The crypto lobbying group Fairshake has distributed approximately $29 million to election campaigns in September ahead of the upcoming U.S. presidential elections. According to a filing with the Federal Election Commission, Fairshake has spent over $142.3 million this year and still maintains a cash reserve of $42.8 million.
Fairshake and the Elections
In September, Fairshake transferred $15 million to a political group called Defend American Jobs. This super PAC supports crypto-friendly Republican candidates. The political research group OpenSecrets reported that Defend American Jobs has spent over $40 million to support Republican businessman Bernie Moreno against Ohio Senator Sherrod Brown.
The crypto asset advocacy group Stand With Crypto has rated Brown with an “F,” indicating his strong opposition to crypto. Brown is known as one of the harsh critics of the crypto asset sector.
Crypto Asset Policies and Criticisms
Brown rejected House Resolution 109, which would overturn the SEC Staff Accounting Bulletin No. 121. SAB 121 states that certain companies must label crypto assets as liabilities on their balance sheets, even if held for customers.
The House Resolution was passed by the House and Senate earlier in the year but was vetoed by President Joe Biden in May. In September, Fairshake also transferred another $5 million to a PAC called Protect Progress, which supports crypto-friendly Democrats.
The filing with the Federal Election Commission reveals the total financial resources Fairshake has utilized and its support for the crypto sector. These financial activities reflect the crypto industry’s efforts to gain more influence in the political arena.
The funds distributed by Fairshake encompass both Republican and Democratic-friendly political groups. This strategy may aim for the crypto sector to find support within both parties.
This financial backing is seen as part of ongoing discussions regarding the regulation and acceptance of crypto assets. Such expenditures by crypto lobbyists are viewed as a significant step toward gaining more political support for the industry.
