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Fairshake will have a whopping $103 million to spend on the next U.S. congressional election — so far — thanks to another $25 million just promised from Ripple Labs.
This latest contribution puts the political action committee in a powerful position to repeat its successes from this year’s elections, in which dozens of its favored pro-crypto candidates won their races.
Ripple co-founder and Executive Chairman Chris Larsen said he’d added another $10 million in the Ripple-tied token {{XRP}} in an effort to boost Vice President Kamala Harris as the Democrat faces off against former President Donald Trump in next month’s election.
The colossal campaign spending from the cryptocurrency industry is showing up in dominant fashion in Ohio’s U.S. Senate race, where its political action committees have devoted $40 million to support Republican Bernie Moreno’s opposition of Sen. Sherrod Brown (D-Ohio), the crypto-skeptical chairman of the Senate Banking Committee.
Michelle Bond, who once ran a Washington-based crypto advocacy group and had served as a U.S. Securities and Exchange Commission lawyer, was indicted in federal court for taking illegal campaign contributions during her 2022 run for Congress, and court documents detail how a river of cash came through her former FTX executive boyfriend.
Another crypto fan is likely to arrive in Congress next year, with Yassamin Ansari winning her Democratic primary race in Arizona by a scant 39 votes, a result confirmed Tuesday after an automatic recount.
After a very tight victory last week in Arizona that’s now facing a recount, the cryptocurrency industry’s political forces are shifting their attention toward some of the final U.S. congressional primaries of 2024, including Tuesday’s elections in Missouri and Washington state.
A deluge of crypto-industry money may have helped achieve a very narrow Arizona congressional primary win this week for Yassamin Ansari, a crypto-cheering Phoenix City Council member who faced a candidate backed by Sen. Elizabeth Warren (D-Mass.)
Powell said he is supporting the only major pro-crypto party candidate.
In politics, money talks, but the donors and organizers behind crypto’s massive U.S. campaign fund don’t. The digital assets industry has amassed a juggernaut of campaign finance, a $169 million fund that’s capable of steering many contests this year and could decide the makeup of next year’s Congress. It’s already scored more than 20 victories, including high-profile elections in California and, just this week, New York.
Gemini CEO Tyler and his twin brother Cameron Winklevoss, the company’s president, have made two of the first major presidential contributions from prominent crypto executives, favoring former President Donald Trump with $1 million each in support, Tyler explained Thursday in a extensive posting on X.