Crypto Takes Center Stage in Politics with $85 Million Super PAC

The pro-crypto super PAC Fairshake and its affiliates have amassed a substantial $85 million for the 2024 election, signalling the cryptocurrency industry's increasing influence in Washington, D.C. Previously, crypto was a relatively unknown entity in the political landscape, but it has now emerged as a major player with significant financial resources. The key question revolves around how this funding and influence will be utilised. The PAC is already engaged in purchasing TV ads and supporting on-the-ground campaigns to promote pro-crypto candidates across the nation. However, concerns have arisen about whether this financial backing may inadvertently support individuals with controversial views or agendas, potentially undermining the broader image of the crypto industry. It remains to be seen how the crypto leaders who contributed to the PAC, such as Coinbase's Brian Armstrong and the Winklevoss twins, will guide its activities to strike a balance between industry interests and responsible political engagement.