As the dust settles on the contentious 2024 midterm elections, one clear winner has emerged: the crypto-focused super PAC Fairshake. The political action committee, which supports candidates friendly to cryptocurrency and blockchain technology, notched key victories in several hotly contested Senate races.
Fairshake Backs Winning Candidates in Arizona, Michigan
In Arizona, Fairshake poured $10 million into supporting Democratic Congressman Ruben Gallego, who defeated Republican Kari Lake to flip the Senate seat blue. Gallego had previously voted in favor of crypto-friendly legislation like the Financial Innovation and Technology for the 21st Century Act.
The super PAC also backed victorious Democratic candidate Elissa Slotkin in Michigan’s Senate race. Both Gallego and Slotkin were predicted to win by political betting markets like Polymarket and Kalshi, as well as traditional polls.
Republicans Poised to Control Senate, House
Despite Fairshake’s wins, Republicans are set to take control of the Senate with at least 53 seats, having flipped Pennsylvania, Ohio, Montana, and West Virginia. The GOP is also favored to win a narrow majority in the House, though 16 races remain uncalled.
The balance of power in Washington is shifting, but Fairshake has positioned itself as a political force by backing winners on both sides of the aisle.
A Capitol Hill insider familiar with the super PAC
Record Spending in Primary Contests
Of the 56 candidates Fairshake supported with its war chest this cycle, most were in party primaries for safely Republican or Democratic seats. The thinking was that helping crypto-friendly politicians win their primaries would pave the way for pro-industry legislation down the road.
One prominent example was California’s Senate primary, where Fairshake spent millions opposing eventual Democratic nominee Katie Porter. Though Porter prevailed, 88% of Fairshake-backed primary candidates won their races through last Friday.
Crypto Influence in Washington Set to Grow?
With the Senate flipping Republican and the House leaning that way too, the next two years could see a push for more industry-friendly crypto policies in Washington. Fairshake and other deep-pocketed players are likely to continue throwing their weight around.
However, the implosion of major crypto firms like FTX over the past year could put regulatory pressure on the industry. Striking the right balance will be a key challenge for the 118th Congress – and Fairshake will undoubtedly make its voice heard.
- Fairshake PAC scores Senate wins in AZ, MI
- GOP to control Senate, likely House too
- 88% of Fairshake-backed primary candidates won
- Crypto influence in DC poised to grow
