Crypto lobbying group Fairshake distributed nearly $29 million to election campaigns in September, ahead of the upcoming American presidential election. Fairshake spent more than $142.3 million this year and still has $42.8 million in cash reserves, according to a filing with the Federal Election Commission.
Fairshake and Elections
Fairshake transferred $15 million to the political group Defend American Jobs in September. This super PAC supports pro-crypto Republican candidates. Political research group OpenSecrets reported that Defend American Jobs spent more than $40 million supporting Republican businessman Bernie Moreno, who is running against Ohio Sen. Sherrod Brown.
Crypto-asset advocacy group Stand With Crypto gave Brown an “F” rating, stating that he has a strong stance against crypto. Brown is known as one of the harsh critics of the crypto asset industry.
Crypto Asset Policies and Criticisms
Brown rejected House Resolution 109, which would have overturned the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Memorandum 121. SAB 121 states that certain companies must label crypto assets as liabilities on their balance sheets, even if they hold them 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. Protect Progress supports pro-crypto Democrats.
The application filed with the Federal Election Commission reveals how much financial resources Fairshake uses in total and its support for the crypto industry. These financial moves reflect the crypto industry’s efforts to gain more influence in the political arena.
The funds distributed by Fairshake include both pro-Republican and pro-Democrat political groups. This strategy may be aimed at gaining bipartisan support for the crypto industry.
This financial support is considered part of the ongoing discussions on the regulation and acceptance of crypto assets. Such spending by crypto lobbyists is seen as an important step for the industry to gain more support in the political sphere.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
