Fairshake PAC, a pro-crypto political group, plans to spend $3 million to support Democratic candidates in two states ahead of the 2024 US elections. This has caused discontent among Republicans, particularly given their active support for the cryptocurrency industry.
Support for Democratic Candidates
Fairshake PAC is backing two Democratic candidates in the Senate race. NBC reports that Fairshake PAC intends to spend $3 million supporting Ruben Gallego in Arizona and Elissa Slotkin in Michigan. This comes as the group attempts to defeat Democratic Senator and crypto skeptic Sherrod Brown in Ohio by allocating $12 million in funds.
Republican Reaction
Republicans have expressed dissatisfaction with the crypto community supporting their opposition. Donald Trump and his running mate for vice-president, J.D. Vance, have portrayed themselves as allies of the crypto industry. The situation is further complicated by the fact that businessman Marc Andreessen and his business partner Ben Horowitz, financial backers of Fairshake PAC, also support Trump.
Election Bets and Impact on Cryptocurrencies
At press time, 45% of election bets on the Polymarket platform believe Trump will win the 2024 US elections, while Kamala Harris leads with 54% bets in her favor. In the Senate race, Republicans lead with 71% bets, while Democrats hold 29%. A CoinShares report indicates that Trump’s economic policies could have mixed effects on Bitcoin, while Harris's approach to digital assets may be more cautious and less advantageous.
The upcoming 2024 elections continue to fuel discussions on the role of cryptocurrencies in politics. Fairshake PAC's support for Democratic candidates has caused discontent among Republicans, while election bets continue to shift.
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