Republicans claim betrayal as cryptocurrency PAC backs Democrats
A leading pro-cryptocurrency political group has dumped millions of dollars into high-profile Michigan and Arizona Senate races to back Democrats against Donald Trump-endorsed candidates, angering top Republicans who viewed the industry as an ally, not an opponent.
JACKSON HOLE, Wyo. — A leading pro-cryptocurrency political group has dumped millions of dollars into high-profile Michigan and Arizona Senate races to back Democrats against Donald Trump-endorsed candidates, angering top Republicans who viewed the industry as an ally, not an opponent.
Fairshake PAC and its affiliated super PACs are reserving millions in advertising spending to influence three U.S. Senate races this cycle, and have announced commitments of about $3 million each to Democrats Rep. Ruben Gallego, who is running in Arizona, and Rep. Elissa Slotkin, a candidate in Michigan, it said on Wednesday.
The spending risks upending GOP efforts to secure seats in two key battleground states in the fight for control of the Senate and comes as top Republicans — amid a hostile regulatory environment — have leveraged their political capital to broker closer ties to the cryptocurrency industry.
When asked for comment, Fairshake referred NBC News to Slotkin and Gallego’s current A-ratings from Stand With Crypto, a nonprofit group advocating for the crypto industry. Both Democrats this year crossed party lines to support a historic crypto bill.
For years, Slotkin had expressed skepticism of cryptocurrency until an apparent change of heart in recent months. The Michigan lawmaker earned an F-rating from Stand With Crypto as recently as March.
Rating: 5