U.S. Rep. Katie Porter, a prominent Democrat progressive from California, is currently the target of a significant campaign by leading crypto industry organizations. One of the most prominent campaign-finance organizations in the U.S. crypto industry, Fairshake, is opposing Rep. Katie Porter’s Senate bid by spending a portion of its resources on advertising.
Porter’s campaign has stated that billionaires and corporate interests are attempting to manipulate the March primary election through misinformation. Fairshake has launched a multi-million-dollar effort in California and online, with a new video ad criticizing Porter’s campaign fundraising. This campaign is supported by crypto firms such as Andreessen Horowitz, ARK Invest, Circle, Ripple, and Coinbase.
Despite criticism of the energy usage of the crypto mining sector, Porter has not been a vocal critic of crypto. Her campaign has defended her position, stating that the attempt to mislead voters ahead of the March primary will be seen through by California voters.
The Fairshake super PAC’s funding has exceeded $80 million, though this does not mark a new high for crypto’s political contributions. In the previous U.S. campaign cycle, FTX alone spent at a similar level on candidates. However, this spending has recently come under scrutiny, with bankruptcy proceedings seeking to claw it all back and investigations into potential violations of campaign laws by former CEO Sam Bankman-Fried.
This campaign targeting political figures extends to other Democratic lawmakers as well. The Cedar Innovation Foundation, supported by unidentified crypto interests, has targeted Sen. Sherrod Brown, the chairman of the Senate Banking Committee, with ads demanding his stance on digital assets legislation.
The crypto industry’s involvement in political campaigns and support for candidates has been a growing trend, and it is likely to continue shaping the political landscape in the future.
