ve Ever Read’
According to Open Secrets, the non-partisan super PAC has spent $14.42 million in this year's election cycle, with more than 90% of it spent against Democratic candidates.
Why It Matters: Fairshake's swelling arsenal highlights concerted efforts by big industry names to support pro-cryptocurrency candidates.
Cryptocurrency exchange Coinbase Global Inc. COIN and blockchain-based firm Ripple Labs have spearheaded the financial contribution, with both pouring $45 million into Fairshake.
The significance of these super PACs comes as cryptocurrency rises as a big political issue in the upcoming elections.
Republican candidate Donald Trump has pivoted to a pro-cryptocurrency stance, vowing to make the U.S. the "crypto capital" of the world.
On the other hand, experts believe presidential hopeful Kamala Harris has a good opportunity to reset the Democratic Party’s attitude on the issue, particularly after President Joe Biden’s exit.
Price Action: At the time of writing, Bitcoin, the market bellwether, was trading at $66,437.12, plunging 4.52% in the last 24 hours, according to data from Benzinga Pro.
Photo by Avi Rozen on Shutterstock
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