Crypto Super PACs Shift Focus to Republicans in US Midterm Primaries
The US cryptocurrency industry has leveraged its campaign finance power to influence primary elections, notably in Texas, where Fairshake helped oust Democratic crypto critic Al Green. Meanwhile, the new Fellowship PAC, associated with Tether and Cantor Fitzgerald, backed Republican candidates. Fairshake spent $6.5 million to advance Christian Menefee over Green, while Fellowship contributed $500,000 to Texas Attorney General Ken Paxton. Across Texas, Fairshake also supported several Republicans. The industry's traditional bipartisanship is now questioned as new PACs with a Republican focus emerge. The Blockchain Leadership Fund, backed by Anchorage Digital and Chainlink, also engaged. However, the industry faced a setback in Illinois, where $10 million spent by Fairshake failed to defeat Lt. Gov. Juliana Stratton. The overall strategy remains focused on crypto-friendly policy rather than ideology, with Fairshake buying ads that rarely mention crypto. The shift aligns with the current political climate, though Republicans face challenging midterm odds.
Key facts
- Fairshake spent $6.5M to oust Democratic crypto critic Al Green in Texas.
- Fellowship PAC backed Republican Ken Paxton with $500,000 in Texas.
- New PACs like Fellowship show a Republican-leaning shift in crypto funding.
- Fairshake also supported multiple Republican candidates in Texas primaries.
- Industry setback: $10M spent by Fairshake failed to defeat Illinois Lt. Gov. Stratton.