Fairshake, a pro-crypto super PAC funded largely by Coinbase, has raised $165 million but has not announced which races it will target. Republicans are frustrated because they have promoted pro-crypto legislation such as the CLARITY Act, which advanced out of the Senate Banking Committee with all 13 GOP members voting in favor, while Democrats opposed it 9-2. Republicans are especially concerned about whether Fairshake will oppose Ohio Democrat Sherrod Brown, after Fairshake previously spent more than $40 million to defeat him in 2024. Strategists say clearer spending plans are needed for budgeting and that waiting to buy pre-election advertising time increases costs. In New Hampshire, Stand With Crypto upgraded Democratic Rep. Chris Pappas from an “F” to an “A,” reducing expectations of aggressive targeting.
"Fairshake, a pro-crypto super PAC, has a massive $165 million. But the organization has yet to announce which races it will target. That has infuriated Republicans, who have promoted pro-crypto legislation including the CLARITY Act, which would define how digital assets are regulated. Republicans on Thursday advanced the bill out of the Senate Banking Committee, with all 13 GOP members voting in favor. Democrats, who are more skeptical of the industry, opposed it 9-2."
"Republicans say they are particularly alarmed that Fairshake has yet to say whether it will oppose Ohio Democrat Sherrod Brown, who is running for Senate this year after losing reelection in 2024. Fairshake announced its plans to target Brown in his 2024 campaign in March of that year. It went on to spend $40 million-plus to defeat Brown, who as Banking Committee chair was an outspoken crypto critic. Brown has since softened his posture, leading to concerns among Republicans that Fairshake will stay out of his race."
"Fairshake defenders say it's still early in the election year and that it has plenty of time to come out against Brown. But Senate campaign strategists are growing antsy and say having a clearer picture of the group's spending plans will allow them to budget for the fall. They also argue that the longer Fairshake waits to purchase pre-election advertising time, the more expensive it will be."
"Another tension point has emerged in New Hampshire, where Democratic Rep. Chris Pappas is running for Senate. The Coinbase-backed advocacy group Stand With Crypto, whose ratings of lawmakers Fairshake has used to determine whom to support or oppose, improved Pappas' from an “F” to an “A” within 8 months last year. Republicans had hoped Fairshake would aggressively target Pappas - who voted against several pro-crypto bills - in the midterms."
Read at Axios
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