They flipped the script.
A leading pro-cryptocurrency political group, Fairshake PAC and its affiliated super PACs, has invested millions in prominent Senate races in Michigan and Arizona to support Democratic candidates against those endorsed by Donald Trump. This significant financial backing for Democrats Rep. Ruben Gallego and Rep. Elissa Slotkin has surprised many Republicans, who previously saw the crypto industry as a supportive ally.
Fairshake PAC’s investments, amounting to around $3 million each for Gallego and Slotkin, are aimed at influencing key Senate races. The move risks undermining Republican efforts to win seats in critical battleground states. Republicans, who have been working to build stronger ties with the cryptocurrency industry amidst regulatory challenges, are now concerned about the implications of this spending.
Both Gallego and Slotkin have previously expressed skepticism about cryptocurrency but have recently shown support for the industry. Slotkin’s shift in stance earned her an A-rating from Stand With Crypto, despite her earlier F-rating. Gallego, who previously criticized cryptocurrency and supported regulatory measures, is now seen as more supportive of the industry.
The crypto industry and its PACs have accumulated over $100 million to influence various races, including targeting $12 million in Ohio against Democratic Sen. Sherrod Brown, who is considered a crypto skeptic. As Fairshake PAC continues its efforts, some Republicans are alarmed, fearing that this strategy may alienate GOP allies and harm their chances in key races.
Tensions within the Republican Party are growing as some view Fairshake’s actions as counterproductive. The industry’s move to support Democrats, who are perceived as less favorable to crypto, has led to skepticism about the future of these relationships and the overall effectiveness of this approach.
