Key Senate races in Michigan and Arizona have unexpectedly attracted significant financial backing from crypto PACs, who have chosen to support Democrats against candidates endorsed by Donald Trump.
Support for Democrats
Fairshake PAC and its affiliated super PACs have committed approximately $3 million each to support Democrats Ruben Gallego in Arizona and Elissa Slotkin in Michigan. This financial backing could disrupt GOP efforts to secure crucial Senate seats in these battleground states.
Republican Reaction
Republicans have worked hard to build relationships with the crypto industry, particularly in a challenging regulatory environment. However, the significant support for Democrats from Fairshake PAC is causing tensions, with some Republicans questioning the longevity of these alliances.
Reasons Behind Fairshake PAC Support
In response to inquiries, Fairshake referred to the A-ratings Slotkin and Gallego received from Stand With Crypto, a nonprofit advocating for the crypto industry. Both Democrats crossed party lines this year to support a historic crypto bill, despite Slotkin’s earlier skepticism, which had earned her an F-rating from the same group just a few months ago.
These actions highlight the complexity of relationships between politicians and the crypto industry, as well as the influence of financial backing on key political races.
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