The crypto lobbying group Fairshake has allocated $29M to U.S. election campaigns, striving to enhance the crypto industry's political influence.
Fairshake and the Elections
In September, Fairshake transferred $15M to the political group Defend American Jobs, supporting crypto-friendly Republican candidates. The political research group OpenSecrets reported that this super PAC has spent over $40M to support Republican businessman Bernie Moreno against Ohio Senator Sherrod Brown.
Crypto Asset Policies and Criticisms
Brown rejected House Resolution 109, which would overturn the SEC Staff Accounting Bulletin No. 121. SAB 121 mandates certain companies to label crypto assets as liabilities on their balance sheets, even if held for customers. The House Resolution was passed by the House and Senate earlier in the year but was vetoed by President Joe Biden in May.
Financial Support for the Crypto Sector
The financial resources of Fairshake highlight their support for the crypto sector. These financial activities reflect the industry's efforts to increase its influence in the political arena. The funds distributed by Fairshake encompass groups supporting both Republicans and Democrats.
Fairshake's substantial financial allocations for the elections underscore the crypto sector's efforts to strengthen its influence in U.S. politics.
