Fairshake allocates $29M to boost crypto-friendly candidates

The crypto advocacy organisation Fairshake has funneled approximately $29 million into election campaigns in September, as the United States presidential election approaches. 

A report submitted to the Federal Election Commission indicates that the group has disbursed a total of $142.3 million this year and maintains a cash reserve of $42.8 million. 

Fairshake’s financial backing strategically targets political candidates across both parties who are supportive of cryptocurrency regulation. 

Notably, the group allocated $15 million to the Defend American Jobs super PAC, which endorses Republican candidates favoring pro-crypto policies. 

According to the political research firm OpenSecrets, this super PAC has already invested over $40 million in support of Republican businessman Bernie Moreno, who is challenging Ohio Senator Sherrod Brown in the upcoming election. 

Senator Brown, who received an "F" rating from the advocacy group Stand With Crypto due to his opposition to digital currencies, recently blocked House Resolution 109, a proposal to amend SEC regulations regarding crypto assets. 

Brown’s stance has positioned him at odds with Fairshake’s mission to influence regulatory discussions on digital assets in Washington. 

In a move reflecting Fairshake’s bipartisan approach, the organisation also transferred $5 million to Protect Progress, a super PAC supporting crypto-friendly Democrats.