Fairshake to spend $25m on ads for 18 US House candidates

Leading cryptocurrency-focused super PAC Fairshake plans to invest $25 million in TV ad campaigns to support 18 House candidates from both parties.

According to Fairshake spokesperson Josh Vlasto and Fox Business correspondent Eleanor Terrett, the effort highlights the growing bipartisan consensus on the importance of cryptocurrencies and blockchain in the future economy.

The Political Action Committee (PAC) will support nine candidates from both parties with varying political views.

🚨NEW: Pro-#crypto Super PAC Fairshake announced it will spend $25 million on TV ad campaigns to support 18 House candidates from both parties, listed below.

Fairshake spokesman Josh Vlasto said:

“We are seeing broad bipartisan consensus on crypto and blockchain… picture.twitter.com/eSvBLsk9AT

— Eleanor Terrett (@EleanorTerrett) August 7, 2024

Fairshake’s goals

Fairshake supports candidates committed to advancing crypto-friendly legislation and encouraging innovation in the U.S. Their latest efforts include supporting House Financial Services Chairman Patrick McHenry, Rep. Dusty Johnson, and Rep. Josh Gottheimer (D-N.J.), who have been key figures in the introduction of crypto legislation.

The PAC is backed by major crypto companies like Coinbase, Ripple, and Andreessen Horowitz. Fairshake recently helped spend more than $37 million on primary race ads and contributed to key victories, including Rep. John Curtis’ victory in Utah. The organization continues to influence elections with significant contributions and strategic ad placements.

Fairshake PAC and its affiliates recently won three state primaries after losing in Arizona. They supported Wesley Bell, Bob Onder and Shri Thanedar in Missouri and Michigan, while Emily Randall was ahead in Washington’s 6th District.

Fairshake, along with Defend American Jobs PAC and Protect Progress PAC, has spent $4 million supporting pro-crypto candidates and opposing anti-crypto incumbents like Cori Bush.

What is PAC?

A Political Action Committee (PAC) is a group that raises and uses funds to support and/or oppose political candidates.

PACs typically follow certain donation restrictions and reporting regulations and operate within strict contribution limits from both individuals and entities. They can also contribute directly to candidates’ campaigns.

Super PACs, on the other hand, have the authority to raise and spend unlimited amounts of money but are not allowed to coordinate directly with candidates or political parties.